Buy Rating on BridgeBio Pharma: Enhanced Market Prospects from Acoramidis Efficacy and Mortality Benefit

In a report released on May 12, Salim Syed from Mizuho Securities maintained a Buy rating on BridgeBio Pharma (BBIO – Research Report), with a price target of $53.00.

Salim Syed has given his Buy rating due to a combination of factors relating to BridgeBio Pharma’s recent clinical findings and potential market traction. Syed’s optimism stems from the all-cause mortality (ACM) benefit shown in the Phase 3 ATTRibute-CM trial for acoramidis, particularly in the broader intention-to-treat (ITT) population, which includes high-risk stage 4 chronic kidney disease (CKD) patients. This positive result in the pre-specified analysis enhances the argument for acoramidis’s mortality benefit across a wider patient demographic. Additionally, Syed references the upcoming presentations at the International Symposium of Amyloidosis, which are expected to further substantiate acoramidis’s efficacy through serum Transthyretin (TTR) levels, a critical biomarker in evaluating treatment impact.
The significance of these findings is not only clinical but also commercial, as they contribute to a stronger narrative for acoramidis in comparison to existing treatments, such as tafamidis. Syed anticipates that these incremental positive data points will play a crucial role in the commercial success of the drug. The evidence indicating that acoramidis increases serum TTR levels more effectively than tafamidis, reinforces the thesis that a more potent TTR stabilizer has clinical importance. These factors, coupled with the anticipation of increased market traction based on the data presented, form the basis of Syed’s Buy recommendation for BridgeBio Pharma’s stock.

In another report released on May 12, Goldman Sachs also maintained a Buy rating on the stock with a $50.00 price target.

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BridgeBio Pharma (BBIO) Company Description:

BridgeBio Pharma, Inc. engages in developing transformative medicines to treat patients who suffer from mendelian diseases. Its pipeline of 15 development programs includes product candidates from early discovery to late-stage development. The firm develops BBP-265, an oral small molecule transthyretin for the treatment of TTR amyloidosis, including cardiomyopathy and polyneuropathy manifestations; infigratinib, an oral FGFR1-3 selective tyrosine kinase inhibitor for the treatment of FGFR-driven cancers and in preclinical development for the treatment of achondroplasia; and BBP-631, a preclinical adeno-associated virus, gene transfer product candidate, for the treatment of congenital adrenal hyperplasia caused by 21OHD. The company was founded by Charles Homcy, Frank McCormick, Philip Reilly and Neil Kumar on May 17, 2019 and is headquartered in Palo Alto, CA.