MDGL Madrigal Pharmaceuticals, Inc. - Common Stock

NASDAQ · Biotechnology · View on SEC EDGAR ↗
$535.06
Price · Aug 19, 2026
Fundamentals as of Jul 30, 2026
52W Range
$374–$615
67% of range
Analyst Rating
BUY
24 analysts
Price Target
$678
+27% upside
P/E (TTM)
-41.6
ROE
-44.4%
Net Profit Margin
-30.1%

MDGL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$535.06
Market Cap
$12.22B
P/E (TTM)
-41.6
EPS (TTM)
$-10.15
Revenue (TTM)
$958M
Div Yield
—
ROE
-44.4%
Debt/Equity
0.6
52W Range
$375 – $615

MDGL Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $958M
8-point trend, +958403000.00
2017-12-31 → 2025-12-31
EPS $-10.15
6-point trend, +22.5%
2020-12-31 → 2025-12-31
Free Cash Flow $-190M
9-point trend, -979.0%
2016-12-31 → 2025-12-31
Margins -30.1%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
MDGL
Peer Median
P/E (TTM)
5-point trend, -682.4%
-41.6
28.5
P/S (TTM)
2-point trend, -63.2%
12.8
20.1
P/B
5-point trend, +198.6%
20.3
12.9
EV / EBITDA
4-point trend, -165.4%
-41.4
—
Price / FCF
5-point trend, -789.3%
-64.3
—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
MDGL
Peer Median
Operating Margin
2-point trend, +88.7%
-31.3%
—
Net Profit Margin
2-point trend, +88.4%
-30.1%
-48.4%
ROA
5-point trend, +71.0%
-25.1%
-28.4%
ROE
5-point trend, +60.4%
-44.4%
-49.2%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
MDGL
Peer Median
Debt / Equity
4-point trend, +125.8%
0.6
—
Current Ratio
5-point trend, +13.5%
4.0
5.0
Quick Ratio
5-point trend, +127.5%
1.1
—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
MDGL
Peer Median
Revenue YoY
5-point trend, +958403000.00
432.1%
—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
MDGL
Peer Median
EPS (Diluted)
5-point trend, +30.6%
$-10.15
—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
MDGL
Peer Median

MDGL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 24 analysts
  • Strong Buy 5 20.8%
  • Buy 16 66.7%
  • Hold 3 12.5%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

16 analysts · 2026-08-13
Median target $651.50 +21.8%
Mean target $678.06 +26.7%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
-0.15%
Period EPS Actual EPS Est Surprise
June 30, 2026 $-1.99 $-2.62 0.63%
March 31, 2026 $-3.25 $-4.11 0.86%
Dec. 31, 2025 $-2.57 $-0.69 -1.9%
Sept. 30, 2025 $-4.96 $-2.12 -2.8%
June 30, 2025 $-1.90 $-3.71 1.8%
March 31, 2025 $-3.32 $-3.84 0.52%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
MDGL $13.30B -45.3 432.1% -30.1% -44.4% —
NBIX $14.20B 30.4 21.4% 16.7% 16.1% —
BBIO $14.90B -20.2 126.3% -146.0% 41.2% —
BMRN $11.43B 33.0 12.9% 10.8% 5.8% —
EXEL $11.44B 15.7 7.0% 33.7% 37.3% —
ARWR $4.68B -3449.0 23258.2% -0.20% -0.50% —
HALO $7.93B 26.3 37.5% 22.7% 166.1% —
PRAX $7.43B -21.9 249.5% — -47.3% —
CYTK $7.81B -9.7 376.6% -891.6% 152.7% —
SMMT $13.56B -12.1 — — -235.1% —
APGE $5.16B -17.9 — — — —

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 15
Annual Income Statement data for MDGL
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 8-point trend, +958403000.00 $958M $180M $0 $0 $0 · $0 $0 $0 · · ·
Cost of Revenue 3-point trend, +6233000.00 · $6M $0 $0 · · · · · · · ·
SG&A Expense 12-point trend, +5068.5% $814M $435M $108M $48M $37M $22M $23M $15M $8M $9M $805.8K $16M
