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Thursday, Piper Sandler reiterated an Overweight rating on BridgeBio Pharma (NASDAQ:BBIO) with a price target of $46.00, aligning with the broader Wall Street sentiment. According to InvestingPro data, analyst targets range from $36 to $95, with a strong buy consensus. Stifel analysts highlighted the strong early performance of the company's Attruby launch and the potential for its late-stage pipeline to contribute to growth in the second half of the year.
BridgeBio Pharma's management team recently engaged with investors, discussing the progress and expectations for Attruby, the company's commercial drug. With an impressive revenue growth of over 2,000% and a robust gross profit margin of 98.25%, the company's commercial strategy appears to be gaining traction. The management expressed confidence in the ongoing conversion of patients to Attruby and noted the early adoption driven by first-line (1L) use in ATTR-CM, a heart condition. They anticipate that second-line (2L) use will further boost adoption in the years 2026 and 2027.
Furthermore, BridgeBio Pharma is witnessing high new diagnosis rates for ATTR-CM, with community cardiologists playing a significant role in identifying new cases. This trend is seen as an encouraging sign for the continued uptake of Attruby.
In addition to the positive outlook on Attruby, BridgeBio Pharma's management pointed to their pipeline, which they believe could drive upside in the latter half of the year. Two clinical data releases for encaleret and one trial dataset for BBP-418 are expected to be pivotal in showcasing the company's research and development strengths.
Investors are primarily focused on Attruby, but the company's management is keen to emphasize the broader potential of their pipeline. As BridgeBio Pharma continues to advance its offerings and expand the use of Attruby, the company appears poised for further developments in the near future. InvestingPro analysis shows the company maintains a "GOOD" overall financial health score, with particularly strong momentum metrics. For deeper insights into BridgeBio's financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, BridgeBio Pharma announced significant progress in its Phase 3 ATTRibute-CM trial for acoramidis, showcasing a reduction in all-cause mortality and cardiovascular-related hospitalizations among patients with transthyretin amyloid cardiomyopathy (ATTR-CM). The drug, marketed as Attruby in the U.S. and Beyonttra in Japan, has demonstrated promising results, including a 42% reduction in mortality and recurrent cardiovascular hospitalizations over 30 months. Additionally, the Japanese Ministry of Health, Labour and Welfare has approved Beyonttra for treating ATTR-CM, marking a significant advancement for patients in Japan. This approval will result in a $30 million milestone payment to BridgeBio from Alexion (NASDAQ:ALXN), AstraZeneca (NASDAQ:AZN) Rare Disease, along with royalties on net sales in Japan. Analyst firms have shown confidence in BridgeBio's potential, with Redburn-Atlantic initiating coverage with a Buy rating and a $50 price target, citing the rapid progress of Attruby's rollout. Raymond (NSE:RYMD) James also maintained its Outperform rating and $57 price target, emphasizing the competitive profile of acoramidis. These developments reflect BridgeBio's ongoing efforts to address unmet medical needs through its genetic disease-focused pipeline.
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