BridgeBio stock price target maintained at $60 by TD Cowen ahead of Phase III data

BridgeBio Pharma (BBIO) is receiving strong analyst support, with firms including TD Cowen, H.C. Wainwright, and Jefferies reiterating or raising Buy ratings and price targets, driven by high confidence in its investigational drug encaleret. The upcoming Phase III results for encaleret in ADH1, expected Fall 2025, are viewed as highly derisked by analysts, citing robust prior Phase II data showing high calcium normalization rates. TD Cowen projects regulatory approval by 2026 and peak sales approaching $1 billion for encaleret, contributing to BBIO's stock gaining over 70% in the past six months and underscoring growing conviction in its therapeutic pipeline.

Analysis

BridgeBio Pharma (BBIO) is experiencing a wave of strong positive sentiment from the analyst community, primarily driven by high expectations for its drug candidate encaleret. Multiple firms, including TD Cowen, H.C. Wainwright, Truist Securities, and Jefferies, have recently reiterated Buy ratings, with price targets ranging from $60 to $70. JPMorgan also raised its price target to $70 from $55. This confidence is anchored in the upcoming Phase III CALIBRATE study for encaleret in ADH1 patients, which TD Cowen describes as being "about as derisked as Phase III trials get." The basis for this view is the robust 69% calcium normalization rate observed in the prior Phase IIb study, a figure that significantly surpasses the current standard of care's 0% normalization and what a key opinion leader would consider an "exceptional" 50% response rate. Financially, TD Cowen projects peak sales for encaleret could approach $1 billion following an anticipated regulatory approval in 2026. This optimism appears to be increasingly priced into the stock, which has gained over 70% in the past six months. Further bolstering the bull case is the strong commercial launch of Attruby, another of the company's therapies, which contributed to JPMorgan's upgraded price target and suggests a broadening revenue base beyond the encaleret pipeline.

Key Decisions for Investors

• Given the strong analyst consensus and the view that the upcoming Phase III trial is significantly derisked, investors may see a compelling, catalyst-driven opportunity in BBIO, with peak sales for encaleret projected near $1 billion.
• Investors should note that the stock has already appreciated over 70% in the last six months, indicating that much of the positive outlook may already be priced in, warranting a careful evaluation of the current valuation.
• The primary factor to monitor is the Phase III data for encaleret, expected in Fall 2025, which represents the single most significant near-term catalyst and potential inflection point for the company.
• Beyond encaleret, the commercial performance of the recently launched drug Attruby should be watched, as its success provides an additional revenue stream and mitigates some of the binary risk associated with the Phase III trial outcome.