As previously reported, BofA analyst Alexandria Hammond initiated coverage of Madrigal Pharmaceuticals with an Underperform rating and $150 price target. The commercial stage company has received the first FDA approval for fatty liver disease, also known as MASH, though investors have "largely moved past Rezdiffra's best-case scenario FDA approval" and payer pushback given Rezdiffra's $47,000 annual price tag could prompt a slow launch, perpetuating a "short the launch thesis" and providing further downside potential for shares, the analyst argues.