Buy Rating Affirmed: BridgeBio Pharma’s Growth Trajectory Bolstered by Strong Pipeline and Strategic Initiatives

Analyst Paul Choi of Goldman Sachs maintained a Buy rating on BridgeBio Pharma (BBIO – Research Report), retaining the price target of $50.00.

Paul Choi has given his Buy rating due to a combination of factors surrounding BridgeBio Pharma’s robust pipeline and strategic corporate actions. Choi emphasizes the anticipation of topline results from the HELIOS-B study and the potential approval and launch of acoramidis, which could significantly drive the company’s market performance in the near term. Moreover, the spinout of BridgeBio’s oncology arm, TheRas, is seen as a strategic move that could help unlock additional value for the company, although it is not the primary focus for the current stock valuation.

In addition to the expected catalysts from the cardiovascular program, Choi highlights that BridgeBio possesses multiple late-stage assets with a high degree of clinical de-risking. These include treatments like encalaret and ribitol, which present further opportunities for value creation beyond the ATTR-CM market. The overshadowing of these assets due to the focus on acoramidis and ATTR-CM dynamics is seen as a temporary situation, with the potential for these other assets to contribute more significantly to the company’s value in the future. Choi maintains a 12-month price target of $50, indicating a confidence in the company’s overall growth trajectory and pipeline prospects.

In another report released on April 30, Wells Fargo also maintained a Buy rating on the stock with a $58.00 price target.

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BridgeBio Pharma (BBIO) Company Description:

BridgeBio Pharma, Inc. engages in developing transformative medicines to treat patients who suffer from mendelian diseases. Its pipeline of 15 development programs includes product candidates from early discovery to late-stage development. The firm develops BBP-265, an oral small molecule transthyretin for the treatment of TTR amyloidosis, including cardiomyopathy and polyneuropathy manifestations; infigratinib, an oral FGFR1-3 selective tyrosine kinase inhibitor for the treatment of FGFR-driven cancers and in preclinical development for the treatment of achondroplasia; and BBP-631, a preclinical adeno-associated virus, gene transfer product candidate, for the treatment of congenital adrenal hyperplasia caused by 21OHD. The company was founded by Charles Homcy, Frank McCormick, Philip Reilly and Neil Kumar on May 17, 2019 and is headquartered in Palo Alto, CA.