Analyst Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on BridgeBio Pharma (BBIO – Research Report) and keeping the price target at $49.00.
Discover the Best Stocks and Maximize Your Portfolio:
- See what stocks are receiving strong buy ratings from top-rated analysts.
- Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
Ram Selvaraju has given his Buy rating due to a combination of factors, primarily the recent European approval of BridgeBio Pharma’s acoramidis, branded as BEYONTTRA. This approval by the European Commission marks a significant milestone for treating wild-type or variant transthyretin amyloidosis in adult patients with cardiomyopathy (ATTR-CM), a progressive and fatal disease. The decision was supported by positive results from the ATTRibute-CM Phase 3 study, which demonstrated notable benefits in cardiovascular outcomes, including reduced hospitalization rates and improved patient survival and quality of life.
Additionally, BridgeBio’s strategic partnership with Bayer AG for commercial activities in the EU and the initial commercial success in the U.S., with 430 prescriptions written for acoramidis, further supports the Buy rating. Key upcoming catalysts include multiple late-stage programs, notably the Phase 3 trials for encaleret in autosomal dominant hypocalcemia type 1 and BBP-418 for LGMD2I/R9, with results expected in 2025. These developments highlight BridgeBio’s strong pipeline and potential for continued growth, justifying Selvaraju’s positive outlook and the 12-month price target of $49.
In another report released yesterday, Scotiabank also maintained a Buy rating on the stock with a $49.00 price target.