MADRIGAL PHARMACEUTICALS INC MDGL
COM · Common Stock · CUSIP 558868105 · ISIN US5588681057
Company in West Conshohocken, United States
- SectorHealth care
- IndustryPharmaceutical Preparations
- HeadquartersWest Conshohocken, PA
- Founded2016
- Websitemadrigalpharma.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($291.1k this quarter). Holder counts are more reliable. Shares outstanding: 18.5m as of 2023-08-03, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $230.97. Options: 25 managers hold calls ($440.3m notional), 16 hold puts ($260.4m).
Trends to Q2 2023
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 135 |
| Q4 2022 | 191 |
| Q1 2023 | 224 |
| Q2 2023 | 210 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2022 | 129 | 62 |
| Q1 2023 | 142 | 89 |
| Q2 2023 | 119 | 107 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2022 | $19.2m | $31.4m | 1.64 |
| Q4 2022 | $378.9m | $545.6m | 1.44 |
| Q1 2023 | $384.8m | $149.4m | 0.39 |
| Q2 2023 | $440.3m | $260.4m | 0.59 |
Biggest buyers
| JANUS HENDERSON GROUP PLC | Added | +1.1m |
| PAULSON & CO. INC. | New | +350.2k |
| ALLIANCEBERNSTEIN L.P. | Added | +347.4k |
| ORBIMED ADVISORS LLC | New | +321.6k |
| RTW INVESTMENTS, LP | New | +221.6k |
| Boxer Capital, LLC | New | +100.0k |
| BlackRock Inc. | Added | +91.0k |
| Paradigm Biocapital Advisors LP | New | +85.0k |
| VANGUARD GROUP INC | Added | +47.3k |
| Mirae Asset Global Investments Co., Ltd. | New | +47.0k |
Biggest sellers
| PERCEPTIVE ADVISORS LLC | Reduced | -347.6k |
| FMR LLC | Reduced | -175.8k |
| FARALLON CAPITAL MANAGEMENT, L.L.C. | Reduced | -160.5k |
| Avoro Capital Advisors LLC | Reduced | -151.5k |
| Rock Springs Capital Management LP | Reduced | -148.9k |
| ARMISTICE CAPITAL, LLC | Reduced | -140.0k |
| Nicholas Investment Partners, LP | Sold out | -117.0k |
| RENAISSANCE TECHNOLOGIES LLC | Reduced | -96.7k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -92.3k |
| MARSHALL WACE, LLP | Reduced | -81.1k |
Biggest calls
| JPMORGAN CHASE & CO | Reduced | $96.7m418.6k shares |
| GROUP ONE TRADING LLC | Added | $88.8m384.2k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $86.8m375.7k shares |
| JANE STREET GROUP, LLC | Added | $72.9m315.4k shares |
| CITADEL ADVISORS LLC | Added | $27.2m117.9k shares |
| Caption Management, LLC | New | $13.9m60.0k shares |
| Affinity Asset Advisors, LLC | New | $12.3m53.1k shares |
| SIMPLEX TRADING, LLC | Reduced | $8.9m38.6k shares |
| BANK OF AMERICA CORP /DE/ | New | $6.9m30.0k shares |
| PEAK6 Investments LLC | Reduced | $4.2m18.1k shares |
Biggest puts
| ARMISTICE CAPITAL, LLC | New | $73.9m320.0k shares |
| JPMORGAN CHASE & CO | Added | $56.9m246.2k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $38.5m166.7k shares |
| GROUP ONE TRADING LLC | Added | $25.6m110.7k shares |
| JANE STREET GROUP, LLC | Added | $21.2m91.9k shares |
| CITADEL ADVISORS LLC | Reduced | $11.9m51.5k shares |
| BANK OF AMERICA CORP /DE/ | New | $8.3m36.1k shares |
| 683 Capital Management, LLC | Unchanged | $8.1m35.0k shares |
| SIMPLEX TRADING, LLC | Added | $6.0m25.9k shares |
| Caption Management, LLC | New | $4.6m20.0k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| JANUS HENDERSON GROUP PLC 13G · institution +1.8 pts · filed 2026-05-15 | 8.8% |
