Bullish indicating open at $55-$60, IPO prices at $37
On Wednesday, Piper Sandler reaffirmed its Overweight rating and $46.00 price target for BridgeBio Pharma (NASDAQ:BBIO) shares, which currently trade at $36.45 with a market capitalization of $6.89 billion. According to InvestingPro data, the stock has shown significant momentum with an impressive 41% return over the past six months. The firm’s confidence is buoyed by the results of a recent survey of cardiologists, which indicates promising launch prospects for BridgeBio’s drug Attruby in 2025. The survey, conducted from February 4 to February 14, involved 25 cardiologists and aimed to evaluate the treatment dynamics within the ATTR-CM landscape.
The findings from Piper Sandler’s survey revealed a strong initial uptake of Attruby in the fourth quarter, primarily among patients new to treatment. This aligns with script data that BridgeBio Pharma had released earlier in the year. InvestingPro analysis shows the company maintains a healthy financial position with a current ratio of 3.19, indicating strong ability to meet short-term obligations. Furthermore, the survey suggests that the use of Attruby is expected to grow by 2025, with projections indicating higher utilization rates than those estimated for a competing drug, vutrisiran, which is covered by Ted Tenthoff and is anticipated to receive approval in March.
Piper Sandler also undertook a modeling exercise to forecast potential sales of Attruby. The data gathered from the survey points to projected sales of approximately $205 million for the year 2025. This figure surpasses both Piper Sandler’s own previous estimate of $141 million and the consensus estimate of $95.6 million. The survey’s insights into cardiologists’ expectations for Attruby’s adoption and usage provide a more optimistic outlook on the drug’s market performance.
The survey’s emphasis on the strong initial uptake among treatment-naive patients and the expected increase in utilization of Attruby could signify a significant step forward for BridgeBio Pharma as it navigates the ATTR-CM treatment market. With analysts forecasting revenue growth of 22.55% for the current year, Piper Sandler’s maintained price target and rating reflect the firm’s positive outlook on BridgeBio’s prospects. For deeper insights into BBIO’s valuation and growth potential, investors can access comprehensive analysis through the Pro Research Report, available exclusively on InvestingPro, which covers over 1,400 US stocks with detailed metrics and expert analysis.
In other recent news, BridgeBio Pharma has reported significant developments that have drawn attention from investors. The company announced robust early demand for its newly approved drug, Attruby, with 430 prescriptions written by 248 unique healthcare providers since receiving FDA approval on November 22, 2024. This drug, designed to treat ATTR-CM, has also received marketing authorization from the European Commission under the brand name Beyonttra, following a positive opinion from the Committee for Medicinal Products for Human Use. Furthermore, BridgeBio has completed enrollment for three major Phase 3 clinical trials, with results expected in the second half of 2025. These trials include BBP-418 for limb-girdle muscular dystrophy type 2I/R9, encaleret for autosomal dominant hypocalcemia type 1, and infigratinib for achondroplasia.
Analyst firms have shown confidence in BridgeBio’s prospects, with Scotiabank (TSX:BNS) raising its price target to $49 and maintaining a Sector Outperform rating. Piper Sandler also reaffirmed its Overweight rating, noting the potential market dynamics due to Medicare coverage differences between BridgeBio’s Attruby and a competing drug. Additionally, H.C. Wainwright maintained its Buy rating with a $49 price target, reflecting optimism about the global market potential of acoramidis. BridgeBio’s financial position is bolstered by $406 million in cash and an additional $500 million from a royalty facility, alongside anticipated regulatory milestones. These updates underscore the company’s progress in addressing unmet medical needs and its strategic positioning in the market.
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