On Thursday, Raymond James resumed coverage on BridgeBio Pharma (NASDAQ:BBIO), assigning an Outperform rating and setting a price target of $45.00.
The firm's analysis suggests that oral TTR-stabilizers, specifically BridgeBio Pharma's acoramidis and Pfizer (NYSE:PFE)'s tafamidis, will continue to be the preferred first-line therapy for patients with ATTR-CM, a heart condition caused by transthyretin amyloidosis.
The endorsement comes despite concerns that RNAi therapeutics, such as Alnylam Pharmaceuticals' vutrisiran, might challenge the dominance of TTR-stabilizers. Recent developments have diminished the likelihood of vutrisiran's early use, particularly after a setback in Alnylam's Phase 3 HELIOS-B trial which led to a change in statistical plans.
The analyst also referenced an ongoing intellectual property (IP) dispute involving BridgeBio, as Pfizer litigates with generic drug manufacturers. However, there is cautious optimism that Pfizer's patents will be upheld through 2035. Positive indicators in the lawsuit suggest Pfizer may successfully defend its IP rights.
If Pfizer's patent protection holds, BridgeBio Pharma is projected to capture approximately 20% of the estimated $15 billion total addressable market (TAM) for this therapy. This could equate to around $3 billion in peak sales for BridgeBio. Nevertheless, acknowledging the current legal uncertainties, Raymond James has conservatively modeled risk-adjusted peak net sales of approximately $1.6 billion for BridgeBio Pharma.
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