Jefferies last night downgraded BridgeBio to Hold from Buy with a price target of $33, up from $24. The Phase 3 trial for acoramidis achieved statistical significance on the primary endpoint, making FDA approval likely, the analyst tells investors in a research note. However, all-cause mortality, a key measure in primary endpoint of hierarchical combination, did not show statistical significance, says the firm. Jefferies forecasts acoramidis peak sales of $1.5B in 2028 and views BridgeBio’s valuation as full at current share levels. It cites valuation for the downgrade.
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