BridgeBio initiated with a Buy at Redburn Atlantic

Redburn Atlantic initiated coverage of BridgeBio with a Buy rating and $50 price target Therapeutic options for patients with transthyretin amyloidosis with cardiomyopathy, a rare cardiovascular disease, are set to “expand dramatically,” the analyst tells investors in a research note. The firm forecasts a “sizeable” opportunity, with TTR-targeting therapies total sales to grow from $6.4bB in 2024 to $19.2B in 2035. Redburn’s survey points to an “asymmetrical risk/reward,” given a favorable reimbursement environment in the U.S. for new entrants. Amvuttra by Alnylam (ALNY) and Attruby by BridgeBio (BBIO) are best placed to gain share in the space by driving higher diagnosis rates and offering alternatives to Pfizer’s (PFE) incumbent Vyndaqel, where unmet need exists for many patients, contends Redburn Atlantic.