Baker Bros. Advisors LP filed a Form 4 with the SEC on November 6, 2026, disclosing five open-market purchases of Madrigal Pharmaceuticals, Inc. common stock totaling 91,806 shares acquired between November 4 and November 6, 2026.

Key Highlights

  • Five purchases reported: Baker Bros. Advisors LP acquired shares across five transactions on November 4 and November 6, 2026, all coded as open-market purchases (code P).
  • November 4 transactions: 5,586 shares acquired at a weighted average price of $366.9922, and 10,080 shares acquired at a weighted average price of $368.1134, according to the filing.
  • November 6 transactions: 60,400 shares at $383.015, 13,740 shares at $388.29, and 2,000 shares at $396.61, the filing disclosed.
  • Beneficial ownership following transactions: The filing reported 2,040,682 shares of Madrigal Pharmaceuticals common stock beneficially owned indirectly following all reported transactions.
  • Multiple reporting persons: The filing was made jointly by Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC, Felix Baker, Julian Baker, 667 L.P., and Baker Brothers Life Sciences LP, all listed as directors and/or 10% owners.
  • Issuer: Madrigal Pharmaceuticals, Inc., listed on NASDAQ:MDGL.

Baker Bros. Advisors Discloses Multi-Day Purchases of Madrigal Pharmaceuticals Common Stock

According to the Form 4 filing, Baker Bros. Advisors LP, acting as investment adviser to two funds - 667, L.P. and Baker Brothers Life Sciences LP - executed five separate open-market purchases of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) common stock on November 4 and November 6, 2026. The filing states that the Adviser "has complete and unlimited discretion and authority with respect to the investment and voting power of the securities held directly by the Funds or for the benefit of the Funds."

On November 4, 2026, the filing reported two transactions: 5,586 shares acquired at a weighted average price of $366.9922, with individual trade prices ranging from $366.77 to $367.17 inclusive, and 10,080 shares at a weighted average price of $368.1134. On November 6, 2026, three additional purchases were reported: 60,400 shares at $383.015, 13,740 shares at $388.29, and 2,000 shares at $396.61. Following these five transactions, the total indirect beneficial ownership reported in Table I stood at 2,040,682 shares of common stock.

The filing also noted a pre-existing holding of 203,721 shares reported without a transaction date, and disclosed that beneficial ownership figures include 3,825 shares received from vested restricted stock units and 454 shares underlying unvested RSUs previously granted to Julian C. Baker and Dr. Raymond Cheong in their capacity as directors of the issuer. The filing was made jointly by six reporting persons, including Baker Bros. Advisors (GP) LLC, Felix Baker, Julian Baker, 667 L.P., and Baker Brothers Life Sciences LP, each identified as a director and/or 10% owner of Madrigal Pharmaceuticals.

What Was Disclosed

Baker Bros. Advisors LP disclosed five open-market purchases of Madrigal Pharmaceuticals common stock totaling 91,806 shares over two trading days, November 4 and November 6, 2026, with resulting indirect beneficial ownership of 2,040,682 shares reported by six joint filers.