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Investing.com - Raymond (NSE:RYMD) James has assumed coverage on BridgeBio Pharma (NASDAQ:BBIO) with an Outperform rating and a price target of $56.00. The stock, currently trading at $46.32, has delivered an impressive 68.48% return year-to-date, according to InvestingPro data.
The research firm cited ongoing Attruby launch updates as a key driver for the investment narrative moving forward, despite the significant run-up in shares already.
Raymond James sees potential for additional upside with further upward revisions to consensus estimates in the coming quarters as the Attruby launch progresses.
Beyond the Attruby product, the firm highlighted BridgeBio’s late-stage pipeline as offering an attractive outlook for investors.
Raymond James specifically noted that BridgeBio has three potentially registrational readouts expected within the next approximately six months, adding to the company’s growth prospects.
In other recent news, BridgeBio Pharma has been the subject of several analyst evaluations and strategic developments. Cantor Fitzgerald has reiterated an Overweight rating with a $95.00 price target, expressing optimism about the company’s future, particularly with the launch of its Attruby drug. Truist Securities also initiated coverage with a Buy rating and a $66.00 price target, highlighting the strong market entry of Attruby as a preferred treatment for transthyretin amyloid cardiomyopathy. Additionally, H.C. Wainwright maintained a Buy rating and a $56.00 price target following BridgeBio’s royalty financing agreement for its BEYONTTRA drug in Europe, which included a $300 million upfront payment.
BridgeBio Pharma also published a study in the American Journal of Human Genetics confirming the genetic prevalence of autosomal dominant hypocalcemia type 1 (ADH1), revealing a significant diagnostic gap. The study estimated about 25,000 carriers of the condition in the U.S. and EU. Citi reaffirmed its Buy rating and $67.00 price target ahead of key trial data for the company’s pipeline drug BBP-418, intended for limb-girdle muscular dystrophy type 2I/R9. These developments reflect the company’s ongoing efforts in drug development and market expansion.
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