BridgeBio Pharma (BBIO – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Tiago Fauth from Wells Fargo reiterated a Buy rating on the stock and has a $67.00 price target.
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Tiago Fauth has given his Buy rating due to a combination of factors that highlight BridgeBio Pharma’s promising outlook. One significant factor is the impressive acceleration in new patient additions for their drug, Attruby. In a recent five-week period, the company reported an increase in unique patient numbers, indicating a growth in prescription rates and a broad base of prescribers willing to try the drug. This growth is expected to positively impact the company’s revenue, with projections estimating significant sales in the first quarter of 2025.
Additionally, Fauth notes that initial feedback from doctors and payers has been favorable, with Attruby being viewed as a differentiated product in its category. The upcoming phase three readouts and the potential opportunities for other drugs in their pipeline, such as encaleret and BBP-418, further bolster the company’s growth potential. Despite some risks associated with drug launches and trial outcomes, the risk/reward profile remains attractive, which supports the Buy rating.
BBIO’s price has also changed dramatically for the past six months – from $25.660 to $36.805, which is a 43.43% increase.