BridgeBio Oncology initiated with an Outperform at Leerink

Leerink initiated coverage of BridgeBio Oncology (BBOT) with an Outperform rating and $25 price target BridgeBio is a development-stage oncology company advancing a differentiated pipeline centered on RAS, one of the most validated and prevalent oncogenic drivers in cancer, underlying about 30% of all human tumors. However, the class remains in relatively nascent stages of development, with most approved therapies used only in later lines of KRAS G12C lung and colorectal cancer. The company is focused on drugs that intervene in the RAS pathway, either directly or indirectly. Leerink thinks favorable outcomes could redefine standards in the RAS space by supporting earlier-line use, facilitating more tolerable immunotherapy combinations, and laying the foundation for pan-KRAS expansion.