BridgeBio Oncology initiated with a Buy at Canaccord

Canaccord initiated coverage of BridgeBio Oncology (BBOT) with a Buy rating and $23 price target The company is developing RAS inhibitors positioned for effective and tolerable combinations, the analyst tells investors in a research note. The firm estimates peak U.S. sales of $1.4B for BridgeBio’s BBO-8520. It believes the company’s efforts for “designing differentiated small molecules opens up a clear opportunity for combination regimens in multiple cancer indications.”