BMRN - BridgeBio initiated at outperform at Evercore due to 'potential blockbusters'

2023-04-19 09:35:00 ET

• Evercore ISI has initiated coverage of BridgeBio Pharma ( NASDAQ: BBIO ) with an outperform rating saying that two of its candidates are "potential blockbusters."
• The firm has a $40 price target (~164% upside based on Tuesday's close).
• Shares are up ~7% in premarket trading.
• Analyst Josh Schimmer highlighted the potential of those two assets: Encaleret for autosomal dominant hypocalcemia type 1 (ADH1) in phase 3 and infigratinib in phase 2 achondroplasia.
• The company also has acoramidis for transthyretin amyloidosis (ATTR) in phase 3.
• Schimmer called encaleret and infigratinib high reward/low risk programs.
• He added that encaleret addresses an unmet medical need and could pull in ~$1B in peak sales. Both drugs combined could account for ~$3B in peak sales.
• Schimmer noted that infigratinib could disrupt the achondroplasia market and potentially be an improvement over BioMarin Pharmaceutical's ( BMRN ) Voxzogo (vosoritide).
• Read why Seeking Alpha contributor Edmund Ingham considers BridgeBio ( BBIO ) a buy.

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