Operating Expenses 12-point trend, +1399.1% $1.26B $678M $380M $294M $242M $207M $95M $41M $32M $25M $3M $84M
Operating Income 12-point trend, -257.5% $-300M $-498M $-380M $-294M $-242M $-207M $-95M $-41M $-32M $-25M $-3M $-84M
Interest Expense 6-point trend, +251.9% · · $13M $4M $0 $0 · · · $1M $4M ·
Interest Income 5-point trend, +10193.1% $37M $47M $20M $2M $363.0K · · · · · · ·
Other Non-op 3-point trend, -463000.00 $-463.0K $0 $0 · · · · · · · · ·
Income Tax Flat — no change across 8 periods $0 $0 $0 $0 $0 $0 $0 $0 · · · ·
Net Income 10-point trend, -992.5% $-288M $-466M $-374M $-295M $-242M $-202M $-84M $-33M $-31M $-26M · ·
EPS (Basic) 6-point trend, +22.5% $-10.15 $-17.31 $-17.33 $-17.23 $-14.63 $-13.09 · · · · · ·
EPS (Diluted) 6-point trend, +22.5% $-10.15 $-17.31 $-17.33 $-17.23 $-14.63 $-13.09 · · · · · ·
Shares (Basic) 6-point trend, +83.9% 28,409,706 26,908,070 21,562,581 17,137,201 16,535,188 15,446,638 · · · · · ·
Shares (Diluted) 6-point trend, +83.9% 28,409,706 26,908,070 21,562,581 17,137,201 16,535,188 15,446,638 · · · · · ·
EBITDA 10-point trend, -258.5% $-299M $-497M $-380M $-293M $-242M $-206M $-95M · $-32M $-25M · $-83M
Balance Sheet 25
Annual Balance Sheet data for MDGL
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, +134092.2% $199M $100M $100M $332M $36M $54M $47M $57M $149M $19M $306.0K $148.1K
Short-term Investments 4-point trend, -17.0% · · · · · · · · $43M $21M $32M $52M
Receivables 3-point trend, +134476000.00 $134M $54M $0 · · · · · · · · ·
Inventory 3-point trend, +74841000.00 $75M $34M $0 · · · · · · · · ·
Prepaid Expense 12-point trend, +2786.7% $48M $14M $3M $3M $1M $1M $1M $1M $485.0K $707.0K $50.0K $2M
Current Assets 12-point trend, +1154.0% $1.25B $1.03B $637M $361M $272M $285M $440M $485M $192M $41M $363.6K $99M
PP&E (Net) 12-point trend, +46.4% $1M $2M $2M $601.0K $851.0K $1M $1M $227.0K $301.0K $3.0K $420.0K $1M
PP&E (Gross) 2-point trend, +0.3% · · · · · · · · · · $22M $22M
Accum. Depreciation 2-point trend, +3.2% · · · · · · · · · · $21M $20M
Intangibles 3-point trend, +7381000.00 $7M $5M $0 · · · · · · · · ·
Other Non-current Assets 2-point trend, -100.0% $0 · · · · · · · · · · $305.0K
Total Assets 12-point trend, +1151.1% $1.26B $1.04B $641M $363M $273M $287M $442M $485M $192M $41M $363.6K $101M
Accounts Payable 12-point trend, +1457.1% $49M $44M $28M $24M $21M $1M $1M $2M $2M $762.0K $102.3K $3M
Accrued Liabilities 11-point trend, +370812.9% $260M $125M $90M $91M $55M $45M $24M $6M $8M $4M $70.2K ·
Current Liabilities 12-point trend, +904.5% $310M $169M $119M $116M $77M $47M $25M $8M $10M $5M $49M $31M
Capital Leases 8-point trend, +15553.5% $7M $1M $1M $0 $387.0K $468.0K $361.0K · · · · $43.0K
Total Liabilities 12-point trend, +1748.4% $657M $288M $235M $165M $77M $47M $25M $8M $10M $5M $49M $36M
Long-term Debt 4-point trend, +387.8% $340M $118M $115M $70M · · · · · · · ·
Total Debt 4-point trend, +589.6% $340M $118M $115M $49M · · · · · · · ·
Common Stock 12-point trend, -81.8% $2.0K $2.0K $2.0K $2.0K $2.0K $2.0K $2.0K $2.0K $1.0K $1.0K $18 $11.0K
Retained Earnings 12-point trend, -227.9% $-2.09B $-1.80B $-1.34B $-963M $-667M $-425M $-223M $-139M $-106M $-75M $-49M $-638M
AOCI 12-point trend, +21725.0% $873.0K $468.0K $468.0K $-32.0K $-80.0K $47.0K $216.0K $-319.0K $-31.0K $25.0K $4.0K $4.0K
