On Friday, Citi reaffirmed its positive stance on BridgeBio Pharma (NASDAQ:BBIO), reflected in a raised price target on the company's stock. The new target of $46, up from $42, comes with a maintained Buy rating. The adjustment follows BridgeBio's announcement of its fourth quarter and full-year 2023 financial results, along with updates on its pipeline programs and key milestones.
BridgeBio's recent financial disclosure and pipeline progress have been a focal point for investors, particularly regarding acoramidis, its treatment for a condition known as transthyretin (TTR) amyloidosis. Citi anticipates that acoramidis will receive approval by the scheduled PDUFA date of November 29, 2024. Despite competition, notably from a pivotal trial update of Amvuttra, a competing treatment, Citi believes acoramidis is well-positioned to capture a significant share of the TTR market.
The financial institution also highlighted the reiteration of timelines for other significant updates within BridgeBio's development pipeline. This includes the first patient dosing of infigratinib in children with hypochondroplasia expected in 2024, and the release of top-line Phase 3 CALIBRATE study results for encaleret, intended for autosomal dominant hypocalcemia type 1 (ADH1), projected for 2025.
Moreover, BridgeBio is anticipated to complete enrollment for its BBP-418 trial in patients with limb-girdle muscular dystrophy (LGMD) within the current year. This milestone is part of the company's broader efforts to advance its portfolio of treatments for genetic diseases, with several key developments expected to unfold in the near future.
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