BBIO - Street firms slash price target on BridgeBio Pharma after acoramidis trial failure

BridgeBio Pharma (NASDAQ:BBIO) perks up 3% premarket after shedding around 72% during yesterday's intrady session after its late-stage study for acoramidis in transthyretin (TTR) amyloid cardiomyopathy (ATTR-CM) did not meet the primary endpoint. Following this news, several Wall Street firms have lowered their price target on BBIO stock. JPMorgan analyst Anupam Rama lowered the firm's PT on BridgeBio to $36 from $77 based on broad model adjustments, including to peak sales estimates and odds of success calculations for acoramidis, after the company's disappointing ATTRibute-CM trial data. Rama keeps an Overweight rating on BBIO stock as the analyst still sees "an interesting catalyst pathway" for the company. In a note, the analyst acknowledges that wins for BridgeBio will have to be posted from the broader pipeline to shift sentiment. Jefferies analyst Eun Yang cut the PT on BridgeBio to $28 from $79. The firm said it’s “now largely eliminating acoramidis potential” from its model after

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Street firms slash price target on BridgeBio Pharma after acoramidis trial failure