BBIO - BridgeBio stock dips in wake of JP Morgan note on upcoming drug data

2023-06-15 12:47:29 ET

BridgeBio Pharma ( NASDAQ: BBIO ) shares dipped Thursday in the wake of a cautious note by JP Morgan regarding upcoming data from a pivotal study for the company's drug candidate acoramidis in the treatment of ATTR-CM.

Shares of BridgeBio were down 6% at $15.82 at around 12:25 p.m. ET on Thursday after hitting a low of $15.19.

"Overall, we see the ATTRibute-CM Part B readout as high risk and have a cautious view, driven largely by the patient population enrolled in the study," JP Morgan wrote in a note dated June 15. The bank added that the data was expected in late July.

Acoramidis is currently in Phase 3 testing for the treatment of symptomatic transthyretin amyloidosis cardiomyopathy, or ATTR-CM, according to BridgeBio's website.

JP Morgan said it was adding the stock to its Catalyst Watch List-Negative given the near-term data readout.

The bank has an overweight rating on the stock, with a price target of $29.

More on BridgeBio:

BridgeBio Pharma GAAP EPS of -$0.92, revenue of $1.83M

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

Why did BridgeBio Pharma stock go down today? Insider sales

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