BridgeBio Pharma’s Attruby Outperforms Expectations, Analyst Raises Price Target to $50

Bank of America Securities analyst Jason Zemansky reiterated a Buy rating on BridgeBio Pharma (BBIO – Research Report) yesterday and set a price target of $50.00.

Jason Zemansky’s rating is based on BridgeBio Pharma’s strong first-quarter performance, which exceeded expectations and demonstrated a robust long-term outlook for their product, Attruby. Despite initial skepticism regarding reimbursement and market awareness, the company’s oral stabilizer significantly outperformed projections, leading to substantial revenue and earnings beats. This success is attributed to effective commercial strategies and growing demand among a wide range of patients and prescribers.
Furthermore, Zemansky acknowledges the potential challenges in the competitive landscape but believes that the impressive launch of Attruby, along with competitive pricing and increased diagnosis rates, presents a compelling risk-reward scenario. The analyst has raised forecasts for Attruby and sees additional upside potential from BridgeBio’s pipeline, including upcoming catalysts that could further enhance the company’s valuation. As a result, Zemansky maintains a Buy rating and has increased the price objective to $50.

Zemansky covers the Healthcare sector, focusing on stocks such as Insmed, Cytokinetics, and BridgeBio Pharma. According to TipRanks, Zemansky has an average return of 3.7% and a 44.85% success rate on recommended stocks.

In another report released yesterday, Evercore ISI also maintained a Buy rating on the stock with a $60.00 price target.