Shares of the biopharmaceutical company BridgeBio Pharma (NASDAQ:BBIO) are in focus today after it announced a $250 million financing led by the Qatar Investment Authority (QIA).
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Under the Private Investment in Public Equity (PIPE) financing, BBIO will issue and sell nearly 9.17 million common shares at $27.27 per share. Subject to closing conditions, the financing is expected to close on September 27.
Along with QIA, the financing also saw participation from large institutional investors, existing investors, and four of the biggest investment management firms in the U.S. Importantly, the capital raise is expected to help the company fund its operations, including the launch of acoramidis and Phase 3 studies in achondroplasia, LGMD2I, and ADH1.
What Is the Stock Price Forecast for BBIO?
BBIO’s Acoramidis has shown promising results in a Phase 3 study for the treatment of transthyretin amyloid cardiomyopathy (ATTR-CM). Overall, the Street has a consensus price target of $45.88 on BridgeBio, alongside a Strong Buy consensus rating. This points to a 68.2% potential upside in the stock.
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