Was Richard S. Levy’s MDGL share sale made under a Rule 10b5-1 trading plan?

Yes. The Form 4 states the sales were made under a Rule 10b5-1 trading plan adopted by Richard S. Levy on February 20, 2026 . Such plans pre-schedule trades, helping separate routine portfolio management from discretionary market timing.

Director Richard Levy of Madrigal (MDGL) sells 5,682 shares under plan

Q: At what prices did Richard S. Levy sell MDGL shares in this Form 4 filing?

Richard S. Levy’s MDGL share sales were executed at weighted average prices between roughly $506.42 and $520.28 per share . The filing notes multiple trades within narrow price ranges, with exact breakdowns available upon request from the company or regulators.

Q: How many Madrigal (MDGL) shares does Richard S. Levy hold after these transactions?

After the reported sales, Richard S. Levy directly holds 27,657 shares of Madrigal Pharmaceuticals common stock. This figure reflects his post-transaction position as disclosed in the Form 4, giving investors context for the scale of the sale.

Q: How many MDGL shares did Richard S. Levy sell in total on May 22, 2026?

On May 22, 2026 , Richard S. Levy sold a total of 5,682 shares of Madrigal common stock. The Form 4 aggregates multiple open-market sale transactions into this net figure using the transaction summary fields provided in the filing.

Q: What type of insider transaction code is shown for MDGL in this Form 4?

The Form 4 lists transaction code “S” , indicating open-market or private sales of common stock. All reported entries are non-derivative stock sales, not option exercises or derivative conversions, according to the transaction_code_description field.

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Madrigal Pharmaceuticals director Richard S. Levy sold 5,682 shares of common stock in a series of open-market transactions on May 22, 2026. The sales were executed under a pre-arranged Rule 10b5-1 trading plan adopted on February 20, 2026, at weighted average prices between about $506.42 and $520.28 per share. Following these transactions, he directly holds 27,657 shares of Madrigal common stock.

Insider Trade Summary 10b5-1

Net Seller: 5,682 shares ($2,928,716)

Net Sell 12 txns

Insider Levy Richard S

Role null

Sold 5,682 shs ($2.93M)

Type	Security	Shares	Price	Value
Sale	Common Stock	40	$506.675	$20K
Sale	Common Stock	320	$508.242	$163K
Sale	Common Stock	151	$510.3579	$77K
Sale	Common Stock	610	$511.3967	$312K
Sale	Common Stock	439	$512.5022	$225K
Sale	Common Stock	40	$512.97	$21K
Sale	Common Stock	343	$514.6691	$177K
Sale	Common Stock	657	$515.9219	$339K
Sale	Common Stock	723	$516.8658	$374K
Sale	Common Stock	1,497	$517.5921	$775K
Sale	Common Stock	782	$518.758	$406K
Sale	Common Stock	80	$519.98	$42K

Holdings After Transaction: Common Stock — 27,657 shares (Direct, null)

Footnotes (1)

These sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on February 20, 2026. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $506.42 to $507.06, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote and the footnotes below. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $508.11 to $508.89, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $509.89 to $510.85, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $510.89 to $511.87, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $511.91 to $512.88, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $514.17 to $515.16, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $515.26 to $516.22, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $516.28 to $517.27, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $517.28 to $518.27, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $518.30 to $519.29, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $519.68 to $520.28, inclusive.

Key Figures

Shares sold: 5,682 shares Highest weighted average sale price range: $519.68–$520.28/share Lowest weighted average sale price range: $506.42–$507.06/share +3 more

6 metrics

Shares sold 5,682 shares Total common stock sold on May 22, 2026

Highest weighted average sale price range $519.68–$520.28/share Price range from one sale footnote

Lowest weighted average sale price range $506.42–$507.06/share Price range from one sale footnote

Example reported sale price $519.98/share One open-market sale of 80 shares

Shares held after transactions 27,657 shares Direct common stock holdings after sales

Net buy/sell direction Net sale of 5,682 shares Transaction summary netBuySellShares and direction

Key Terms

Rule 10b5-1 trading plan, weighted average price, open-market sale, Form 4, +1 more

5 terms

Rule 10b5-1 trading plan regulatory

"These sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on February 20, 2026."

