Shares of the biopharmaceutical company BridgeBio (NASDAQ:BBIO) are ticking higher today after it presented detailed positive results from a Phase 3 study evaluating acoramidis for the treatment of ATTR-CM (cardiomyopathy).
ATTR-CM, or transthyretin amyloidosis, is a protein disorder characterized by fibril (irregular protein clumps) buildup in the heart.
The trial achieved its primary endpoint with a win ratio of 1.8. Additionally, treatment consistency was observed in cardiovascular-related hospitalizations in all prespecified subgroups at 30 months. Compared to 9% on placebo, 45% of subjects showed improvement from the baseline in N-terminal prohormone of brain natriuretic peptide.
Furthermore, the treatment was observed to be well-tolerated, and BridgeBio now plans to file a new drug application for the drug with the U.S. Food and Drug Administration by the end of this year.
Overall, the Street has a consensus price target of $41.88 on BBIO, alongside a Strong Buy consensus rating. This implies a hefty 41% potential upside in the stock on top of a nearly 169% rise over the past 52 weeks.
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