H.C. Wainwright reiterates Buy on BridgeBio Pharma after ESC trial data

H.C. Wainwright has reiterated its Buy rating and $120 price target on BridgeBio Pharma (BBIO) following new data from the company's Phase 3 ATTRibute-CM study presented at the European Society of Cardiology Congress in Munich. The stock trades at $76.57, giving the company a market capitalization of approximately $15 billion.

BridgeBio presented analyses of ATTRUBY — the branded name for acoramidis, its treatment for transthyretin amyloid cardiomyopathy — including results from a cardiac magnetic resonance imaging substudy and an open-label extension.

In a completer analysis, clinically meaningful improvement in left ventricular systolic function from baseline was observed in 54 per cent of acoramidis-treated patients versus 20 per cent of those receiving placebo at month 30, and in 53 per cent of patients receiving continuous acoramidis at month 42. By comparison, only 26 per cent of completers in an independent natural history cohort achieved equivalent improvement by month 24.

A more conservative analysis found that long-term acoramidis treatment was associated with clinically meaningful improvement in left ventricular systolic function in 34 per cent of treated patients versus nine per cent of placebo patients at month 30, and in 30 per cent of continuous-acoramidis patients at month 42. H.C. Wainwright also noted that 46 per cent of patients on continuous acoramidis showed improvement in left ventricular mass index at month 42.

The analyst described acoramidis as the only selective small molecule, orally administered, near-complete transthyretin stabilizer available. BridgeBio reported gross profit margins of 94 per cent, and analysts broadly anticipate continued sales growth in the current year.