Citi analyst David Lebowitz maintained a Buy rating on BridgeBio Pharma yesterday and set a price target of $67.00.
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David Lebowitz has given his Buy rating due to a combination of factors that highlight BridgeBio Pharma’s promising prospects. The company’s focus on developing BBP-418 for the treatment of limb-girdle muscular dystrophy type 2I/R9, a rare genetic neuromuscular disorder, is a key driver of this positive outlook. The drug, which is currently in the Phase 3 FORTIFY trial, has shown potential to address a significant unmet need, as current treatments are only supportive and do not address the underlying cause of the disease.
BridgeBio’s management has presented a strong scientific rationale for the drug’s mechanism, which involves enhancing the production of αDG protein, crucial for muscle function. The interim data from the trial, expected to be statistically significant, could pave the way for accelerated approval, offering a substantial revenue opportunity. The potential success of BBP-418, coupled with the company’s strategic approach in a challenging therapeutic area, supports the Buy rating, as it could lead to significant upside in the company’s stock value.
In another report released today, Jefferies also initiated coverage with a Buy rating on the stock with a $70.00 price target.