Stockholders' Equity 12-point trend, +1532.6% $603M $754M $405M $197M $196M $240M $417M $477M $182M $36M $-49M $-42M
Liabilities + Equity 12-point trend, +1151.1% $1.26B $1.04B $641M $363M $273M $287M $442M $485M $192M $41M $363.6K $101M
Shares Outstanding 12-point trend, -79.1% 22,842,073 22,004,679 19,875,427 18,102,523 17,103,395 15,508,146 15,429,154 15,409,023 14,227,634 11,951,866 176,158 109,120,670
Cash Flow 11
Annual Cash Flow data for MDGL
Metric Trend 202520242023202220212020201920182017201620152014
D&A 12-point trend, +123.8% $2M $1M $527.0K $467.0K $405.0K $471.0K $112.0K $96.0K $77.0K $156 $662.0K $673.0K
Stock-based Comp 12-point trend, +1220.5% $98M $80M $50M $32M $27M $21M $23M $13M $3M $8M $4M $7M
Other Non-cash 8-point trend, -116.4% $-905.0K $-71M $-862.0K $38M $31M $23M $19M · $6M · · ·
Operating Cash Flow 12-point trend, -140.2% $-190M $-456M $-324M $-225M $-184M $-158M $-42M $-26M $-22M $-18M $-3M $-79M
CapEx 12-point trend, +224.3% $467.0K $1M $1M $217.0K $209.0K $334.0K $172.0K $22.0K $125.0K $3.0K $58.0K $144.0K
Investing Cash Flow 10-point trend, +47.0% $32M $-274M $-503M $207M $-5M $160M $31M $-380M $-22M $22M · ·
Stock Issued 3-point trend, -93.4% · · · · · · · · · $6M $6 $90M
Net Stock Activity 2-point trend, -93.4% · · · · · · · · · $6M · $90M
Financing Cash Flow 10-point trend, +1671.0% $256M $735M $595M $313M $171M $5M $235.0K $314M $174M $14M · ·
Net Change in Cash 7-point trend, +424.3% $99M $5M $-232M $295M $-18M · · · $129M $19M · ·
Free Cash Flow 10-point trend, -140.3% $-190M $-457M $-326M $-225M $-184M $-158M $-42M · $-22M $-18M · $-79M
Profitability 5
Annual Profitability data for MDGL
Metric Trend 202520242023202220212020201920182017201620152014
Operating Margin 2-point trend, +88.7% -31.3% -276.4% · · · · · · · · · ·
Net Margin 2-point trend, +88.4% -30.1% -258.6% · · · · · · · · · ·
EBITDA Margin 2-point trend, +88.7% -31.2% -275.8% · · · · · · · · · ·
ROA 8-point trend, +6.1% -25.1% -55.4% -74.5% -92.9% -86.3% -55.5% -18.1% · -26.7% · · ·
ROE 8-point trend, -55.8% -44.4% -60.8% -174.8% -283.9% -112.2% -76.4% -19.6% · -28.5% · · ·
Liquidity & Solvency 5
Annual Liquidity & Solvency data for MDGL
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 10-point trend, +24.8% 4.0 6.1 5.4 3.1 3.5 6.1 17.5 · 19.1 8.6 · 3.2
Quick Ratio 10-point trend, -66.1% 1.1 0.9 0.8 2.9 0.5 1.2 1.9 · 19.0 8.4 · 3.2
Debt / Equity 4-point trend, +125.8% 0.6 0.2 0.3 0.2 · · · · · · · ·
LT Debt / Equity 4-point trend, +125.8% 0.6 0.2 0.3 0.2 · · · · · · · ·
Interest Coverage 3-point trend, -43.9% · · -29.9 -74.1 · · · · · -20.8 · ·
Efficiency 3
Annual Efficiency data for MDGL
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 6-point trend, +0.83 0.8 0.2 0.0 · 0.0 0.0 0.0 · · · · ·
Inventory Turnover · 0.4 · · · · · · · · · ·
Receivables Turnover 2-point trend, +52.1% 10.2 6.7 · · · · · · · · · ·
Per Share 5
Annual Per Share data for MDGL
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 10-point trend, +4320.3% $26.39 $34.28 $20.39 $10.90 $11.47 $15.47 $27.00 · $12.81 $3.05 · $0.60
Revenue / Share 3-point trend, +42.72 $42.72 $8.47 $0.00 · · · · · · · · ·
Cash Flow / Share 4-point trend, +35.6% $-8.45 $-21.42 $-17.35 $-13.12 · · · · · · · ·
