Analyst Jason Zemansky of Bank of America Securities maintained a Buy rating on BridgeBio Pharma (BBIO – Research Report), boosting the price target to $54.00.
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Jason Zemansky has given his Buy rating due to a combination of factors that highlight BridgeBio Pharma’s promising growth potential. The company’s stock has shown significant performance year-to-date, largely driven by the successful uptake of Attruby. Despite the current focus on Attruby, Zemansky believes that investors are not fully appreciating the potential of upcoming pivotal readouts for encaleret and BBP-418, both of which are expected to contribute substantially to the company’s growth.
Encaleret, in particular, is seen as having a strong profile for addressing ADH1, a genetic condition, with potential parallels to the osteoporosis market. The feedback from key opinion leaders (KOLs) has been positive, suggesting a high likelihood of success in its phase 3 trial. Meanwhile, BBP-418, despite some uncertainties, is viewed as having a favorable profile and potential for accelerated approval, which could lead to significant upside. These factors, combined with the company’s ability to compete in niche markets with high return on investment, underpin Zemansky’s Buy rating and the increased price objective of $54.
Based on the recent corporate insider activity of 50 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.