B. Riley keeps Neutral rating on Madrigal after new CEO appointed

After Madrigal Pharmaceuticals (MDGL) announced that Bill Sibold, who previously served as Executive Vice President, Specialty Care of Sanofi (SNY), has succeeded Paul Friedman as CEO, B. Riley analyst Mayank Mamtani believes “this is a reaffirmation that there is likely acquisition as part of the near-term catalyst roadmap, as also evidenced by today’s sell-off.” With that said, the firm likes the company “setting itself on a path for initial U.S. launch through a seasoned biopharma industry leader,” added the analyst, who maintains a Neutral rating and $224 price target on Madrigal shares.