FRIEDMAN PAUL A
13D · may seek influence
filed 2025-12-12
Stated purposeNo changes, except that the Reporting Person no longer serves as Chairman of the Board and Chief Executive Officer of the Issuer; the Reporting Person continues to serve as a member of the Board of Directors of the Issuer. Full filing |
7.8% |
Taub Rebecca
13D · may seek influence
filed 2025-12-12
Stated purposeNo changes, except that the Reporting Person no longer serves as Chief Medical Officer of the Issuer; the Reporting Person serves as Senior Scientific and Medical Advisor of the Issuer and continues to serve as a member of the Board of Directors of the Issuer. Full filing |
7.8% |
| PAULSON & CO. INC. 13G · passive investor -1.4 pts · filed 2026-05-15 | 6.1% |
Fell to 5% or below in the last year: BlackRock, Inc. (4.6%, 2026-07-29), VANGUARD GROUP INC (0.0%, 2026-03-27)
Insider purchases and sales in Q2 2023
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q3 2021 | 0 | — | 0 | — | — |
| Q4 2021 | 0 | — | 0 | — | — |
| Q1 2022 | 0 | — | 0 | — | — |
| Q2 2022 | 0 | — | 0 | — | — |
| Q3 2022 | 0 | — | 0 | — | — |
| Q4 2022 | 0 | — | 2 | $10.1m | — |
| Q1 2023 | 0 | — | 3 | $13.0m | — |
| Q2 2023 | 0 | — | 0 | — | — |
None reported in Q2 2023.
Holders, Q2 2023
| Manager | Shares | Change |
|---|---|---|
| BAKER BROS. ADVISORS LP 2.07% of their portfolio | 1.5m $356.9m | Unchanged |
| Avoro Capital Advisors LLC 4.75% of their portfolio | 1.5m $350.0m | Reduced -151.5k |
| JANUS HENDERSON GROUP PLC 0.21% of their portfolio | 1.5m $342.8m | Added +1.1m |
| VANGUARD GROUP INC 0.01% of their portfolio | 1.5m $338.5m | Added +47.3k |
| BlackRock Inc. 0.01% of their portfolio | 1.0m $241.1m | Added +91.0k |
| STATE STREET CORP 0.01% of their portfolio | 543.8k $125.6m | Added +23.9k |
| Assenagon Asset Management S.A. 0.42% of their portfolio | 466.8k $107.8m | Reduced -49.8k |
| MARSHALL WACE, LLP 0.23% of their portfolio | 460.6k $106.4m | Reduced -81.1k |
| ALLIANCEBERNSTEIN L.P. 0.03% of their portfolio | 371.1k $85.7m | Added +347.4k |
| PAULSON & CO. INC. 7.90% of their portfolio | 350.2k $80.9m | New |
| FMR LLC 0.01% of their portfolio | 349.0k $80.6m | Reduced -175.8k |
| ORBIMED ADVISORS LLC 1.36% of their portfolio | 321.6k $74.3m | New |
| PERCEPTIVE ADVISORS LLC 2.03% of their portfolio | 303.0k $70.0m | Reduced -347.6k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 271.3k $62.7m | Added +23.3k |
| Artisan Partners Limited Partnership 0.09% of their portfolio | 230.1k $53.2m | Added +14.3k |
| RTW INVESTMENTS, LP 0.97% of their portfolio | 221.6k $51.2m | New |
| Rock Springs Capital Management LP 1.09% of their portfolio | 199.2k $46.0m | Reduced -148.9k |
| PICTET ASSET MANAGEMENT SA 0.05% of their portfolio | 171.3k $39.6m | Reduced -7.5k |
| TCG Crossover Management, LLC 5.68% of their portfolio | 149.9k $34.6m | Unchanged |
| ARMISTICE CAPITAL, LLC 0.79% of their portfolio | 136.0k $31.4m | Reduced -140.0k |
| LORD, ABBETT & CO. LLC 0.05% of their portfolio | 135.8k $31.4m | Reduced -214 |
| NORGES BANK 0.01% of their portfolio | 135.4k $31.3m | Added +18.8k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 122.6k $28.3m | Added +9.1k |
