BridgeBio Pharma stock initiated with Buy rating at Jefferies on Attruby potential

Investing.com - Jefferies initiated coverage on BridgeBio Pharma (NASDAQ:BBIO) with a Buy rating and a $70.00 price target on Monday. The stock, currently trading at $46.47, has shown remarkable momentum with a 69.35% gain year-to-date, approaching its 52-week high of $46.80.

The research firm believes BridgeBio’s oral TTR stabilizer Attruby could become a blockbuster medication generating over $4 billion in sales for ATTR-CM heart disorder, which represents a potential $20 billion total addressable market.

Jefferies views the current $8.8 billion market capitalization as an attractive risk/reward opportunity, noting that $4 billion in sales at a 3x multiple would already justify a $12 billion valuation.

The firm’s physician checks suggest additional upside potential if Attruby demonstrates differentiated real-world efficacy compared to Pfizer (NYSE:PFE)’s tafamidis in treating the condition.

Beyond Attruby, BridgeBio has three potential regulatory filings planned for 2026 targeting various rare diseases, which Jefferies identifies as providing the next growth phase for the company.

In other recent news, BridgeBio Pharma has made significant strides with a $300 million royalty deal involving its ATTR-CM treatment, BEYONTTRA. This transaction involves selling 60% of its European royalties to HealthCare Royalty and Blue Owl Capital, a move that is set to bolster the company’s financial position. Analysts from Raymond (NSE:RYMD) James have maintained an Outperform rating with a $57 price target, emphasizing the deal’s potential to address cash burn concerns and extend financial runway. Citi analyst David Lebowitz also retained a Buy rating, projecting $43.6 million in revenue for the U.S. launch of Attruby in the second quarter of 2025.

Additionally, Wolfe Research initiated coverage on BridgeBio with an Outperform rating and a $49 price target, projecting substantial revenue growth in the coming years. According to Wolfe Research, BridgeBio’s revenue could reach $569 million by 2025, with further growth anticipated. Cantor Fitzgerald reiterated an Overweight rating and a $95 price target, citing multiple catalysts that could enhance the company’s performance.

The company anticipates key clinical data releases in the coming years, including BBP-418 and Encaleret Phase 3 data. These developments come as BridgeBio continues to expand its pipeline and strengthen its commercial strategy. The company has also secured regulatory approvals for acoramidis in multiple regions, underscoring its potential in treating transthyretin amyloidosis with cardiomyopathy.

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