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 ($5.5m this quarter). Holder counts are more reliable. Shares outstanding: 22.3m as of 2025-08-01, 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 ≈ $302.63. Options: 18 managers hold calls ($293.7m notional), 16 hold puts ($155.0m).
Trends to Q2 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 135 |
| Q4 2022 | 191 |
| Q1 2023 | 224 |
| Q2 2023 | 210 |
| Q3 2023 | 207 |
| Q4 2023 | 226 |
| Q1 2024 | 266 |
| Q2 2024 | 258 |
| Q3 2024 | 258 |
| Q4 2024 | 284 |
| Q1 2025 | 323 |
| Q2 2025 | 307 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2023 | 125 | 93 |
| Q4 2023 | 135 | 90 |
| Q1 2024 | 157 | 111 |
| Q2 2024 | 157 | 119 |
| Q3 2024 | 128 | 125 |
| Q4 2024 | 146 | 114 |
| Q1 2025 | 181 | 121 |
| Q2 2025 | 143 | 161 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $216.4m | $168.2m | 0.78 |
| Q4 2024 | $354.0m | $320.8m | 0.91 |
| Q1 2025 | $345.7m | $163.6m | 0.47 |
| Q2 2025 | $293.7m | $155.0m | 0.53 |
Biggest buyers
| CITADEL ADVISORS LLC | Added | +206.5k |
| VANGUARD GROUP INC | Added | +187.2k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | Added | +184.6k |
| UBS Group AG | Added | +184.2k |
| NORGES BANK | Added | +82.5k |
| Polar Capital Holdings Plc | Added | +75.2k |
| Invesco Ltd. | Added | +67.4k |
| BNP PARIBAS FINANCIAL MARKETS | Added | +65.6k |
| Artisan Partners Limited Partnership | Added | +63.8k |
| Tri Locum Partners LP | Added | +59.9k |
Biggest sellers
| Holocene Advisors, LP | Sold out | -390.5k |
| FMR LLC | Reduced | -206.8k |
| Woodline Partners LP | Reduced | -157.8k |
| Avoro Capital Advisors LLC | Reduced | -147.2k |
| MORGAN STANLEY | Reduced | -136.9k |
| RENAISSANCE TECHNOLOGIES LLC | Reduced | -74.2k |
| STATE STREET CORP | Reduced | -67.8k |
| VICTORY CAPITAL MANAGEMENT INC | Reduced | -60.1k |
| Soleus Capital Management, L.P. | Reduced | -59.5k |
| FEDERATED HERMES, INC. | Sold out | -58.0k |
Biggest calls
| JANE STREET GROUP, LLC | Added | $93.8m310.1k shares |
| GROUP ONE TRADING LLC | Added | $76.5m252.7k shares |
| ARMISTICE CAPITAL, LLC | Reduced | $51.4m170.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $22.2m73.4k shares |
| CITADEL ADVISORS LLC | Reduced | $14.5m47.8k shares |
| CITIGROUP INC | Reduced | $8.0m26.5k shares |
| D. E. Shaw & Co., Inc. | Added | $7.0m23.1k shares |
| WOLVERINE TRADING, LLC | Reduced | $4.7m15.7k shares |
| SIMPLEX TRADING, LLC | Reduced | $4.4m14.7k shares |
| BARCLAYS PLC | New | $4.2m13.9k shares |
Biggest puts
| 683 Capital Management, LLC | Unchanged | $46.0m152.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $36.5m120.7k shares |
| GROUP ONE TRADING LLC | Added | $18.4m60.7k shares |
| CITADEL ADVISORS LLC | Added | $16.8m55.4k shares |
| JANE STREET GROUP, LLC | Reduced | $15.0m49.5k shares |
| CITIGROUP INC | Reduced | $8.0m26.5k shares |
| NOMURA HOLDINGS INC | New | $3.9m12.9k shares |
| Squarepoint Ops LLC | Added | $3.3m10.9k shares |
| D. E. Shaw & Co., Inc. | Added | $2.6m8.6k shares |
| SIMPLEX TRADING, LLC | Reduced | $1.6m5.2k 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 2025
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 2023 | 0 | — | 0 | — | — |
| Q4 2023 | 1 | $77.8m | 2 | $3.8m | — |
| Q1 2024 | 0 | — | 0 | — | — |
| Q2 2024 | 0 | — | 7 | $68.5m | $67.1m |
| Q3 2024 | 0 | — | 1 | $1.6m | — |
| Q4 2024 | 0 | — | 3 | $5.8m | $3.3m |
| Q1 2025 | 0 | — | 9 | $25.8m | $1.5m |
| Q2 2025 | 0 | — | 0 | — | — |
None reported in Q2 2025.
