Jefferies reiterates Buy on BridgeBio Pharma stock, $110 target

Investing.com reports that Jefferies has reaffirmed a Buy rating on BridgeBio Pharma (BBIO) stock, with a price target of $110. At present, the stock is trading at $66.46, with a Strong Buy consensus and target prices spanning from $80 to $157 according to InvestingPro data. Jefferies highlights new Phase III findings supporting BBP-418's disease-modifying potential for LGMD2I/R9, a rare muscle disorder.

The analyst is confident of a full approval by November 27, 2026, as indicated by the Positive Drug Understanding and Full Approval (PDUFA) date. The oral treatment showcased benefits in cardiac troponin and LVEF during the analyses. These results complement prior positive findings across various biomarkers and functions, such as 100MTT and forced vital capacity (FVC) measures.

Jefferies estimates peak sales of over $1 billion, deeming the prediction conservative. The firm emphasizes BBP-418's potential pricing power in its present application, bolstered by a remarkable gross profit margin of 94%. The company's revenues increased by 202% over the past year. Beyond its primary indication, the company is exploring additional applications, including LGMD2M, LGMD2U, and Fukuyama's disease.

BridgeBio Pharma has also been the focus of several updates and analyses by analysts. H.C. Wainwright maintained a Buy rating with a $120 price target following new data from the Phase 3 ATTRibute-CM study, which evaluated ATTRUBY (acoramidis) in transthyretin amyloid cardiomyopathy. Meanwhile, Mizuho raised its price target to $110, citing higher peak sales estimates for ATTRUBY in the U.S., projected at approximately $4 billion, following unfavourable results from Ionis Pharmaceuticals and AstraZeneca.

TD Cowen also reiterated a Buy rating with a $110 price target, supported by positive cardiac data from the World Muscle Society conference. Cantor Fitzgerald held an Overweight rating with a $110 target, noting a decline in share prices since July. These updates indicate sustained investor interest and scrutiny from prominent financial entities.