Analyst Martin Auster from Raymond James maintained a Buy rating on BridgeBio Pharma and increased the price target to $69.00 from $56.00.
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Martin Auster has given his Buy rating due to a combination of factors that highlight BridgeBio Pharma’s promising outlook. The interim results from the Phase 3 FORTITUDE study of BBP-418 in LGMD2I/R9 have exceeded expectations, showing statistically significant improvements in both primary and secondary endpoints. This includes a notable increase in glycosylated α-DG levels and improvements in ambulatory and lung functions, which suggest a strong potential for accelerated approval.
Furthermore, BridgeBio Pharma’s proactive engagement with regulatory bodies to determine the optimal path to approval underscores their commitment to bringing BBP-418 to market swiftly. The positive data from the study has de-risked the approval process, prompting an increase in the price target to $69. The anticipated earlier launch of BBP-418, coupled with a high probability of success, supports a bullish outlook for the stock, justifying the Buy rating.
In another report released today, Bank of America Securities also maintained a Buy rating on the stock with a $58.00 price target.
Based on the recent corporate insider activity of 76 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.