UBS lowered the firm’s price target on BridgeBio (BBIO) to $47 from $51 and keeps a Buy rating on the shares. BridgeBio’s updated Phase 2 updated achondroplasia data in early June could be a clearing event for BridgeBio and BioMarin (BMRN), the analyst tells investors in a research note. BridgeBio could trade up meaningfully on an annualized growth velocity increase greater than +2.5cm/year, while BioMarin shares could be down 5%-15% in this scenario, but if BridgeBio shows an AGV increase less than +2cm/year, BridgeBio shares could be down 10%-20% and BioMarin down 5% to up 10%, the firm says.
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