In a report released on September 11, Mayank Mamtani from B.Riley Financial maintained a Hold rating on Madrigal Pharmaceuticals (MDGL – Research Report), with a price target of $224.00.
Mayank Mamtani gave his Hold rating for Madrigal Pharmaceuticals due to several reasons. The company recently appointed a new CEO, Bill Sibold, who brings extensive experience in the biopharma industry, both in the U.S. and globally. This change is seen as a necessary move to build clinicians’ trust in resmetirom, especially since weight loss drugs are increasingly being favored in the NASH F2-F3 disease setting. The appointment of Mr. Sibold also paves the way for the company’s initial U.S. launch.
In the near future, Madrigal Pharmaceuticals is expected to face several catalysts that could impact its performance. These include the FDA’s review of the company’s NDA application, as well as several biopharma readouts that could significantly influence investor sentiment towards MDGL’s competitive positioning in NASH. Additionally, there is potential for an acquisition as part of the company’s near-term catalyst roadmap. Despite these factors, Mamtani believes that the company’s recent changes and the appointment of a seasoned industry leader could set it on the path to success.
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Madrigal Pharmaceuticals (MDGL) Company Description:
Madrigal Pharmaceuticals, Inc. engages on the development and commercialization of innovative therapeutic candidates for the treatment of cardiovascular, metabolic, and liver diseases. Its lead product, MGL-3196, is used for the treatment of non-alcoholic steatohepatitis and familial hypercholesterolemia. The company was founded by Rebecca Taub and Edward Chiang on September 2011 and is headquartered in Fort Washington, PA.
Read More on MDGL:
- Madrigal Pharmaceuticals (NASDAQ:MDGL) Jumps on Priority Review Status
- Madrigal Pharmaceuticals Announces NDA Acceptance and Priority Review of the New Drug Application for Resmetirom for the Treatment of NASH with Liver Fibrosis
- B. Riley keeps Neutral rating on Madrigal after new CEO appointed
- Madrigal CEO change creates buying opportunity, says Canaccord
- Madrigal Pharmaceuticals Appoints Bill Sibold as Chief Executive Officer