BridgeBio price target raised to $83 from $81 at Oppenheimer

Oppenheimer analyst Trevor Allred raised the firm’s price target on BridgeBio (BBIO) to $83 from $81 and keeps an Outperform rating on the shares. The firm says Phase 3 result demonstrated 1.74cm/year least-squares mean AGH improvement, which compares favorably to vosoritide/navepegritide results of 1.5-1.6cm/year, though perhaps incrementally disappoints vs. Propel 2 results. Hyperphosphatemia results may assuage concerns on safety, with only three subjects demonstrating mild, transient hyperphosphatemia, though concerns on long-term utilization may limit total commercial uptake, Oppenheimer adds. The firm considers the results in line with its thesis, and believes efficacy should support infigratinib as best-in-class drug with skewed uptake in the U.S. market vs. ex-U.S.