Levy Richard S 4

What Happened Richard S. Levy, a director of Madrigal Pharmaceuticals (MDGL), exercised stock options on 2026-01-26 to acquire 4,000 shares at an exercise price of $16.46 per share, for a total cash payment of $65,840. The filing also shows a corresponding disposition entry for 4,000 derivative units at $0, which reflects the extinguishment/conversion of the option instrument (not a sale of the underlying shares).

Key Details

• Transaction date: 2026-01-26. Transaction code: M (option exercise).
• Exercise: 4,000 shares acquired @ $16.46 = $65,840 total.
• Derivative disposition: 4,000 units shown as disposed @ $0 (represents conversion/extinguishment of the option).
• Shares owned after transaction: not specified in the provided filing.
• Footnote: the shares underlying this option were fully vested and exercisable.
• Filing timeliness: report filed the same day (timely).

Context

• This was an option exercise (acquisition of shares), not an open-market purchase or sale; the $0 disposal line is typical when the derivative instrument is converted and should not be read as a sale of shares for no proceeds.
• Option exercises can indicate an insider choosing to take stock ownership (often seen as a neutral-to-bullish action), but filings don’t state the insider’s intent or further plans to hold or sell the acquired shares.