Piper Sandler initiated coverage of BridgeBio with an Overweight rating and $46 price target. The analyst thinks investors will start to focus on the launch of acoramidis in the ATTR cardiomyopathy market after its anticipated approval on November 29. The U.S. ATTR-CM market has nearly doubled over the last year, and will continue to grow, the analyst tells investors in a research note. The firm believes acoramidis can generate meaningful sales in this market. Another near-term opportunity for BridgeBio could be Phase 3 data from encaleret in autosomal dominant hypocalcemia type 1 expected in 2025 along with Phase 3 data from infigratinib in achondroplasia which is expected by year-end 2025 or early 2026, adds Piper.
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