| Boxer Capital, LLC 1.07% of their portfolio | 100.0k $23.1m | New |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 98.4k $22.7m | Added +6.8k |
| Affinity Asset Advisors, LLC 8.41% of their portfolio | 92.5k $21.4m | Reduced -500 |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 88.3k $20.4m | Added +34.8k |
| Paradigm Biocapital Advisors LP 1.59% of their portfolio | 85.0k $19.6m | New |
| CITADEL ADVISORS LLC 0.02% of their portfolio | 83.9k $19.4m | Reduced -50.2k |
| RENAISSANCE TECHNOLOGIES LLC 0.03% of their portfolio | 78.7k $18.2m | Reduced -96.7k |
| Tao Capital Management LP 13.14% of their portfolio | 77.7k $17.9m | Unchanged |
| MORGAN STANLEY 0.00% of their portfolio | 74.3k $17.2m | Reduced -73.5k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 70.3k $16.2m | Reduced -72.7k |
| Connor, Clark & Lunn Investment Management Ltd. 0.08% of their portfolio | 65.8k $15.2m | Reduced -2.9k |
| EMERALD ADVISERS, LLC 0.62% of their portfolio | 61.5k $14.2m | Reduced -20.6k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.02% of their portfolio | 58.4k $13.5m | Reduced -70.6k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 56.5k $13.1m | Added +12.7k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 55.4k $12.8m | Added +8.4k |
| Ghost Tree Capital, LLC 4.59% of their portfolio | 55.0k $12.7m | Added +25.0k |
| Caption Management, LLC 2.15% of their portfolio | 52.7k $12.2m | Added +1.0k |
| EMERALD MUTUAL FUND ADVISERS TRUST 0.63% of their portfolio | 50.1k $11.6m | Reduced -16.1k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.03% of their portfolio | 50.0k $11.6m | Reduced -56.0k |
| AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio | 48.9k $11.3m | Added +19.0k |
| Nuveen Asset Management, LLC 0.00% of their portfolio | 48.5k $11.2m | Added +12.2k |
| Mirae Asset Global Investments Co., Ltd. 0.02% of their portfolio | 47.0k $10.5m | New |
| L1 Capital Pty Ltd 1.27% of their portfolio | 45.7k $10.6m | New |
| Ensign Peak Advisors, Inc 0.02% of their portfolio | 41.2k $9.5m | Added +13.4k |
| JANE STREET GROUP, LLC 0.01% of their portfolio | 40.2k $9.3m | Reduced -75.0k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 38.2k $8.8m | Reduced -15.1k |
| MPM BIOIMPACT LLC 1.77% of their portfolio | 38.0k $8.8m | Added +2.0k |
| Hennion & Walsh Asset Management, Inc. 0.51% of their portfolio | 37.6k $8.7m | Reduced -9.1k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 37.0k $8.6m | Reduced -22.1k |
| Tekla Capital Management LLC 0.31% of their portfolio | 34.4k $8.0m | Added +22.0k |
| Rafferty Asset Management, LLC 0.04% of their portfolio | 31.3k $7.2m | Added +3.1k |
| Candriam S.C.A. 0.05% of their portfolio | 29.0k $6.7m | New |
| MACQUARIE GROUP LTD 0.01% of their portfolio | 28.5k $6.6m | Unchanged |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 28.0k $6.5m | Reduced -92.3k |
| Swiss National Bank 0.00% of their portfolio | 27.7k $6.4m | Added +1.8k |
| BARCLAYS PLC 0.00% of their portfolio | 27.0k $6.2m | Reduced -28.3k |
| VOYA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio | 26.4k $6.1m | Added +18.9k |
| Tri Locum Partners LP 2.24% of their portfolio | 26.0k $6.0m | Added +12.2k |
