Fiserv earnings missed by $0.61, revenue fell short of estimates
Investing.com - BridgeBio Pharma (NASDAQ:BBIO), which has seen its stock surge over 130% in the past year to reach a market capitalization of nearly $12 billion, received a price target increase from Leerink Partners to $68.00 from $64.00 on Monday, with the firm maintaining its Outperform rating following positive Phase 3 trial results. According to InvestingPro data, the stock is trading near its 52-week high, with analyst targets ranging from $41 to $95.
The company announced interim results from its Phase 3 FORTIFY trial for BBP-418 in limb-girdle muscular dystrophy type 2I/R9 (LGMD2I/R9), with all pre-specified analyses achieving statistical significance.
Key data showed glycosylated αDG levels increased 1.8x versus baseline at 3 months and were sustained at 12 months, while serum creatine kinase declined by 82%. Functional improvements included a 0.14m/s increase in 100MTT versus baseline and approximately 3% increase in FVC predicted volume.
The trial demonstrated consistent responses across genotypes, with homozygotes representing approximately 74% of the enrolled population. Safety results were described as clean, with a low discontinuation rate that was higher in the placebo group than the treatment group.
BridgeBio plans to meet with the FDA in the coming weeks and intends to file a New Drug Application in the first half of 2026, with potential approval expected in late 2026 or early 2027, according to the company. Analysts maintain a strong bullish consensus on the stock, with additional insights and financial metrics available through InvestingPro’s comprehensive research reports.
In other recent news, BridgeBio Pharma announced positive results from its Phase 3 FORTIFY study for the treatment of limb-girdle muscular dystrophy type 2I/R9 (LGMD2I/R9) with its small molecule BBP-418. The company reported that all primary and secondary interim analysis endpoints were successfully achieved, showing significant increases in glycosylated alpha-dystroglycan and a reduction in serum CK, a marker of muscle damage. Following these results, Evercore ISI raised its price target for BridgeBio Pharma from $75 to $90, citing the "blowout best-case outcome" of the interim data. Wells Fargo and Piper Sandler have both reiterated their Overweight ratings on the company, with price targets of $76 and $68, respectively. Piper Sandler highlighted the strong launch dynamics of Attruby, another product from BridgeBio, which is expected to maintain its performance trends in the third quarter. These developments reflect ongoing positive sentiment from analysts and strong clinical outcomes for BridgeBio Pharma.
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