Connor Clark & Lunn Investment Management Ltd. Sells 10,979 Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Connor Clark & Lunn Investment Management Ltd. reduced its position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 13.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 72,083 shares of the biopharmaceutical company’s stock after selling 10,979 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.33% of Madrigal Pharmaceuticals worth $15,297,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Castleark Management LLC acquired a new position in shares of Madrigal Pharmaceuticals in the 1st quarter worth approximately $2,459,000. Russell Investments Group Ltd. bought a new stake in shares of Madrigal Pharmaceuticals in the 1st quarter worth about $1,466,000. Sofinnova Investments Inc. lifted its holdings in Madrigal Pharmaceuticals by 133.4% during the 2nd quarter. Sofinnova Investments Inc. now owns 44,417 shares of the biopharmaceutical company’s stock valued at $12,444,000 after purchasing an additional 25,388 shares during the last quarter. Sheaff Brock Investment Advisors LLC acquired a new position in Madrigal Pharmaceuticals in the first quarter valued at about $961,000. Finally, Fiera Capital Corp acquired a new stake in shares of Madrigal Pharmaceuticals during the second quarter worth approximately $32,335,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Insider Activity

In other news, Director Richard S. Levy sold 5,000 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $300.94, for a total value of $1,504,700.00. Following the completion of the sale, the director now owns 11,012 shares of the company’s stock, valued at approximately $3,313,951.28. The trade was a 31.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William John Sibold sold 6,363 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $243.83, for a total transaction of $1,551,490.29. Following the completion of the transaction, the chief executive officer now owns 55,887 shares in the company, valued at $13,626,927.21. This trade represents a 10.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 22.80% of the company’s stock.

Analysts Set New Price Targets

MDGL has been the subject of a number of research reports. Evercore ISI lowered their target price on Madrigal Pharmaceuticals from $405.00 to $360.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Oppenheimer decreased their price target on shares of Madrigal Pharmaceuticals from $375.00 to $350.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. StockNews.com raised Madrigal Pharmaceuticals to a “sell” rating in a research note on Saturday, October 12th. 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 note on Tuesday, November 5th. Finally, Cantor Fitzgerald reissued a “neutral” rating on shares of Madrigal Pharmaceuticals in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $347.33.

Madrigal Pharmaceuticals Stock Performance

Shares of Madrigal Pharmaceuticals stock opened at $317.09 on Thursday. The company has a current ratio of 5.98, a quick ratio of 5.93 and a debt-to-equity ratio of 0.15. Madrigal Pharmaceuticals, Inc. has a 12-month low of $168.25 and a 12-month high of $368.29. The business’s 50 day moving average is $246.71 and its 200-day moving average is $252.63.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its earnings results on Thursday, October 31st. The biopharmaceutical company reported ($4.92) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($6.94) by $2.02. The firm had revenue of $62.18 million during the quarter, compared to the consensus estimate of $34.60 million. During the same period in the previous year, the company posted ($5.34) earnings per share. On average, equities research analysts predict that Madrigal Pharmaceuticals, Inc. will post -24.08 earnings per share for the current year.

Madrigal Pharmaceuticals Profile

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.