Buy Rating Affirmed for BridgeBio Pharma on Strong Clinical Data for Acoramidis

Analyst Paul Choi from Goldman Sachs maintained a Buy rating on BridgeBio Pharma (BBIO – Research Report) and keeping the price target at $50.00.

Paul Choi has given his Buy rating due to a combination of factors that bolster the investment case for BridgeBio Pharma. His confidence stems from the recent analysis of the ITT (Intent-to-Treat) population, which includes patients suffering from severe kidney disease (CKD) in the ATTRibute-CM study. The data showed that acoramidis, BridgeBio Pharma’s leading drug candidate, demonstrated a statistically significant benefit in reducing all-cause mortality compared to a placebo. This is seen as a considerable enhancement to the drug’s efficacy profile, suggesting its potential for successful commercialization and market penetration.

Furthermore, the presentation of this new data at the ESC Heart Failure congress adds to the credibility and visibility of acoramidis’ clinical benefits. Paul Choi maintains a Buy rating with a price target of $50, indicating his belief in the stock’s growth potential. The positive outcomes from the ATTRibute-CM study not only strengthen the case for acoramidis’ approval and use in treating patients but also suggest a favorable risk-reward scenario for investors in BridgeBio Pharma, justifying the Buy rating assigned to the company’s stock.

According to TipRanks, Choi is a 4-star analyst with an average return of 6.8% and a 51.60% success rate. Choi covers the Healthcare sector, focusing on stocks such as BridgeBio Pharma, Kiniksa Pharmaceuticals, and Gossamer Bio.

In another report released on May 9, J.P. Morgan also maintained a Buy rating on the stock with a $44.00 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.