Cash / Share 10-point trend, +1962.3% $8.70 $4.55 $5.03 $18.32 $2.12 $3.48 $3.03 · $10.45 $1.60 · $0.42
EPS (TTM) 6-point trend, +1.8% $-12.85 $-21.90 $-19.99 $-17.23 $-14.63 $-13.09 · · · · · ·
Growth Rates 1
Annual Growth Rates data for MDGL
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 432.1% · · · · · · · · · · ·
Valuation (TTM) 14
Annual Valuation (TTM) data for MDGL
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 9-point trend, +958403000.00 $958M $180M $0 $0 $0 $0 $0 $0 $0 · · ·
Net Income TTM 10-point trend, -992.5% $-288M $-466M $-374M $-295M $-242M $-202M $-84M $-33M $-31M $-26M · ·
Market Cap 10-point trend, +31.4% $13.30B $6.79B $4.60B $5.25B $1.45B $1.72B $1.41B · $1.31B $178M · $10.12B
Enterprise Value 4-point trend, +170.4% $13.44B $6.81B $4.61B $4.97B · · · · · · · ·
P/E 6-point trend, -433.6% -45.3 -14.1 -11.6 -16.8 -5.8 -8.5 · · · · · ·
P/S 2-point trend, -63.2% 13.9 37.7 · · · · · · · · · ·
P/B 10-point trend, -85.8% 22.1 9.0 11.3 26.6 7.4 7.2 3.4 · 7.2 4.9 · 155.4
P / Tangible Book 6-point trend, +211.0% 22.3 9.1 11.3 26.6 7.4 7.2 · · · · · ·
P / Cash Flow 10-point trend, +45.3% -70.2 -14.9 -14.2 -23.4 -7.9 -10.9 -33.8 · -58.5 -10.1 · -128.2
P / FCF 10-point trend, +45.3% -70.0 -14.9 -14.1 -23.3 -7.9 -10.9 -33.6 · -58.2 -10.1 · -128.0
EV / EBITDA 4-point trend, -165.4% -45.0 -13.7 -12.1 -17.0 · · · · · · · ·
EV / FCF 4-point trend, -220.3% -70.7 -14.9 -14.2 -22.1 · · · · · · · ·
EV / Revenue 2-point trend, -62.9% 14.0 37.8 · · · · · · · · · ·
Earnings Yield 6-point trend, +81.2% -2.2% -7.1% -8.6% -5.9% -17.3% -11.8% · · · · · ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $958M$180M$0$0$0
Operating Margin % -31.3%-276.4%———
Net Income $-288M$-466M$-374M$-295M$-242M
Diluted EPS $-10.15$-17.31$-17.33$-17.23$-14.63
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Debt / Equity 0.60.20.30.2—
Current Ratio 4.06.15.43.13.5
Quick Ratio 1.10.90.82.90.5
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow $-190M$-457M$-326M$-225M$-184M

Latest News Recent headlines mentioning this company

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Institutional owners (13F) 461 filers · $9.9B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
86 (+22 vs prior Q) 38 (-26 vs prior Q) 149 (+17 vs prior Q) 124 (-10 vs prior Q) +2.4M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
BAKER BROS. ADVISORS LP $1,150,754,190 2,143,131 11.58% Shares
RTW INVESTMENTS, LP $1,070,510,235 1,993,687 10.77% Shares
Avoro Capital Advisors LLC $984,408,154 1,833,333 9.90% Shares
PAULSON & CO. INC. $719,523,739 1,340,020 7.24% Shares
VANGUARD CAPITAL MANAGEMENT LLC $448,711,933 835,668 4.51% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $419,750,461 781,731 4.22% Shares
WELLINGTON MANAGEMENT GROUP LLP $412,459,753 768,153 4.15% Shares
STATE STREET CORP $282,995,975 527,057 2.85% Shares
CITADEL ADVISORS LLC $212,854,497 396,414 2.14% Shares
GEODE CAPITAL MANAGEMENT, LLC $175,309,472 326,397 1.76% Shares
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC $174,037,845 324,123 1.75% Shares
FMR LLC $173,569,624 323,251 1.75% Shares
Polar Capital Holdings Plc $131,162,924 244,274 1.32% Shares
NORGES BANK $114,846,088 213,886 1.16% Shares
