Principal Financial Group Inc. Purchases 2,862 Shares of Madrigal Pharmaceuticals, Inc. $MDGL

Principal Financial Group Inc. raised its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 31.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,068 shares of the biopharmaceutical company’s stock after acquiring an additional 2,862 shares during the period. Principal Financial Group Inc. owned approximately 0.05% of Madrigal Pharmaceuticals worth $5,535,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Transcend Capital Advisors LLC acquired a new position in shares of Madrigal Pharmaceuticals during the 3rd quarter worth about $309,000. Arizona State Retirement System increased its position in Madrigal Pharmaceuticals by 1.9% in the 3rd quarter. Arizona State Retirement System now owns 4,255 shares of the biopharmaceutical company’s stock worth $1,952,000 after buying an additional 78 shares during the period. New York State Common Retirement Fund lifted its holdings in shares of Madrigal Pharmaceuticals by 13.4% during the third quarter. New York State Common Retirement Fund now owns 69,273 shares of the biopharmaceutical company’s stock worth $31,773,000 after buying an additional 8,211 shares during the last quarter. Federated Hermes Inc. acquired a new position in shares of Madrigal Pharmaceuticals during the third quarter worth approximately $1,782,000. Finally, Truist Financial Corp bought a new stake in shares of Madrigal Pharmaceuticals in the third quarter valued at approximately $277,000. 98.50% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MDGL. Citizens Jmp upped their target price on shares of Madrigal Pharmaceuticals from $527.00 to $745.00 and gave the company a “market outperform” rating in a research note on Tuesday, January 20th. Zacks Research lowered Madrigal Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Monday, January 12th. TD Cowen reaffirmed a “buy” rating on shares of Madrigal Pharmaceuticals in a report on Monday, January 12th. Wolfe Research set a $579.00 price objective on Madrigal Pharmaceuticals in a research report on Tuesday, January 6th. Finally, Citigroup reissued an “outperform” rating on shares of Madrigal Pharmaceuticals in a report on Tuesday, January 20th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $654.73.

Madrigal Pharmaceuticals Trading Down 1.9%

MDGL stock opened at $464.71 on Friday. Madrigal Pharmaceuticals, Inc. has a 1-year low of $265.00 and a 1-year high of $615.00. The company has a current ratio of 3.44, a quick ratio of 3.26 and a debt-to-equity ratio of 0.54. The business’s 50 day moving average is $531.66 and its 200-day moving average is $476.92. The firm has a market cap of $10.55 billion, a P/E ratio of -35.72, a P/E/G ratio of 6.60 and a beta of -1.01.

Insider Activity

In other Madrigal Pharmaceuticals news, insider Carole Huntsman sold 1,958 shares of Madrigal Pharmaceuticals stock in a transaction on Friday, November 21st. The stock was sold at an average price of $553.11, for a total transaction of $1,082,989.38. Following the completion of the transaction, the insider directly owned 10,032 shares of the company’s stock, valued at approximately $5,548,799.52. This trade represents a 16.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Rebecca Taub sold 18,650 shares of the business’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $552.15, for a total transaction of $10,297,597.50. Following the completion of the sale, the director owned 461,044 shares in the company, valued at $254,565,444.60. This represents a 3.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 101,495 shares of company stock valued at $54,568,691. 21.50% of the stock is owned by company insiders.

About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the development of innovative therapies for cardiovascular, metabolic and liver diseases. The company’s pipeline centers on novel, liver-directed agents designed to address significant unmet medical needs, with an emphasis on nonalcoholic steatohepatitis (NASH) and related metabolic disorders.

The lead product candidate, resmetirom (MGL-3196), is an orally administered, selective thyroid hormone receptor-? agonist in Phase 3 development for the treatment of NASH.