BBIO - Why Shares of BridgeBio Pharma Skyrocketed This Week
2023-07-21 10:44:42 ET
Shares of BridgeBio Pharma (NASDAQ: BBIO) were up 90% for the week as of 10:25 a.m. ET on Friday, according to data provided by S&P Global Market Intelligence . The biotech company, which focuses on therapies for oncology and genetic diseases, reported positive phase 3 trial data regarding one of its therapies.
On Monday, BridgeBio said its therapy, acoramidis, showed promising results in a phase 3 study to treat transthyretin amyloid cardiomyopathy (ATTR-CM), a serious disease of the heart muscle that can lead to heart failure. In ATTR-CM, the transthyretin protein becomes misshapen in the bloodstream and can build up in the heart, nerves, and other organs.
Acoramidis is a pill that helps modulate transthyretin. In the trial, the company said patients given the drug saw an 81% on-treatment survival rate, compared to a 74% rate with a placebo. Patients given the therapy were also 50% less likely to be hospitalized for cardiovascular reasons, BridgeBio said.
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Why Shares of BridgeBio Pharma Skyrocketed This Week