On Thursday, Citi reaffirmed its Buy rating and $46.00 price target for BridgeBio Pharma (NASDAQ:BBIO) shares traded on NASDAQ:BBIO. The endorsement follows BridgeBio's recent investor webcast, which discussed acoramidis data from the ISA meeting. Management emphasized findings that acoramidis may reduce the risk of cardiovascular mortality and hospitalization compared to a placebo. These results echo previous data showing a similar hazard ratio for all-cause mortality and cardiovascular hospitalization.
BridgeBio's management detailed that acoramidis effectively and consistently elevated serum transthyretin levels, a key biomarker. An increase of 1 mg/dL in transthyretin by Day-28 correlated with a 4.7% and 5.5% lower risk of cardiovascular mortality and first cardiovascular hospitalization, respectively, up to Month-30. Furthermore, a 5 mg/dL increase in transthyretin at Day-28 was associated with a 26.1-30.9% decrease in mortality risk through Month-30, depending on the statistical model used.
The company clarified that these posthoc results might not be included on the drug's label. Citi's outlook suggests that the comprehensive data on acoramidis continues to show a competitive profile similar to tafamidis, a previously approved treatment. This comparison bolsters the anticipation of potential approval for acoramidis in treating ATTR-CM, with a PDUFA (Prescription Drug User Fee Act) date set for November 29, 2024.
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