Citi analyst David Lebowitz keeps a Buy rating on BridgeBio (BBIO) with a $45 price target after the FDA granted approval for Attruby for ATTR-CM. The drug’s label was in line with expectation, citing benefit on the composite endpoint of all-cause mortality and cardiovascular-related hospitalizations, and as expected, the clinical section did not highlight all-cause mortality benefit as a standalone, a key endpoint included in Pfizer’s (PFE) tafamidis label, the analyst tells investors in a research note. The firm says BridgeBio priced Attruby at $225,000 per year, below the $270,000 per year for tafamidis. The FDA approval is a “significant clearing event” for BridgeBio, “given some investors had become antsy ahead of the decision.” It believes Attruby “is poised to make inroads,” but believes tafamidis will likely remain the leading stabilizer with TTR silencers set to become major players.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on BBIO:
- BridgeBio price target raised to $45 from $42 at BofA
- BridgeBio price target raised to $49 from $43 at H.C. Wainwright
- BridgeBio announces FDA approved Attruby for ATTR-CM patients
- BridgeBio Pharma trading halted, news pending
- BridgeBio Pharma call volume above normal and directionally bullish
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
