UPDATE: Goldman Sachs Reinstates BridgeBio Pharma (BBIO) at Buy
Goldman Sachs analyst Paul Choi reinstates coverage on BridgeBio Pharma (NASDAQ: BBIO) with a Buy rating and a price target of $83.00.
The analyst comments "While the main focus for investors has long been the Eidos subsidiary and the Part 1 data from the Phase 3 study of acoramidis in ATTR-CM, we highlight pending Phase 2 proof-of-concept clinical readouts in 2H21 including i) QED’s study of infigratinib in achondroplasia, ii) Adrenas’s BBP-631 in congenital adrenal hyperplasia, and iii) Calcilytix’s encaleret in ADH1. Each of these four assets is directed at an indication with relatively well understood underlying biology. In our view, positive data could not only de-risk assets with blockbuster potential but also potentially re-rate BBIO shares meaningfully, as their value is largely not yet captured in the shares. Moreover, we think that pipeline wins could increasingly validate the company’s multi-modal and diversified business model and alter investor perception of BBIO as warranting a conglomerate discount due to lack of pipeline visibility beyond Eidos."
Shares of BridgeBio Pharma closed at $72.35 yesterday.
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