Analyst Jason Zemansky of Bank of America Securities maintained a Buy rating on BridgeBio Pharma, boosting the price target to $58.00.
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Jason Zemansky has given his Buy rating due to a combination of factors that highlight the potential of BridgeBio Pharma’s stock. One of the key reasons is the promising outlook for their ADH1 treatment, encaleret, which is gaining attention despite being underappreciated by the market. The upcoming phase 3 CALIBRATE readout is expected to further position the company favorably, especially since the stock does not currently reflect the value of its hypoparathyroidism treatment.
Additionally, there is strong support from key opinion leaders (KOLs) for encaleret, which is seen as addressing unmet needs with its novel mechanism and improved administration profile. The potential for market development, similar to what was observed with osteoporosis treatments, adds to the optimism. Despite uncertainties regarding the opportunity size due to the low prevalence of the condition, BridgeBio’s genetic testing supports a significant prevalence of ADH1, providing a plausible path to upside potential.
In another report released yesterday, Jefferies also reiterated a Buy rating on the stock with a $70.00 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.