BridgeBio Oncology initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of BridgeBio Oncology (BBOT) with an Outperform rating and $23 price target The firm says that the company’s motto “Best-in-RAS” succinctly summarizes its investment thesis, as Oppenheimer thinks BridgeBio is developing drugs that can unlock the full potential of targeting this pathway. The RAS pathway is active in over 50% of cancers – a Holy Grail for cancer therapy – but current drugs only work sparingly in some patients, the firm points out. BridgeBio is out to change that, beginning with BBO-8520, a souped-up KRAZATI that targets the KRASG12C mutant. Some would argue that G12C is getting overly crowded, but to Oppenheimer the drug is just the opening act. In a future where combinations reign supreme, it believes Oppenheimer has the building blocks to become the leader – with BBO-10203 its ace in the hole.