Supply breakdown
Shares as of Jul 27, 2026| Category | Shares | % | Value | Status |
|---|---|---|---|---|
| Circulating | 23.10M | 100.0% | $12.41B | Estimated |
| Free float | - | - | - | Unavailable |
| Insider-held, unrestricted | - | - | - | Unavailable |
| Locked team funds | - | - | - | Unavailable |
| Other restricted (unlisted classes only) | - | - | - | Unavailable |
| Total outstanding | 23.10M | 100.0% | $12.41B | Verified |
| Ownership views (overlap the categories above, never added) | ||||
| Institutional holdings (13F; over 100%, double counted) | 23.59M | 102.1% | $12.67B | Estimated |
| Insider-held, all (Forms 3, 4, 5) | - | - | - | Unavailable |
Institutional and insider holdings can include both tradable and locked shares, so they are shown for reference and never added to the total. Check: no class has more shares deducted than it has outstanding, and the review found no shares that may be counted twice: reconciles.
Valuation
- Traditional$12.41B
- Fully diluted-
- Circulating$12.41B
- Free float-
- Locked team value$0
- Other restricted value$0
Locked and restricted shares
Not reviewed yet.
Institutional holders
13F, quarter ended Jun 30, 2026| Holder | Shares | % of total |
|---|---|---|
| BAKER BROS. ADVISORS LP | 2.14M | 9.28% |
| RTW INVESTMENTS, LP | 1.99M | 8.63% |
| Jupiter Topco LLC | 1.94M | 8.38% |
| Avoro Capital Advisors LLC | 1.83M | 7.94% |
| PAULSON & CO. INC. | 1.34M | 5.80% |
| BlackRock, Inc. | 1.20M | 5.20% |
| VANGUARD CAPITAL MANAGEMENT LLC | 835.7K | 3.62% |
| WELLINGTON MANAGEMENT GROUP LLP | 825.7K | 3.57% |
| VANGUARD PORTFOLIO MANAGEMENT LLC | 781.7K | 3.38% |
| STATE STREET CORP | 527.1K | 2.28% |
Sum of long share positions in Form 13F reports for the quarter. 13F covers managers with over $100M in US equities; some positions are reported by more than one filer. The total is 102% of shares outstanding, so it counts some shares twice: positions reported by more than one manager, and lent shares that appear at both the lender and the buyer. Read it as an upper bound.
Insiders
Forms 3, 4 and 5Form 4 aggregation pending
Share classes
| Class | Listing | Shares outstanding | As of |
|---|---|---|---|
| Common stock | MDGL on Nasdaq | 23,104,126 | Jul 27, 2026 |
Notes and sources
- MADRIGAL PHARMACEUTICALS, INC. 10-Q for period ended 2026-06-30, Cover page (0001628280-26-050845)
- SEC public float (non-affiliates): $5.60B as of Jun 30, 2025, from the 10-K cover. It is a dollar value at a past date, not circulating supply.