Piper Sandler Reiterates Overweight Rating on BridgeBio Pharma (BBIO)

Piper Sandler analyst Biren Amin reiterated an Overweight rating and $46.00 price target on BridgeBio Pharma (NASDAQ: BBIO).

The analyst commented, "BBIO discontinues BBP-631 (gene tx for Congenital Adrenal Hyperplasia) after topline results did not meet the threshold to support the program for further development. We had viewed the program as high-risk and did not have it in our model and its discontinuation does not change our thesis. Following this decision today, BBIO estimates R&D savings of over $50M in 2025. Going forward, we think the company has several shots on goal. Namely, we think the next catalyst for the stock could be the approval for acoramidis in ATTR-CM (PDUFA date: 11/09/2024) where the market has doubled over the last year, and we expect it to continue to grow in the coming years. Additionally, phase 3 data for encaleret in ADH1 is expected in 2025 as well as phase 3 data for infigratinib for ACH in YE25/early 2026."

For an analyst ratings summary and ratings history on BridgeBio Pharma click here. For more ratings news on BridgeBio Pharma click here.

Shares of BridgeBio Pharma closed at $29.99 yesterday.

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