Form 4: Madrigal Pharmaceuticals Director Paul Friedman Executes Stock Option and Sells Shares Under 10b5-1 Plan
SEC Form 4
Director Paul Friedman exercised stock options and sold shares of Madrigal Pharmaceuticals under a pre-arranged Rule 10b5-1 trading plan.
Summary
- On April 8, 2024, Paul A. Friedman, a director of Madrigal Pharmaceuticals, exercised stock options to acquire 26,270 shares of common stock at a price of $9.45 per share.
- Simultaneously, Friedman sold a total of 26,264 shares of common stock in multiple transactions at weighted average prices ranging from $242.9523 to $248.5907.
- These sales were executed under a Rule 10b5-1 trading plan adopted on November 27, 2023.
- Following these transactions, Friedman directly owns 185,735 shares of common stock and indirectly owns 655,540 shares through SQN LLC.
- Friedman disclaims beneficial ownership of the shares held by SQN LLC except to the extent of his pecuniary interest.
Sentiment
Score: 5
Explanation: Neutral sentiment as it reflects routine insider trading activity under a pre-arranged plan.
Industry Context
Form 4 filings are standard disclosures for corporate insiders and provide transparency into their trading activities. The use of a 10b5-1 plan suggests pre-planned and compliant trading activity.
Key Dates
| Date | Description |
|---|---|
| 11/27/2023 | Date the Reporting Person adopted a Rule 10b5-1 trading plan |
| 04/08/2024 | Date of the earliest transaction: exercise of stock options and sale of common stock |
| 04/10/2024 | Date of signature for the Form 4 filing |
| 07/22/2026 | Expiration date of the stock options |
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