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| JANUS HENDERSON GROUP PLC 0.33% of their portfolio | 2.2m $663.3m | Reduced -14.1k |
| PAULSON & CO. INC. 31.44% of their portfolio | 2.1m $632.4m | Reduced -10.0k |
| RTW INVESTMENTS, LP 8.59% of their portfolio | 2.0m $603.4m | Unchanged |
| BAKER BROS. ADVISORS LP 5.80% of their portfolio | 2.0m $598.0m | Added +1.4k |
| VANGUARD GROUP INC 0.01% of their portfolio | 1.9m $568.1m | Added +187.2k |
| Avoro Capital Advisors LLC 9.94% of their portfolio | 1.9m $567.5m | Reduced -147.2k |
| BlackRock, Inc. 0.01% of their portfolio | 1.4m $435.4m | Reduced -47.7k |
| STATE STREET CORP 0.01% of their portfolio | 690.7k $209.0m | Reduced -67.8k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.02% of their portfolio | 508.5k $153.9m | Reduced -34.2k |
| UBS Group AG 0.03% of their portfolio | 505.7k $153.0m | Added +184.2k |
| FMR LLC 0.01% of their portfolio | 445.3k $134.8m | Reduced -206.8k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 414.4k $125.4m | Reduced -6.5k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.19% of their portfolio | 376.2k $113.8m | Added +184.6k |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.28% of their portfolio | 350.3k $106.0m | Reduced -2.9k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 277.2k $83.9m | Added +31.3k |
| MORGAN STANLEY 0.00% of their portfolio | 248.0k $75.0m | Reduced -136.9k |
| Hood River Capital Management LLC 1.03% of their portfolio | 244.7k $74.1m | Added +744 |
| Polar Capital Holdings Plc 0.36% of their portfolio | 225.4k $68.2m | Added +75.2k |
| Pictet Asset Management Holding SA 0.06% of their portfolio | 208.3k $63.0m | Added +1.2k |
| CITADEL ADVISORS LLC 0.05% of their portfolio | 207.3k $62.7m | Added +206.5k |
| Artisan Partners Limited Partnership 0.09% of their portfolio | 201.6k $61.0m | Added +63.8k |
| Erste Asset Management GmbH 0.51% of their portfolio | 201.1k $60.8m | Added +36.7k |
| Invesco Ltd. 0.01% of their portfolio | 200.4k $60.6m | Added +67.4k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 189.8k $57.5m | Added +201 |
| NORGES BANK 0.01% of their portfolio | 176.5k $53.4m | Added +82.5k |
| AMERICAN CENTURY COMPANIES INC 0.03% of their portfolio | 167.8k $50.8m | Added +9.5k |
| Woodline Partners LP 0.26% of their portfolio | 159.6k $48.3m | Reduced -157.8k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 153.1k $46.3m | Added +1.8k |
| ArrowMark Colorado Holdings LLC 0.79% of their portfolio | 144.8k $43.8m | Reduced -35.3k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 142.9k $43.2m | Reduced -8.0k |
| Rock Springs Capital Management LP 2.65% of their portfolio | 140.3k $42.5m | Reduced -26.4k |
| Fiera Capital Corp 0.13% of their portfolio | 130.6k $39.5m | Reduced -1.6k |
| ARMISTICE CAPITAL, LLC 1.42% of their portfolio | 124.0k $37.5m | Reduced -11.9k |
| Tao Capital Management LP 25.03% of their portfolio | 112.8k $34.1m | Unchanged |
| D. E. Shaw & Co., Inc. 0.03% of their portfolio | 112.0k $33.9m | Added +13.0k |
| Point72 Asset Management, L.P. 0.08% of their portfolio | 110.9k $33.6m | Added +45.0k |
| MPM BIOIMPACT LLC 5.27% of their portfolio | 100.4k $30.4m | Unchanged |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.05% of their portfolio | 100.3k $30.4m | Reduced -42.3k |
| Connor, Clark & Lunn Investment Management Ltd. 0.11% of their portfolio | 100.1k $30.3m | Reduced -2.3k |
| Tri Locum Partners LP 8.98% of their portfolio | 97.8k $29.6m | Added +59.9k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 88.9k $26.9m | Added +28.2k |
| LORD, ABBETT & CO. LLC 0.08% of their portfolio | 84.2k $25.5m | Reduced -33.8k |
| Affinity Asset Advisors, LLC 3.58% of their portfolio | 80.0k $24.2m | Unchanged |
| EcoR1 Capital, LLC 1.35% of their portfolio | 75.0k $22.7m | Unchanged |
| Mirae Asset Global Investments Co., Ltd. 0.07% of their portfolio | 70.6k $21.4m | Added +218 |
| BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio | 69.0k $20.9m | Added +65.6k |
| BARCLAYS PLC 0.01% of their portfolio | 62.7k $19.0m | Added +15.8k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.02% of their portfolio | 61.1k $18.5m | Added +16.3k |