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

open-market sale financial

"transaction_action: open-market sale"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

Form 4 regulatory

"INSIDER FILING DATA (Form 4):"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

Common Stock financial

"security_title: Common Stock"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

Form 4 Insider Transactions: What Each Field Means →

05/22/2026 - 06:01 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Levy Richard S

(Last)

(First)

(Middle)

C/O MADRIGAL PHARMACEUTICALS, INC.

200 BARR HARBOR DRIVE, SUITE 400

(Street)

WEST CONSHOHOCKEN

PENNSYLVANIA

19428

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
MADRIGAL PHARMACEUTICALS, INC. [ MDGL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/22/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/22/2026		S⁽¹⁾		40	D	$506.675⁽²⁾	27,657	D
Common Stock	05/22/2026		S⁽¹⁾		320	D	$508.242⁽³⁾	27,337	D
Common Stock	05/22/2026		S⁽¹⁾		151	D	$510.3579⁽⁴⁾	27,186	D
Common Stock	05/22/2026		S⁽¹⁾		610	D	$511.3967⁽⁵⁾	26,576	D
Common Stock	05/22/2026		S⁽¹⁾		439	D	$512.5022⁽⁶⁾	26,137	D
Common Stock	05/22/2026		S⁽¹⁾		40	D	$512.97	26,097	D
Common Stock	05/22/2026		S⁽¹⁾		343	D	$514.6691⁽⁷⁾	25,754	D
Common Stock	05/22/2026		S⁽¹⁾		657	D	$515.9219⁽⁸⁾	25,097	D
Common Stock	05/22/2026		S⁽¹⁾		723	D	$516.8658⁽⁹⁾	24,374	D
Common Stock	05/22/2026		S⁽¹⁾		1,497	D	$517.5921⁽¹⁰⁾	22,877	D
Common Stock	05/22/2026		S⁽¹⁾		782	D	$518.758⁽¹¹⁾	22,095	D
Common Stock	05/22/2026		S⁽¹⁾		80	D	$519.98⁽¹²⁾	22,015	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. These sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on February 20, 2026.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $506.42 to $507.06, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote and the footnotes below.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $508.11 to $508.89, inclusive.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $509.89 to $510.85, inclusive.

5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $510.89 to $511.87, inclusive.

6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $511.91 to $512.88, inclusive.

7. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $514.17 to $515.16, inclusive.

8. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $515.26 to $516.22, inclusive.

9. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $516.28 to $517.27, inclusive.

10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $517.28 to $518.27, inclusive.

11. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $518.30 to $519.29, inclusive.

12. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $519.68 to $520.28, inclusive.

Remarks:

	/s/ Mardi Dier, as Attorney-in-Fact	05/22/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Madrigal Pharmaceuticals (MDGL) report for Richard S. Levy?

Madrigal Pharmaceuticals reported that director Richard S. Levy sold 5,682 shares of common stock in open-market transactions. These sales occurred on May 22, 2026 and were disclosed in a Form 4 insider trading report filed with regulators.

At what prices did Richard S. Levy sell MDGL shares in this Form 4 filing?

Richard S. Levy’s MDGL share sales were executed at weighted average prices between roughly $506.42 and $520.28 per share. The filing notes multiple trades within narrow price ranges, with exact breakdowns available upon request from the company or regulators.

How many Madrigal (MDGL) shares does Richard S. Levy hold after these transactions?

After the reported sales, Richard S. Levy directly holds 27,657 shares of Madrigal Pharmaceuticals common stock. This figure reflects his post-transaction position as disclosed in the Form 4, giving investors context for the scale of the sale.

How many MDGL shares did Richard S. Levy sell in total on May 22, 2026?

On May 22, 2026, Richard S. Levy sold a total of 5,682 shares of Madrigal common stock. The Form 4 aggregates multiple open-market sale transactions into this net figure using the transaction summary fields provided in the filing.

What type of insider transaction code is shown for MDGL in this Form 4?

The Form 4 lists transaction code “S”, indicating open-market or private sales of common stock. All reported entries are non-derivative stock sales, not option exercises or derivative conversions, according to the transaction_code_description field.