Bank of America Securities analyst Jason Zemansky maintained a Buy rating on BridgeBio Pharma (BBIO – Research Report) yesterday and set a price target of $46.00.
Jason Zemansky has given his Buy rating due to a combination of factors that highlight BridgeBio Pharma’s competitive positioning and potential for growth. The recent FDA approval of Alnylam’s Amvuttra for ATTR-CM did not come as a surprise and is not expected to negatively impact BridgeBio’s stock, as the label differences favor BridgeBio’s stabilizer, Attruby. Despite Amvuttra’s approval, the commercial outlook for Attruby remains strong, particularly due to its potential best-in-class stabilizer activity and the challenges faced by cardiologist offices in administering injectables.
Furthermore, Zemansky notes that the dynamics in the market favor stabilizers like Attruby in the first-line setting, supported by prescriber familiarity and patient preferences. Pricing also plays a crucial role, with Attruby being more competitively priced compared to Amvuttra, which remains at a premium. These factors, combined with the solid upside potential from BridgeBio’s late-stage platform, underpin the Buy rating and the price objective of $46.00 USD.
In another report released on March 19, UBS also maintained a Buy rating on the stock with a $65.00 price target.
Based on the recent corporate insider activity of 35 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BBIO in relation to earlier this year.