BridgeBio assumed with an Outperform at Raymond James

Raymond James assumed coverage of BridgeBio (BBIO) with an Outperform rating and $45 price target. The analyst believes oral TTR-stabilizers will remain as the gold-standard first-line therapy for patients with ATTR-CM. here is still an intellectual property overhang on BridgeBio, as Pfizer (PFE) continues to litigate with generic filers, but the firm “cautiously optimistic” that Pfizer’s patent estate will be protected until 2035, the analyst tells investors in a research note. If Pfizer’s patent holds, Raymond James thinks BridgeBio could capture 20% of the projected $15B addressable market, which translates to $3B in peak sales.