Artisan Partners Limited Partnership $112,869,575 210,205 1.14% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $112,652,110 209,800 1.13% Call option
AMERIPRISE FINANCIAL INC $110,097,782 205,040 1.11% Shares
Pictet Asset Management Holding SA $103,486,147 192,896 1.04% Shares
ALLIANCEBERNSTEIN L.P. $99,175,579 189,458 1.00% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $98,966,865 184,313 1.00% Shares
TORONTO DOMINION BANK $97,419,912 181,432 0.98% Shares
Rock Springs Capital Management LP $93,965,713 174,999 0.95% Shares
Hood River Capital Management LLC $90,789,654 169,084 0.91% Shares
Holocene Advisors, LP $82,112,542 152,924 0.83% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $79,796,140 148,610 0.80% Shares
Point72 Asset Management, L.P. $73,577,722 137,029 0.74% Shares
Woodline Partners LP $67,601,468 125,899 0.68% Shares
Assenagon Asset Management S.A. $66,696,707 124,214 0.67% Shares
VANGUARD FIDUCIARY TRUST CO $65,283,992 121,583 0.66% Shares
GOLDMAN SACHS GROUP INC $65,240,499 121,502 0.66% Shares
Caption Management, LLC $63,091,625 117,500 0.63% Call option
Clearbridge Investments, LLC $58,701,796 109,325 0.59% Shares
Erste Asset Management GmbH $58,111,529 110,210 0.58% Shares
D. E. Shaw & Co., Inc. $57,829,515 107,700 0.58% Call option
JANE STREET GROUP, LLC $55,950,190 104,200 0.56% Call option
ARMISTICE CAPITAL, LLC $53,695,000 100,000 0.54% Shares
AMERICAN CENTURY COMPANIES INC $53,371,576 99,396 0.54% Shares
NEW YORK STATE COMMON RETIREMENT FUND $50,872,254 94,743 0.51% Shares
CITADEL ADVISORS LLC $50,473,300 94,000 0.51% Put option
WESTFIELD CAPITAL MANAGEMENT CO LP $50,436,250 93,931 0.51% Shares
683 Capital Management, LLC $48,325,500 90,000 0.49% Put option
SUSQUEHANNA INTERNATIONAL GROUP, LLP $47,520,075 88,500 0.48% Put option
CITADEL ADVISORS LLC $46,660,955 86,900 0.47% Call option
JANE STREET GROUP, LLC $45,434,561 84,616 0.46% Shares
MILLENNIUM MANAGEMENT LLC $43,598,192 81,196 0.44% Shares
Balyasny Asset Management L.P. $42,392,203 78,950 0.43% Shares
Driehaus Capital Management LLC $41,932,573 78,094 0.42% Shares
Candriam S.C.A. $38,688,112 72,121 0.39% Shares
Tri Locum Partners LP $36,659,187 68,273 0.37% Shares
Caption Management, LLC $35,277,615 65,700 0.35% Put option
Vestal Point Capital, LP $34,901,750 65,000 0.35% Shares
JANE STREET GROUP, LLC $31,733,745 59,100 0.32% Put option
BNP PARIBAS FINANCIAL MARKETS $31,142,026 57,998 0.31% Shares
UBS Group AG $28,840,658 53,712 0.29% Shares
Jones Hill Capital LP $28,214,038 52,545 0.28% Shares
EULAV Asset Management $27,921,400 52,000 0.28% Shares
SCHRODER INVESTMENT MANAGEMENT GROUP $27,164,938 51,519 0.27% Shares
RENAISSANCE TECHNOLOGIES LLC $24,668,557 45,942 0.25% Shares
Affinity Asset Advisors, LLC $21,478,000 40,000 0.22% Shares
BANK OF AMERICA CORP /DE/ $19,392,486 36,116 0.20% Shares
MILLENNIUM MANAGEMENT LLC $19,330,200 36,000 0.19% Call option
SEGALL BRYANT & HAMILL, LLC $17,420,806 32,444 0.18% Shares
BNP PARIBAS ASSET MANAGEMENT Holding S.A. $17,056,217 31,765 0.17% Shares
Mirae Asset Global Investments Co., Ltd. $16,784,520 31,259 0.17% Shares
BlackRock, Inc. $16,705,588 31,112 0.17% Shares
GROUPAMA ASSET MANAGMENT $16,611,546 30,941 0.17% Shares
Swiss National Bank $16,076,283 29,940 0.16% Shares
PFM Health Sciences, LP $15,739,615 29,313 0.16% Shares
