BridgeBio Stock Hits 2-Month Highs After Analysts Cheer FDA Nod For Heart Drug: Retail Excitement Builds
By Stocktwits Inc | First Published Nov 25, 2024, 8:36 PM ISTCiti noted the positive clinical data and the competitive pricing of Attruby at $225,000 per year, below Pfizer’s tafamidis.
BridgeBio Pharma Inc. ($BBIO) stock surged 28% on Monday morning, hitting highs last seen in mid-September, after the company announced that the U.S. Food and Drug Administration (FDA) had approved its drug, Attruby, for the treatment of transthyretin amyloid cardiomyopathy (ATTR-CM).
The approval, revealed late Friday, follows positive results from the ATTRibute-CM Phase 3 study, which showed that Attruby significantly reduced cardiovascular death and hospitalization while improving quality of life for patients.
Latest Videos
Attruby is an orally administered stabilizer of Transthyretin (TTR) and will be used to treat adults with ATTR-CM, a condition that can lead to heart failure.
BridgeBio said it is also pursuing approvals in other markets, including Europe, Japan, and Brazil, with a decision from the European Medicines Agency expected in 2025.
Several analysts on Wall Street issued bullish notes on Monday following the announcement.
Citi maintained a ‘Buy’ rating with a $45 price target, citing the positive clinical data and the competitive pricing of Attruby at $225,000 per year, below Pfizer’s tafamidis.
The analyst said the FDA approval is a "significant clearing event" for BridgeBio, "given some investors had become antsy ahead of the decision."
BofA and H.C. Wainwright also raised their price targets (to $45 from $42 and to $49 from $43, respectively), both keeping their ‘Buy’ ratings and highlighting the significant progress in BridgeBio’s commercial journey.
Retail sentiment for BBIO on Stocktwits surged to ‘extremely bullish’ (76/100) on the news, up from a ‘neutral’ rating a day ago.
The stock has gained significant attention on the platform, with its following growing by nearly 4% and message volume soaring 5,300% over the past year.
Still, BBIO is down more than 25% year-to-date.
For updates and corrections email newsroom[at]stocktwits[dot]com.<
subscribe to Asianet Newsable WhatsApp channel by clicking here. For more reliable and latest news
subscribe to Asianet Newsable Telegram channel by clicking here.