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Investing.com - Evercore ISI raised its price target on BridgeBio Pharma (NASDAQ:BBIO) to $90.00 from $75.00 on Monday, while maintaining an Outperform rating on the stock. The company, now valued at nearly $12 billion, has seen its shares surge 130% over the past year, according to InvestingPro data.
The price target increase follows what Evercore ISI described as "blowout best-case outcome" interim Phase 3 data for BBP-418, BridgeBio’s treatment candidate. The results showed statistically significant improvement in biomarkers complemented by statistically significant functional benefits, exceeding analyst expectations. InvestingPro analysis shows strong analyst consensus, with targets ranging from $41 to $95 per share.
Evercore ISI reiterated its view that BridgeBio is positioned to become a "multi-product biotech" with each asset representing a blockbuster opportunity. The firm noted that investor expectations were relatively low for the LGMD (Limb-Girdle Muscular Dystrophy) program.
BridgeBio still has two important Phase 3 readouts on the horizon, including encaleret in ADH1 expected in the fourth quarter and infigratinib in ACH anticipated in the first quarter of next year.
The company remains a "top pick" for Evercore ISI, with the new price target reflecting increased confidence in BridgeBio’s pipeline following the strong clinical data.
In other recent news, BridgeBio Pharma announced positive Phase 3 results for its small molecule BBP-418, aimed at treating limb-girdle muscular dystrophy type 2I/R9 (LGMD2I/R9). The FORTIFY study achieved all primary and secondary interim analysis endpoints, showing a significant 1.8-fold increase in glycosylated alpha-dystroglycan from baseline at three months, with sustained improvements at 12 months. Wells Fargo has reiterated its Overweight rating for BridgeBio, setting a price target of $76.00, while Piper Sandler also maintained an Overweight rating with a $68.00 price target, citing strong launch dynamics for Attruby. UBS continues to endorse BridgeBio with a Buy rating and an $82.00 price target, highlighting the company’s undervalued late-stage portfolio and upcoming Phase 3 readouts. These developments are part of BridgeBio’s ongoing efforts to advance its pipeline of therapies for genetic diseases.
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