CANADA PENSION PLAN INVESTMENT BOARD $15,614,506 29,080 0.16% Shares
GILDER GAGNON HOWE & CO LLC $15,342,272 28,573 0.15% Shares
Integral Health Asset Management, LLC $13,423,750 25,000 0.14% Shares
California Public Employees Retirement System $13,035,535 24,277 0.13% Shares
WCM INVESTMENT MANAGEMENT, LLC $12,119,531 22,985 0.12% Shares
Susquehanna Portfolio Strategies, LLC $11,814,511 22,003 0.12% Shares
D. E. Shaw & Co., Inc. $11,803,772 21,983 0.12% Shares
Tao Capital Management LP $11,275,950 21,000 0.11% Shares
HSBC HOLDINGS PLC $10,831,355 20,172 0.11% Shares
FIRST TRUST ADVISORS LP $10,645,570 19,826 0.11% Shares
D. E. Shaw & Co., Inc. $10,470,525 19,500 0.11% Put option
Weiss Asset Management LP $10,376,559 19,325 0.10% Shares
ArrowMark Colorado Holdings LLC $10,000,157 18,624 0.10% Shares
RHUMBLINE ADVISERS $9,747,742 18,154 0.10% Shares
CITIGROUP INC $9,665,100 18,000 0.10% Call option
CITIGROUP INC $9,665,100 18,000 0.10% Put option
SPHERA FUNDS MANAGEMENT LTD. $9,353,132 17,419 0.09% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $8,923,593 17,047 0.09% Shares
WOLVERINE TRADING, LLC $8,507,520 19,200 0.09% Call option
SILVERCREST ASSET MANAGEMENT GROUP LLC $8,405,952 15,655 0.08% Shares
Cubist Systematic Strategies, LLC $8,204,782 17,889 0.08% Shares
VANGUARD ASSET MANAGEMENT, Ltd $8,163,788 15,204 0.08% Shares
JANUS HENDERSON GROUP PLC $8,049,398 15,377 0.08% Shares
RAYMOND JAMES FINANCIAL INC $7,976,929 14,856 0.08% Shares
Cutter Capital Management, LP $7,949,520 24,000 0.08% Shares
Universal- Beteiligungs- und Servicegesellschaft mbH $7,658,518 14,263 0.08% Shares
ENVESTNET ASSET MANAGEMENT INC $7,658,427 14,263 0.08% Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $7,515,689 13,997 0.08% Shares
Catalyst Funds Management Pty Ltd $7,281,579 13,561 0.07% Shares
ALKEON CAPITAL MANAGEMENT LLC $7,048,006 13,126 0.07% Shares
AXA Investment Managers S.A. $6,896,412 15,036 0.07% Shares
JOURNEY STRATEGIC WEALTH LLC $6,710,885 12,820 0.07% Shares

Company insiders 46 insiders · 25 officers · 22 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
William John Sibold President and CEO July 17, 2026 M 209,329 0 10 $-1,368,254
Chen Schor Former President and CEO July 22, 2016 F 37,178 0 0 $0
Anne Clem Whitaker President and CEO March 2, 2015 A 500,000 0 0 $0
Safi R Bahcall President and CEO Nov. 13, 2013 P 2,053,135 0 0 $0
Alex G. Howarth Chief Financial Officer Jan. 23, 2024 A 18,737 0 0 $0
Marc R Schneebaum Chief Financial Officer Feb. 22, 2021 A 41,668 0 0 $0
Keith S Ehrlich VP, Fin. and Admin., CFO March 3, 2014 A 17,573 0 0 $0
Sumant Ramachandra President, R&D March 11, 2013 A 75,000 0 0 $0
David Soergel Chief Medical Officer June 1, 2026 S 10,033 0 1 $-516,561
Carole Huntsman Chief Commercial Officer Nov. 21, 2024 S 10,785 0 0 $0
Shannon T Kelley General Counsel Aug. 15, 2024 A 7,982 0 0 $0
Robert E. Waltermire Senior VP, Chief Pharma Dev. June 14, 2024 M 5,500 0 0 $0
Brian Joseph Lynch SVP and General Counsel Jan. 23, 2024 A 17,691 0 0 $0
Remy Sukhija Chief Commercial Officer Jan. 16, 2023 A 15,001 0 0 $0
Wendy E Rieder Former SVP, Gen. Counsel July 22, 2016 F 17,730 0 0 $0
Vojo Vukovic SVP, Chief Medical Officer Oct. 2, 2015 A 35,249 0 0 $0
