Leerink Partners analyst Mani Foroohar reiterated a Buy rating on BridgeBio Pharma (BBIO – Research Report) on April 29 and set a price target of $53.00.
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Mani Foroohar has given his Buy rating due to a combination of factors including BridgeBio Pharma’s impressive financial performance and promising pipeline developments. The company’s recent earnings report revealed that sales of Attruby significantly surpassed expectations, indicating strong market uptake and effective revenue conversion from prescriptions. This performance counters previous concerns and suggests a robust growth trajectory for the product.
Additionally, BridgeBio’s pipeline shows potential with advancements in clinical trials for various conditions, such as infigratinib for hypochondroplasia and encaleret for hypoparathyroidism. The management’s confidence in pursuing accelerated approval for certain treatments further supports the positive outlook. Consequently, the price target was raised, reflecting optimism about the company’s future prospects and justifying the Buy rating.
In another report released yesterday, Scotiabank also maintained a Buy rating on the stock with a $55.00 price target.
Based on the recent corporate insider activity of 43 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.