BridgeBio initiated with an Outperform at Wolfe Research

Wolfe Research last night initiated coverage of BridgeBio (BBIO) with an Outperform rating and $49 price target The company’s approved transthyretin product will drive near-term stock performance, the analyst tells investors in a research note. Attruby is cheaper for patients on average, cheaper for most payers, and Part D companies have the ability to invite Medicare payers to manage, the analyst tells investors in a research note. Wolfe has high conviction for Attruby success in the near-term, but says BridgeBio’s pipeline programs including achondroplasia will face meaningful competition from BioMarin and Ascendis.