BridgeBio has positive readthrough from Alnylam’s CRL, says BofA

After Alnylam (ALNY) announced that the FDA has issued a complete response letter, or CRL, for patisiran in ATTR amyloidosis cardiomyopathy, or ATTR-CM, BofA sees “positive commercial readthrough” for BridgeBio (BBIO) as the CRL allows for the anticipated launch of BridgeBio’s acoramidis in “a presilencer market.” The firm views the news as neutral for Intellia’s (NTLA) earlier stage NTLA-2001 program, the analyst added. With the FDA citing insufficient evidence for clinical meaningfulness for Patisiran, there will be focus on the regulatory alignment anticipated ahead of the pivotal trial initiation evaluating NTLA-2001 in ATTR-CM by year-end 2023, the analyst tells investors. BofA keeps Buy ratings on BridgeBio and Intellia with respective price targets of $50 and $91.