BridgeBio stock holds Buy rating, price target at $56

H.C. Wainwright reiterated a Buy rating on BridgeBio Pharma (BBIO), raising the price target to $56 from $53 based on revised revenue forecasts for ATTRUBY (acoramidis), projecting $423.2M in revenue for 2025 and $637.2M for 2026, up significantly from prior estimates; the FDA-approved drug for ATTR-CM, demonstrating near-complete TTR stabilization, has shown strong early sales with 2,072 unique patient prescriptions as of late April 2025. Other analysts, including Scotiabank and BMO Capital, have also raised their price targets following strong Q1 2025 results, while Piper Sandler maintained an Overweight rating, highlighting the potential of the CALIBRATE study for encaleret.

Analysis

BridgeBio Pharma (NASDAQ:BBIO) has received a reiterated Buy rating and an increased price target to $56.00 from $53.00 by H.C. Wainwright, driven by significantly revised revenue projections for its key drug, ATTRUBY (acoramidis). Analysts now forecast 2025 revenue at $423.2 million and 2026 revenue at $637.2 million, substantial increases from previous estimates of $188 million and $497.2 million, respectively. This optimism is fueled by the strong early commercial performance of ATTRUBY, an FDA-approved treatment for ATTR-CM which recorded 2,072 unique patient prescriptions by late April 2025 and is distinguished as the only U.S. product achieving near-complete (at least 90%) transthyretin stabilization. The company exhibits robust financial health, evidenced by a current ratio of 4.57 and an exceptional gross profit margin of 95.35%. This positive sentiment is echoed by other analysts: Scotiabank raised its price target to $55 following Q1 2025 ATTRUBY revenues of $36.7 million, significantly exceeding estimates, and BMO Capital increased its target to $42 anticipating Q2 2025 sales to beat consensus by 20-40%. Piper Sandler maintained an Overweight rating with a $63 target, highlighting the potential of the CALIBRATE study for encaleret, with results due in H2 2025. Despite the stock trading near its 52-week high of $39.67 after gaining nearly 9% in the past week and InvestingPro indicating potential overvaluation against its fair value, the strong sales momentum, unique product positioning, and ongoing clinical developments, such as the ACT-EARLY trial for acoramidis as a preventative treatment, underpin the positive analyst consensus.

Key Decisions for Investors

• Investors should monitor BridgeBio Pharma's ATTRUBY sales ramp closely, as continued outperformance against upgraded revenue forecasts could sustain positive momentum, though current valuation near its 52-week high and InvestingPro’s overvaluation assessment warrant cautious optimism.
• The upcoming results from the CALIBRATE study for encaleret in the second half of 2025 represent a significant potential catalyst or risk factor, and should be closely watched for its impact on the company's diversified pipeline prospects.
• While the company's strong liquidity (current ratio 4.57) and exceptional gross profit margins (95.35%) are positive, investors should consider the concentration risk associated with reliance on ATTRUBY's success and factor in the competitive landscape for ATTR-CM treatments.