In its most recent Q3 Form 13F filing with the SEC, Gladstone Institutional Advisory LLC reported the acquisition of 1,093 shares of Madrigal Pharmaceuticals, representing an approximate $501,000 investment in the clinical‐stage biopharmaceutical company. This move follows significant activity by other major institutional investors: Adage Capital Partners GP L.L.C. increased its position by 96.3% to 376,163 shares (valued at roughly $113.8 million), Norges Bank initiated a new stake worth approximately $53.4 million, Invesco Ltd. added 67,422 shares to reach 200,356 shares ($60.6 million), BNP Paribas Financial Markets expanded its holdings by 1,886.1% to 69,037 shares ($20.9 million), and Artisan Partners Limited Partnership boosted its position by 46.3% to 201,571 shares ($61.0 million). Institutional ownership of Madrigal now stands at 98.5%, underscoring robust confidence among hedge funds and other asset managers in the company’s pipeline prospects.

On January 9, 2026, Madrigal Pharmaceuticals announced an exclusive global license agreement with Pfizer for ervogastat, a Phase 2 oral DGAT-2 inhibitor targeting metabolic dysfunction-associated steatohepatitis (MASH). Under the deal, Madrigal paid $50 million upfront (reflected in Q4 2025 expenses) and will be responsible for global development, manufacturing and commercialization; Pfizer remains eligible for milestone payments and tiered royalties on net sales. Ervogastat demonstrated promising Phase 2 results, with 72% of patients achieving at least a 30% reduction in liver fat and 61% attaining a 50% reduction, as measured by MRI-PDFF, and favorable tolerability across all doses. Madrigal plans to conduct drug-to-drug interaction studies with its approved therapy Rezdiffra and to engage with the FDA on Phase 2 combination trial design in 2026. The deal expands Madrigal’s MASH portfolio to three key pipeline assets and reinforces its position ahead of a presentation at the 44th Annual J.P. Morgan Healthcare Conference on January 12.