Shares of BridgeBio Pharma (NASDAQ: BBIO) soared by more than 60% in morning trading on Monday after the commercial-stage biopharmaceutical company announced positive results from PROPEL2, a Phase 2 trial of the investigational therapy infigratinib in children with achondroplasia. Achondroplasia is short-limbed dwarfism.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
This Phase 2 trial indicated that at the highest dose level (Cohort 5, 0.25 mg/kg once daily), the mean change from baseline in annualized height velocity (AHV) at six months was an increase of 3.03 cm per year for the first 10 children with at least six months of follow-up. More encouragingly, this trial indicated that Infigratinib was well-tolerated with no adverse events (AEs) in this trial.
Based on the positive results of this trial, BBIO has started to enroll children for a Phase 3 trial.
Analysts remain bullish about BBIO stock with a Strong Buy consensus rating based on an unanimous six Buys.