Arthur Mcmahon SVP, Human Resources March 2, 2015 A — 0 0 $0
Steven B Bernitz SVP, Corporate Development Dec. 18, 2013 A 25,000 0 0 $0
Amar Singh Sr. VP, Chief Business Officer March 5, 2013 A 21,031 0 0 $0
Keizo Koya Sr. VP, Drug Development March 6, 2012 A 12,999 0 0 $0
BAILEY MICHAEL P Sr. VP, Chief Comm. Officer Aug. 5, 2010 S 29,627 0 0 $0
Jeremy G Chadwick Sr. VP, Pgm Mgmt and Clin Ops March 1, 2010 A 23,761 0 0 $0
Eric W Jacobson Sr. VP, Research and CMO April 13, 2009 A 25,300 0 0 $0
James G Barsoum Sr. VP, Research April 13, 2009 A — 0 0 $0
Martin D Williams Sr. VP, Business Dev., CBO Feb. 27, 2008 A 200 0 0 $0
REED JOHN C Director Aug. 15, 2026 A 647 0 0 $0
Daniel J. Brennan Director June 17, 2026 A 1,371 0 0 $0
James M Daly Director June 17, 2026 A 3,081 0 0 $0
Richard S Levy Director June 17, 2026 A 22,469 0 0 $0
Rebecca Taub, M.D. Director June 17, 2026 A 452,667 0 0 $0
Jacqualyn A Fouse Director June 17, 2026 A 1,551 0 0 $0
Kenneth Bate Director Aug. 15, 2025 M 2,627 0 0 $0
Fred B Craves Director Sept. 13, 2024 G 360,076 0 0 $0
Baker Bros. Advisors LP Director March 21, 2024 P — 0 0 $0
Keith R Gollust Director June 16, 2022 A 1,539,169 0 0 $0
David V Milligan Director June 16, 2022 A 20,000 0 0 $0
BAY CITY CAPITAL LLC Director June 11, 2018 S 113,472 0 0 $0
Scott D Morenstein Director Jan. 1, 2016 A 17,857 0 0 $0
Donald W Kufe Director July 1, 2015 A 25,748 0 0 $0
William S Reardon Director July 1, 2015 A 49,392 0 0 $0
Robert N Wilson Director July 1, 2015 A 760,936 0 0 $0
Lan Bo Chen Director Aug. 6, 2009 P 620,035 0 0 $0
Judah Folkman Director June 30, 2007 A 7,676 0 0 $0
Lin Huey Chen 10% owner Aug. 6, 2009 P 620,035 0 0 $0
Paul A Friedman, M.D. — Aug. 13, 2025 M 187,164 0 0 $0
Bruce Kovner — Dec. 8, 2015 S 340,970 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 10 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Rebecca Taub, M.D. ×2 filings Dec. 12, 2025 7.80% Amendment — SEC
Paul A Friedman, M.D. Dec. 12, 2025 7.80% Amendment — SEC
Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC, Julian C. Baker, Felix J. Baker ×5 filings March 25, 2024 — Initial filing Capital structure SEC
Fred B. Craves, Bay City Capital LLC, Bay City Capital Management IV LLC, Bay City Capital Fund IV, L.P. ×4 filings Dec. 13, 2023 — Initial filing — SEC
Bay City Capital LLC, Bay City Capital Management IV LLC, Bay City Capital Fund IV, L.P., Bay City Capital Fund IV Co-Investment Fund, L.P. ×2 filings Dec. 13, 2019 — Initial filing — SEC
Paul A. Friedman, M.D. Oct. 17, 2019 — Initial filing — SEC
Caxton Corporation, Kovner 2012 Family Trust B, Kovner 2015-A Investment Trust, OB Select Opportunities, LLC, KFO HOLDINGS LLC, Kovner, Bruce ×6 filings Aug. 1, 2016 — Initial filing Passive investment SEC
Madrigal Pharmaceuticals, Inc. April 28, 2016 — Initial filing — SEC
CxSynta LLC, Caxton Corporation, Kovner 2012 Family Trust B, Kovner 2015-A Investment Trust, OB Select Opportunities, LLC, Ben-Ur, David, Shteinbuk, Yuriy, Weisberg, Heath, KFO HOLDINGS LLC, Kovner, Bruce ×19 filings Nov. 23, 2015 — Initial filing Board campaign SEC
Keith R. Gollust ×2 filings Jan. 15, 2010 — Initial filing Passive investment SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 71 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
