Summit Investment Advisors Inc. Raises Stock Position in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Summit Investment Advisors Inc. grew its position in shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) by 5.9% during the fourth quarter, Holdings Channel reports. The fund owned 1,881 shares of the biopharmaceutical company’s stock after purchasing an additional 104 shares during the period. Summit Investment Advisors Inc.’s holdings in Madrigal Pharmaceuticals were worth $580,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Kohmann Bosshard Financial Services LLC bought a new position in shares of Madrigal Pharmaceuticals during the fourth quarter valued at approximately $70,000. KBC Group NV lifted its holdings in shares of Madrigal Pharmaceuticals by 73.5% during the fourth quarter. KBC Group NV now owns 609 shares of the biopharmaceutical company’s stock valued at $188,000 after purchasing an additional 258 shares in the last quarter. Miracle Mile Advisors LLC bought a new position in Madrigal Pharmaceuticals during the 4th quarter valued at about $216,000. D.A. Davidson & CO. bought a new position in Madrigal Pharmaceuticals during the fourth quarter valued at approximately $221,000. Finally, Atria Investments Inc purchased a new position in shares of Madrigal Pharmaceuticals in the 4th quarter worth $222,000. Institutional investors own 98.50% of the company’s stock.

Insider Activity

In other news, insider Carole Huntsman sold 347 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $335.24, for a total value of $116,328.28. Following the completion of the sale, the insider now owns 10,438 shares of the company’s stock, valued at $3,499,235.12. This trade represents a 3.22 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William John Sibold sold 1,584 shares of the company’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $335.24, for a total value of $531,020.16. Following the transaction, the chief executive officer now directly owns 54,303 shares in the company, valued at $18,204,537.72. This represents a 2.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,492 shares of company stock worth $11,509,707. Company insiders own 22.80% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on MDGL shares. HC Wainwright raised their price objective on shares of Madrigal Pharmaceuticals from $400.00 to $405.00 and gave the stock a “buy” rating in a report on Thursday, February 27th. B. Riley upgraded Madrigal Pharmaceuticals from a “hold” rating to a “strong-buy” rating and increased their target price for the stock from $236.00 to $422.00 in a research report on Thursday, February 27th. JMP Securities reiterated a “market outperform” rating and issued a $427.00 price target on shares of Madrigal Pharmaceuticals in a report on Friday, January 10th. Finally, Citigroup lifted their price objective on Madrigal Pharmaceuticals from $378.00 to $469.00 and gave the stock a “buy” rating in a research note on Thursday, February 27th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $378.44.

Madrigal Pharmaceuticals Stock Performance

Shares of NASDAQ:MDGL opened at $301.66 on Friday. 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 company has a market capitalization of $6.66 billion, a price-to-earnings ratio of -12.03 and a beta of -0.69. Madrigal Pharmaceuticals, Inc. has a 12 month low of $189.00 and a 12 month high of $377.46. The firm’s 50-day moving average is $328.97 and its 200 day moving average is $306.52.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings data on Wednesday, February 26th. The biopharmaceutical company reported ($2.71) earnings per share for the quarter, beating analysts’ consensus estimates of ($4.32) by $1.61. The company had revenue of $103.32 million for the quarter, compared to the consensus estimate of $97.81 million. Research analysts predict that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current year.

Madrigal Pharmaceuticals Company 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.