| BRAIDWELL LP 0.63% of their portfolio | 60.8k $18.4m | Added +12.1k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 60.7k $18.4m | Added +41.8k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 55.9k $16.9m | Added +27.8k |
| MARSHALL WACE, LLP 0.02% of their portfolio | 55.1k $16.7m | Added +52.3k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 54.9k $16.6m | Added +1.0k |
| EMERALD ADVISERS, LLC 0.59% of their portfolio | 53.1k $16.1m | Added +5.2k |
| STEMPOINT CAPITAL LP 5.13% of their portfolio | 52.7k $15.9m | Added +11.8k |
| VOYA INVESTMENT MANAGEMENT LLC 0.02% of their portfolio | 51.1k $15.5m | Added +32.2k |
| Logos Global Management LP 2.02% of their portfolio | 50.0k $15.1m | New |
| Candriam S.C.A. 0.09% of their portfolio | 50.0k $15.1m | Added +28.6k |
| Ensign Peak Advisors, Inc 0.03% of their portfolio | 48.4k $14.6m | Unchanged |
| University of Wisconsin Foundation 16.38% of their portfolio | 48.4k $14.6m | Unchanged |
| Rheos Capital Works Inc. 0.75% of their portfolio | 43.2k $13.1m | Unchanged |
| Nuveen, LLC 0.00% of their portfolio | 41.5k $12.6m | Reduced -8.4k |
| GROUPAMA ASSET MANAGMENT 0.20% of their portfolio | 40.9k $12.3m | Added +7.4k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 39.8k $12.0m | Added +13.4k |
| EMERALD MUTUAL FUND ADVISERS TRUST 0.68% of their portfolio | 36.9k $11.2m | Added +1.7k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 36.7k $11.1m | Reduced -422 |
| Rockefeller Capital Management L.P. 0.01% of their portfolio | 35.8k $10.8m | Added +18.2k |
| Balyasny Asset Management L.P. 0.02% of their portfolio | 34.5k $10.4m | Added +7.3k |
| Russell Investments Group, Ltd. 0.01% of their portfolio | 34.0k $10.3m | Added +4.4k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.01% of their portfolio | 33.2k $10.0m | Added +2.8k |
| GILDER GAGNON HOWE & CO LLC 0.10% of their portfolio | 31.6k $9.5m | Reduced -103 |
| EULAV Asset Management 0.22% of their portfolio | 31.0k $9.4m | Added +21.0k |
| California Public Employees Retirement System 0.01% of their portfolio | 27.6k $8.3m | Added +3 |
| Swiss National Bank 0.00% of their portfolio | 27.4k $8.3m | Added +2.0k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 26.4k $8.0m | Reduced -1 |
| 683 Capital Management, LLC 0.76% of their portfolio | 24.9k $7.5m | Added +1.3k |
| Rafferty Asset Management, LLC 0.02% of their portfolio | 24.5k $7.4m | Reduced -5.4k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 24.1k $7.3m | Reduced -1.8k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.01% of their portfolio | 23.4k $7.1m | Added +471 |
| TD Asset Management Inc 0.01% of their portfolio | 23.2k $7.0m | Added +1.0k |
| Legal & General Group Plc 0.00% of their portfolio | 23.1k $7.0m | Added +8.6k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 21.2k $6.4m | Reduced -2.2k |
| MACQUARIE GROUP LTD 0.01% of their portfolio | 19.6k $5.9m | Added +4.6k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 19.2k $5.8m | Added +10.4k |
| Avidity Partners Management LP 1.15% of their portfolio | 19.0k $5.8m | New |
| CITIGROUP INC 0.00% of their portfolio | 18.5k $5.6m | Reduced -28.7k |
| SEI INVESTMENTS CO 0.01% of their portfolio | 17.5k $5.3m | Added +1.5k |
| KORNITZER CAPITAL MANAGEMENT INC /KS 0.09% of their portfolio | 14.8k $4.5m | Unchanged |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 14.5k $4.4m | Reduced -768 |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 14.1k $4.3m | Added +1.8k |
| LPL Financial LLC 0.00% of their portfolio | 14.1k $4.3m | Reduced -16.7k |
| JOURNEY STRATEGIC WEALTH LLC 0.13% of their portfolio | 13.1k $4.0m | Unchanged |
| Hennion & Walsh Asset Management, Inc. 0.15% of their portfolio | 12.7k $3.8m | Added +1.7k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.01% of their portfolio | 12.5k $3.8m | Reduced -1.4k |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC 0.04% of their portfolio | 12.3k $3.7m | Added +1.0k |
| Nan Fung Group Holdings Ltd 5.66% of their portfolio | 11.9k $3.6m | Unchanged |
| RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio | 10.8k $3.3m | Reduced -74.2k |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 10.8k $3.3m | Added +8.3k |
| MetLife Investment Management, LLC 0.02% of their portfolio | 10.1k $3.0m | Reduced -391 |
| ALGERT GLOBAL LLC 0.06% of their portfolio | 9.5k $2.9m | Reduced -240 |