| SPHERA FUNDS MANAGEMENT LTD. 1.24% of their portfolio | 25.0k $5.8m | Added +6.0k |
| UBS Group AG 0.00% of their portfolio | 23.2k $5.4m | Reduced -7.7k |
| Invesco Ltd. 0.00% of their portfolio | 22.7k $5.2m | Added +623 |
| SIMPLEX TRADING, LLC 0.22% of their portfolio | 22.6k $5.2m | Added +10.3k |
| Schonfeld Strategic Advisors LLC 0.04% of their portfolio | 19.9k $4.6m | Reduced -9.9k |
| California Public Employees Retirement System 0.00% of their portfolio | 19.6k $4.5m | Added +6.7k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 19.5k $4.5m | Added +3.5k |
| FRED ALGER MANAGEMENT, LLC 0.02% of their portfolio | 19.4k $4.5m | Reduced -1.5k |
| Man Group plc 0.01% of their portfolio | 19.3k $4.5m | New |
| SECTORAL ASSET MANAGEMENT INC 0.73% of their portfolio | 19.0k $4.4m | Added +18.5k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 18.8k $4.4m | Added +1.3k |
| INTERNATIONAL BIOTECHNOLOGY TRUST PLC 1.29% of their portfolio | 18.3k $4.2m | New |
| CAPITAL FUND MANAGEMENT S.A. 0.07% of their portfolio | 18.2k $4.2m | New |
| DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio | 16.3k $3.8m | Added +44 |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 15.7k $3.6m | Added +447 |
| Polar Asset Management Partners Inc. 0.07% of their portfolio | 15.7k $3.6m | Added +11.8k |
| CITIGROUP INC 0.00% of their portfolio | 15.7k $3.6m | Reduced -7.7k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 15.5k $3.7m | Unchanged |
| RAYMOND JAMES & ASSOCIATES 0.00% of their portfolio | 15.2k $3.5m | New |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 14.6k $3.4m | Reduced -2.9k |
| Simplify Asset Management Inc. 0.60% of their portfolio | 14.3k $3.3m | Unchanged |
| HSBC HOLDINGS PLC 0.00% of their portfolio | 14.2k $3.3m | Added +3.4k |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC 0.04% of their portfolio | 14.2k $3.3m | Reduced -1.1k |
| CREDIT SUISSE AG/ 0.00% of their portfolio | 14.0k $3.2m | Added +3.6k |
| Knott David M Jr 1.31% of their portfolio | 14.0k $3.2m | Unchanged |
| STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio | 13.9k $3.2m | Added +2.3k |
| JOURNEY STRATEGIC WEALTH LLC 0.14% of their portfolio | 13.4k $3.1m | Reduced -503 |
| SEI INVESTMENTS CO 0.01% of their portfolio | 13.3k $3.1m | Added +5.2k |
| Legal & General Group Plc 0.00% of their portfolio | 12.1k $2.8m | Added +9 |
| Weiss Multi-Strategy Advisers LLC 0.06% of their portfolio | 12.0k $2.8m | Added +3.2k |
| Rockefeller Capital Management L.P. 0.01% of their portfolio | 11.8k $2.7m | First filing |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 11.4k $2.6m | Reduced -1.6k |
| Erste Asset Management GmbH 0.04% of their portfolio | 11.0k $2.4m | Unchanged |
| Moody Aldrich Partners LLC 0.49% of their portfolio | 10.9k $2.5m | Added +3.7k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 9.9k $2.3m | Reduced -3.5k |
| WOLVERINE TRADING, LLC 0.03% of their portfolio | 9.8k $2.2m | Added +4.4k |
| CASTLEARK MANAGEMENT LLC 0.10% of their portfolio | 9.6k $2.2m | New |
| State of New Jersey Common Pension Fund D 0.01% of their portfolio | 8.6k $2.0m | Added +650 |
| WINTRUST INVESTMENTS LLC 0.20% of their portfolio | 8.4k $1.9m | Added +2.0k |