Bank of America Securities analyst Jason Zemansky has maintained their bullish stance on BBIO stock, giving a Buy rating today.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Jason Zemansky’s rating is based on several compelling factors that highlight BridgeBio Pharma’s potential for growth. The company’s presentation on their treatment for LGMD2I/R9, BBP-418, was received positively, with an optimistic tone suggesting the treatment is well-positioned for accelerated approval. Despite the asset being a smaller part of BridgeBio’s portfolio, a positive update could drive further share momentum, adding to the company’s growth narrative.
Additionally, the FDA’s supportive feedback on the surrogate endpoint for accelerated approval bolsters confidence in BBP-418’s prospects. Key opinion leaders also expressed strong interest in the treatment due to its lack of alternatives, rational mechanism of action, ease of administration, and modest side effects. While some uncertainties remain regarding the treatment’s long-term use, the potential for disease stabilization is seen as a significant positive outcome. These factors contribute to Zemansky’s Buy rating and the price objective of $54.
In another report released today, Jefferies also initiated coverage with a Buy rating on the stock with a $70.00 price target.
Based on the recent corporate insider activity of 68 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.