BridgeBio jumps as FDA approves heart disease drug
Updates
** Drug developer BridgeBio's BBIO.O shares rise 26.4% to $29.60 - on track for its best day since July 2023 if gains hold
** The FDA on Friday approved BBIO's heart disease drug, Attruby
** Co's oral drug was approved to treat a rare heart condition known as transthyretin amyloid cardiomyopathy that makes it hard for the heart to pump blood
** BBIO's drug is expected to compete with Pfizer's PFE.N Vyndaqel and Vyndamax
** TD Cowen analysts said the approval came with the "best possible label and responsible pricing", which should support broad use of the therapy
** Attruby's label shows that treatment results in a "near-complete" stabilization of faulty proteins - which is missing from Vyndaqel's prescribing information, TD Cowen said
** Brokerage says BBIO's annual list price of $245,000 for the drug is 10% below Pfizer's list price
** 15 of 17 brokerages rate the stock "buy" or higher, 2 rate it "hold"; their median PT is $47
** As of last close, BBIO down ~42% YTD
Reporting by Bhanvi Satija in Bengaluru
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