Covington Capital Management acquired a new stake in shares of Madrigal Pharmaceuticals Inc (NASDAQ:MDGL) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 2,000 shares of the biopharmaceutical company’s stock, valued at approximately $184,000.
Other institutional investors and hedge funds have also modified their holdings of the company. JPMorgan Chase & Co. purchased a new stake in shares of Madrigal Pharmaceuticals during the 3rd quarter valued at $325,000. Bank of New York Mellon Corp lifted its holdings in shares of Madrigal Pharmaceuticals by 17.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 12,945 shares of the biopharmaceutical company’s stock valued at $582,000 after purchasing an additional 1,963 shares during the last quarter. VHCP Management II LLC purchased a new stake in shares of Madrigal Pharmaceuticals during the 3rd quarter valued at $1,349,000. Jennison Associates LLC purchased a new stake in shares of Madrigal Pharmaceuticals during the 4th quarter valued at $18,744,000. Finally, EAM Investors LLC purchased a new stake in shares of Madrigal Pharmaceuticals during the 4th quarter valued at $5,320,000. Hedge funds and other institutional investors own 35.98% of the company’s stock.
MDGL has been the subject of several analyst reports. Zacks Investment Research upgraded Madrigal Pharmaceuticals from a “hold” rating to a “buy” rating and set a $94.00 price objective for the company in a report on Wednesday, December 20th. BidaskClub upgraded Madrigal Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Saturday, January 20th. Roth Capital raised their target price on Madrigal Pharmaceuticals from $82.00 to $170.00 and gave the stock a “buy” rating in a research note on Monday, December 11th. Evercore ISI raised their target price on Madrigal Pharmaceuticals from $65.00 to $140.00 and gave the stock an “outperform” rating in a research note on Thursday, December 7th. Finally, HC Wainwright raised their target price on Madrigal Pharmaceuticals from $54.00 to $105.00 and gave the stock a “buy” rating in a research note on Wednesday, December 6th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company. Madrigal Pharmaceuticals has a consensus rating of “Buy” and a consensus price target of $154.20.
Madrigal Pharmaceuticals (NASDAQ:MDGL) last issued its earnings results on Tuesday, March 13th. The biopharmaceutical company reported ($0.67) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.70) by $0.03. analysts forecast that Madrigal Pharmaceuticals Inc will post -3.42 earnings per share for the current year.
About Madrigal Pharmaceuticals
Madrigal Pharmaceuticals, Inc, formerly Synta Pharmaceuticals Corp., is a clinical-stage biopharmaceutical company. The Company focuses on the development and commercialization of therapeutic candidates for the treatment of cardiovascular-metabolic diseases and nonalcoholic steatohepatitis (NASH). The Company’s lead product, MGL-3196, is a Phase II-ready once-daily, oral, liver-directed selective thyroid hormone receptor-b (THR-b) agonist for the treatment of NASH, and heterozygous and homozygous familial hypercholesterolemia (FH).
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