Hold Rating for BridgeBio Pharma Amid Competitive Pressures and Uncertain Long-term Outlook

BMO Capital analyst Kostas Biliouris maintained a Hold rating on BridgeBio Pharma (BBIO – Research Report) today and set a price target of $37.00.

Kostas Biliouris has given his Hold rating due to a combination of factors impacting BridgeBio Pharma’s market position. One key consideration is the anticipated deceleration in Attruby’s sales momentum following the entry of a new competitor, Amvuttra, which has started to capture market share. This competitive pressure is expected to affect Attruby’s uptake, as evidenced by the decline in weekly script numbers and the normalization of the script fill rate.
Additionally, while Attruby’s initial market performance was strong, driven by the expansion of the ATTR-CM market and an effective commercial strategy, the long-term outlook remains uncertain. The expected decline in market share in the second half of the year, coupled with the need for clarity on the commercial potential of other pipeline products like Acoramidis and Infigratinib, contributes to the cautious stance. These elements combined suggest a balanced risk-reward scenario, justifying the Hold rating.

Based on the recent corporate insider activity of 49 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.