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John Walleban

Managing Director and Senior Equity Research Analyst at Citizens JMP Securities

Jonathan Wolleben is a Managing Director and Senior Equity Research Analyst at Citizens JMP Securities, specializing in the biotechnology and healthcare sectors with extensive coverage of early-stage companies such as Madrigal Pharmaceuticals, Larimar Therapeutics, Pharvaris, Astria Therapeutics, Quince Therapeutics, and Crinetics Pharmaceuticals. He has documented 291 price targets and ratings on 16 healthcare companies, with a best-performing recommendation returning over 100% for Ocular Therapeutix and maintaining a price target met ratio of approximately 21%, demonstrating consistent delivery of high-upside opportunities for investors. Wolleben’s career at JMP Securities has included progressive roles from Vice President and Director to his current Managing Director position, underpinned by a robust academic background with a master’s degree from Carnegie Mellon University and field expertise in molecular biology. He is known for his strong market analysis and public speaking, and he holds professional securities credentials and registrations relevant to his position.

John Walleban's questions to MADRIGAL PHARMACEUTICALS (MDGL) leadership

Question · Q2 2025

An analyst on behalf of John Walleban of Citizens JMP Securities asked for more color on the selection process for the newly in-licensed oral GLP-1, including how many candidates were evaluated and the rationale for choosing an asset with an orfaglipron backbone.

Answer

CEO Bill Sibold explained that business development is a core part of their strategy and they conducted a systematic search for the right asset. He stated they specifically sought an orfaglipron derivative with a favorable stability and pharmacokinetic profile amenable to a combination therapy. He emphasized that combining this asset with ResDiffera is a key differentiator that they believe will create a next-generation treatment for NASH.

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