Leerink Partners analyst Mani Foroohar has maintained their bullish stance on BBIO stock, giving a Buy rating yesterday.
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Mani Foroohar has given his Buy rating due to a combination of factors including the recent EU approval of Beyonttra for treating transthyretin amyloid cardiomyopathy. This approval, which aligns with the U.S. label, signifies a major step forward for BridgeBio Pharma, as it triggers a $75 million milestone payment from their collaboration with Bayer and opens the door for tiered royalties from EU sales.
Furthermore, the financial boost from this milestone payment strengthens BridgeBio’s balance sheet, mitigating previous concerns regarding their financial stability. This enhancement supports the U.S. commercial launch of Attruby and positions the company well for upcoming pivotal readouts within the next year. Foroohar’s positive outlook is also reinforced by expectations of robust script trends and sustained momentum for Attruby, with potential upside to U.S. consensus for fiscal year 2025.
According to TipRanks, Foroohar is an analyst with an average return of -11.2% and a 38.59% success rate. Foroohar covers the Healthcare sector, focusing on stocks such as Moderna, Alnylam Pharma, and Arrowhead Pharmaceuticals.
In another report released yesterday, Scotiabank also maintained a Buy rating on the stock with a $49.00 price target.