BridgeBio stock maintains Buy rating at H.C. Wainwright on encaleret potential

Investing.com - H.C. Wainwright has reiterated a Buy rating for BridgeBio Pharma (NASDAQ:BBIO) with a price target of $70.00, highlighting the company’s lead candidate encaleret for Autosomal Dominant Hypocalcemia Type 1 (ADH1). The stock, currently trading near its 52-week high of $54.60, has delivered an impressive 95% return over the past year. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 5.19.

The firm emphasized that ADH1 is a genetic form of hypoparathyroidism where gain-of-function mutations in the calcium-sensing receptor gene disrupt calcium homeostasis, leading to both acute symptoms and chronic complications including kidney disease.

Current treatments with calcium and vitamin D supplements fail to address the underlying disease mechanism and may worsen long-term complications, while studies of parathyroid hormone analogs have typically excluded ADH1 patients, creating a significant unmet medical need.

Encaleret, an oral negative allosteric modulator of the calcium-sensing receptor, works by decreasing receptor sensitivity to extracellular calcium, potentially normalizing calcium levels and parathyroid hormone production in ADH1 patients.

The analyst estimates approximately 12,000 patients live with ADH1 in the U.S. alone, with 73% experiencing symptoms, representing a defined market opportunity for BridgeBio’s therapeutic candidate.

In other recent news, BridgeBio Pharma has seen several developments concerning its encaleret program for Autosomal Dominant Hypocalcemia Type 1 (ADH1). UBS has raised its price target for BridgeBio Pharma to $82 from $72, maintaining a Buy rating, and highlighted the upcoming Phase 3 data for encaleret as a key catalyst. UBS described ADH1 as a valuable and underappreciated asset in the company’s portfolio. Similarly, TD Cowen reiterated its Buy rating and $60 price target, anticipating the Phase III clinical trial results for encaleret. Truist Securities also maintained its Buy rating with a $66 price target, expecting positive outcomes from the Phase 3 CALIBRATE study. Jefferies, maintaining a Buy rating and a $70 price target, expressed confidence in the encaleret program, assigning a greater than 60% probability of success for the Phase III study. These developments reflect a strong consensus among analysts about the potential impact of encaleret’s upcoming trial results.

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