Mirae Asset Global Investments Co. Ltd. Sells 6,643 Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Mirae Asset Global Investments Co. Ltd. decreased its position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 8.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 70,179 shares of the biopharmaceutical company’s stock after selling 6,643 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.32% of Madrigal Pharmaceuticals worth $21,870,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Nisa Investment Advisors LLC lifted its holdings in Madrigal Pharmaceuticals by 47.6% during the third quarter. Nisa Investment Advisors LLC now owns 211 shares of the biopharmaceutical company’s stock worth $45,000 after acquiring an additional 68 shares during the period. Quest Partners LLC increased its position in shares of Madrigal Pharmaceuticals by 172.8% during the 3rd quarter. Quest Partners LLC now owns 581 shares of the biopharmaceutical company’s stock valued at $123,000 after purchasing an additional 368 shares during the last quarter. KBC Group NV raised its stake in shares of Madrigal Pharmaceuticals by 73.5% during the 4th quarter. KBC Group NV now owns 609 shares of the biopharmaceutical company’s stock worth $188,000 after purchasing an additional 258 shares during the period. Truist Financial Corp purchased a new position in shares of Madrigal Pharmaceuticals in the 2nd quarter worth about $216,000. Finally, Miracle Mile Advisors LLC bought a new position in Madrigal Pharmaceuticals during the fourth quarter valued at about $216,000. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Stock Performance

Madrigal Pharmaceuticals stock opened at $339.97 on Thursday. Madrigal Pharmaceuticals, Inc. has a 1-year low of $168.25 and a 1-year high of $368.29. The company has a current ratio of 5.98, a quick ratio of 5.93 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $7.41 billion, a PE ratio of -13.56 and a beta of -0.38. The firm’s 50 day simple moving average is $314.42 and its 200 day simple moving average is $276.65.

Analyst Ratings Changes

Several analysts have commented on the stock. JMP Securities reaffirmed a “market outperform” rating and issued a $427.00 price objective on shares of Madrigal Pharmaceuticals in a research report on Friday, January 10th. UBS Group upped their price objective on Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Oppenheimer decreased their target price on Madrigal Pharmaceuticals from $375.00 to $350.00 and set an “outperform” rating for the company in a research report on Wednesday, October 23rd. B. Riley upped their price target on Madrigal Pharmaceuticals from $194.00 to $236.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Finally, StockNews.com raised Madrigal Pharmaceuticals to a “sell” rating in a report on Saturday, October 12th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $351.67.

Insider Activity

In related news, insider Carole Huntsman sold 347 shares of the company’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $335.24, for a total value of $116,328.28. Following the transaction, the insider now directly owns 10,438 shares in the company, valued at approximately $3,499,235.12. This represents a 3.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Robert E. Waltermire sold 103 shares of Madrigal Pharmaceuticals stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $335.24, for a total transaction of $34,529.72. Following the sale, the vice president now owns 4,955 shares of the company’s stock, valued at approximately $1,661,114.20. The trade was a 2.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,090 shares of company stock worth $3,883,621 in the last three months. Corporate insiders own 22.80% of the company’s stock.

About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the development of therapeutics for the treatment of non-alcoholic steatohepatitis (NASH) in the United States. Its lead product candidate is resmetirom, a liver-directed thyroid hormone receptor beta agonist, which is in Phase 3 clinical trials for treating NASH.