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Wednesday - Shares of BridgeBio Pharma (NASDAQ:BBIO), currently valued at $5.88 billion, witnessed an uptick as Scotiabank (TSX:BNS) analyst Greg Harrison increased the price target to $49 from $48 while maintaining a Sector Outperform rating. According to InvestingPro data, analyst targets for the stock range from $36.40 to $70, reflecting strong growth expectations. The adjustment follows the announcement that BridgeBio’s European partner, Bayer (OTC:BAYRY), has secured marketing authorization from the European Commission for acoramidis, under the brand name Beyonttra, for the treatment of adults with wild-type or variant transthyretin amyloidosis with cardiomyopathy (ATTR-CM).
The European approval of acoramidis was anticipated after the EU’s Committee for Medicinal Products for Human Use (CHMP) delivered a positive opinion in December, based on favorable results from the phase 3 ATTRibute-CM trial. The U.S. launch of acoramidis has shown promising early results, with BridgeBio reporting 430 prescriptions within seven weeks of FDA approval, indicating strong healthcare provider interest and potential for significant commercial success. InvestingPro analysis shows analysts expect revenue growth of 22.55% this fiscal year, supporting the positive commercial outlook.
Harrison highlighted the expected positive impact of the EU launch of acoramidis in the first half of 2025 on BridgeBio’s commercial performance. The analyst’s confidence in the drug’s market potential is reflected in the revised price target. The full report also includes a catalyst calendar detailing future events that could influence the stock’s performance.
The approval of Beyonttra by the European Commission represents a significant milestone for BridgeBio and its partner Bayer, as it expands the potential market for acoramidis. This development is a key factor in the continued optimism surrounding BridgeBio’s growth prospects and its ability to capitalize on the demand for this novel treatment. Investors should note that BridgeBio will report its next earnings on February 20, which could provide further insights into the commercial rollout. For comprehensive analysis and additional insights, explore the detailed research report available on InvestingPro.
In other recent news, BridgeBio Pharma has made significant strides with its late-stage pipeline programs. The company’s drug, Attruby, designed to treat ATTR-CM, a progressive fatal heart disease, has seen substantial demand since its FDA approval, with 430 prescriptions written by 248 unique healthcare providers. BridgeBio has also completed enrollment for three major Phase 3 clinical trials, with last patient visits and topline readouts expected in the second half of 2025.
Piper Sandler confirmed an Overweight rating on BridgeBio Pharma, indicating a positive outlook for the company’s financial prospects. The firm suggests that Attruby’s risk-adjusted sales in the United States for the year 2025 could reach $115 million, surpassing the consensus estimate of $101.6 million. H.C. Wainwright also maintained a Buy rating on the company, reaffirming its positive outlook for BridgeBio Pharma.
In addition, BridgeBio reported $406 million in cash from the last quarter and received an additional $500 million from a royalty facility upon Attruby’s FDA approval. The company anticipates $105 million in regulatory milestones from Attruby’s expected approvals in Europe and Japan in the first half of 2025. These recent developments underscore investor confidence in BridgeBio’s pipeline and its potential to address unmet medical needs.
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