JXX · Janus Detroit Street Trust 4.21% 2,950 NS April 30, 2026 N-PORT
HRTS · Tema ETF Trust 1.46% 1,519 NS May 31, 2026 N-PORT
BBP · ETFis Series Trust I 1.44% 1,655 NS April 30, 2026 N-PORT
GURU · Global X Funds 1.15% 1,300 NS April 30, 2026 N-PORT
LABU · Direxion Shares ETF Trust 1.12% 11,249 NS April 30, 2026 N-PORT
ILDR · First Trust Exchange-Traded Fund VI… 1.10% 6,360 NS May 31, 2026 N-PORT
GDOC · Goldman Sachs ETF Trust 1.06% 430 NS May 31, 2026 N-PORT
MEDI · Harbor ETF Trust 0.90% 477 NS April 30, 2026 N-PORT
IBB · iShares Trust 0.85% 159,307 SH Aug. 8, 2026 Daily
IBBQ · Invesco Exchange-Traded Fund Trust … 0.80% 1,253 SH Aug. 8, 2026 Daily
BIB · ProShares Trust 0.57% 847 NS May 31, 2026 N-PORT
QQQJ · Invesco Exchange-Traded Fund Trust … 0.57% 13,141 SH Aug. 8, 2026 Daily
FNY · First Trust Exchange-Traded AlphaDE… 0.52% 5,239 NS April 30, 2026 N-PORT
MMSC · First Trust Exchange-Traded Fund VI… 0.42% 440 NS May 31, 2026 N-PORT
ESSC · Strategy Shares 0.36% 178 NS April 30, 2026 N-PORT
IQSM · New York Life Investments ETF Trust 0.35% 2,130 NS April 30, 2026 N-PORT
ISCG · iShares Trust 0.31% 6,018 SH Aug. 8, 2026 Daily
VBK · VANGUARD INDEX FUNDS 0.27% 244,326 SH Aug. 8, 2026 Daily
RSSL · Global X Funds 0.27% 7,379 NS April 30, 2026 N-PORT
IWP · iShares Trust 0.26% 103,367 SH Aug. 8, 2026 Daily
ANEW · ProShares Trust 0.25% 39 NS May 31, 2026 N-PORT
BKMC · BNY Mellon ETF Trust 0.22% 2,668 NS April 30, 2026 N-PORT
MSSM · MORGAN STANLEY PATHWAY FUNDS 0.22% 3,320 NS May 31, 2026 N-PORT
ITWO · ProShares Trust 0.21% 806 NS May 31, 2026 N-PORT
FSMD · FIDELITY COVINGTON TRUST 0.21% 9,660 NS April 30, 2026 N-PORT
FNX · First Trust Exchange-Traded AlphaDE… 0.20% 5,201 NS April 30, 2026 N-PORT
SCHA · SCHWAB STRATEGIC TRUST 0.20% 89,487 NS May 31, 2026 N-PORT
BBMC · J.P. Morgan Exchange-Traded Fund Tr… 0.19% 7,425 NS April 30, 2026 N-PORT
FSCC · Federated Hermes ETF Trust 0.18% 997 NS May 31, 2026 N-PORT
SMLF · iShares Trust 0.17% 14,476 SH Aug. 8, 2026 Daily
SCHM · SCHWAB STRATEGIC TRUST 0.17% 50,311 NS May 31, 2026 N-PORT
FAD · First Trust Exchange-Traded AlphaDE… 0.16% 1,441 NS April 30, 2026 N-PORT
ISCB · iShares Trust 0.15% 856 SH Aug. 8, 2026 Daily
IYH · iShares Trust 0.15% 10,700 SH Aug. 8, 2026 Daily
VFMO · VANGUARD WELLINGTON FUND 0.13% 4,690 SH Aug. 8, 2026 Daily
UWM · ProShares Trust 0.13% 630 NS May 31, 2026 N-PORT
FHLC · FIDELITY COVINGTON TRUST 0.12% 6,819 NS April 30, 2026 N-PORT
SMMD · iShares Trust 0.12% 8,934 SH Aug. 8, 2026 Daily
VB · VANGUARD INDEX FUNDS 0.12% 423,043 SH Aug. 8, 2026 Daily
VHT · VANGUARD WORLD FUND 0.12% 44,809 SH Aug. 8, 2026 Daily
VXF · VANGUARD INDEX FUNDS 0.11% 216,968 SH Aug. 8, 2026 Daily
GSSC · Goldman Sachs ETF Trust 0.10% 2,022 NS May 31, 2026 N-PORT
ESML · iShares Trust 0.10% 5,759 SH Aug. 8, 2026 Daily
ESUM · Strategy Shares 0.10% 296 NS April 30, 2026 N-PORT
URTY · ProShares Trust 0.09% 635 NS May 31, 2026 N-PORT
EQAL · Invesco Exchange-Traded Fund Trust … 0.09% 1,478 SH Aug. 8, 2026 Daily
SMMV · iShares Trust 0.09% 490 SH Aug. 8, 2026 Daily
AVIE · AMERICAN CENTURY ETF TRUST 0.08% 16 NS May 31, 2026 N-PORT
PRFZ · Invesco Exchange-Traded Fund Trust 0.07% 4,172 SH Aug. 8, 2026 Daily
WSML · iShares Trust 0.07% 938 SH Aug. 8, 2026 Daily