Analyst Paul Choi of Goldman Sachs maintained a Buy rating on BridgeBio Pharma (BBIO – Research Report), with a price target of $50.00.
Paul Choi has given his Buy rating due to a combination of factors impacting BridgeBio Pharma’s financial standing and market potential. The recent out-licensing agreement with Bayer AG to commercialize acoramidis in Europe has bolstered BBIO’s capital situation, which was already fortified by recent financing and royalty deals. This strategic move enhances BBIO’s liquidity and allows the company to maintain a focus on the US market, particularly the upcoming PDUFA decision and the subsequent product launch.
Despite the stock’s underperformance on the day of the announcement, Choi maintains a positive outlook on BridgeBio Pharma’s investment narrative. The company is perceived to have the potential to grow into a large cap biotech firm, with near-term attention centered on the regulatory approval process and the competitive landscape for ATTR-CM treatments. The anticipation of upcoming data from related studies and commercial updates for existing treatments also contributes to the optimistic valuation, justifying the maintained Buy rating and a target price of $50.
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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.
Read More on BBIO:
- BridgeBio Pharma and Bayer Announce European Licensing Agreement for Acoramidis in ATTR-CM
- BridgeBio price target raised to $46 from $42 at Citi
- BridgeBio Pharma Reports Fourth Quarter and Full Year 2023 Financial Results and Business Update
- BridgeBio reports Q4 EPS (96c), consensus (91c)
- BridgeBio, Kyowa Kirin announces partnership
