Benzinga - by Vandana Singh, Benzinga Editor.
Citi initiated coverage on BridgeBio Pharma Inc (NASDAQ: BBIO), a commercial-stage biopharmaceutical company focused on genetic diseases and cancers, noting an optimistic outlook on the stock.
The analyst David Lebowitz says the optimistic outlook stems from the substantial market potential of acoramidis, particularly following its recent Phase 3 successes in treating ATTR cardiomyopathy (ATTR-CM).
ATTR-CM primarily affects the heart, as clumps of amyloid are deposited in the heart tissue.
Citi initiates with a recommendation of Buy/High Risk and a price target of $42.
The analysts anticipate that acoramidis could achieve blockbuster sales levels following its expected launch in the second half of 2024.
In addition, the prospects for infigratinib, BBIO's candidate for dwarfism, are expected to be highly promising.
In March, BridgeBio Pharma said that at the highest dose level evaluated (Cohort 5, 0.25 mg/kg once daily), the mean increase from baseline in annualized height velocity for the ten children with six-month visits was +3.03 cm/yr.
Moreover, BridgeBio Pharma's pipeline includes other notable candidates, such as encaleret and BBP-418, which can become significant contributors to the company's growth and valuation.
Price Action: BBIO shares closed higher by 5.42% at $29.39 on Tuesday.
Latest Ratings for BBIO
| Mar 2022 | JP Morgan | Maintains | Overweight | |
| Mar 2022 | SVB Leerink | Maintains | Outperform | |
| Mar 2022 | SVB Leerink | Maintains | Outperform |
View the Latest Analyst Ratings
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