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.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
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.
