After looking at the huge selloff and seeing where we have been with this stock. It looks as if it is ready to grow long here to the first resistance of ~$20. then it will make that a new support line to head north to ~$32 where the analysts have placed it as valued.
There was bad news with this company which caused the sell off. It will be volatile for a little time but it has an opportunity for strong growth.
"Despite disappointing results from the six-minute walk test, the company believes that acoramidis has the potential to show positive Month 30 endpoint results, which include all-cause mortality and cardiovascular hospitalizations. An independent data monitoring committee also recommends continuing the study based on unblinded data reviews."
BridgeBio CEO Neil Kumar said, “This result is disappointing and baffling. I am, along with many others, searching for answers regarding the six-minute walk distance (6MWD). The results do not appear to be due to a baseline imbalance. The hypotheses we are currently evaluating include context bias, training bias, and an evolution in diagnosis and standard of care.”
“The drug does appear to be pharmacologically active and well-tolerated, and we observed improvement on quality of life with promising trends on adverse events leading to death. The drug seems to be doing what we are asking of it. If we observe enough clinical outcome events at Month 30, I am still hopeful that we will demonstrate the benefit of acoramidis treatment,” Kumar added. Outlook According to the company, BridgeBio is well-capitalized through the completion of ATTRibute-CM and remains on track to deliver additional catalysts in 2022 and 2023. CFO BridgeBio Brian Stephenson said, “With the financing announced in November 2021, we currently have approximately $800 million in cash, cash equivalents and marketable securities with access to up to $300 million on achieving portfolio milestones through year-end 2022. We have ongoing clinical trials in multiple genetic diseases, including achondroplasia, autosomal dominant hypocalcemia type 1, limb-girdle muscle dystrophy type 2i and dystrophic epidermolysis bullosa, and we believe we are well-positioned to deliver in 2022.” Wall Street’s Take Following the recent clinical update, J.P. Morgan analyst Anupam Rama maintained a Buy rating on the stock but lowered the price target to $36 (216.34% upside potential) from $77.
TipRanks.com report
TheTradingBigelow
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I am new to trading and slightly familiar with biotech stocks, but what would cause the massive sell off like this? it appeared to be riding good and then bam it fell
GlennTrading
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@TheTradingBigelow, they had a bad news report. BridgeBio CEO Neil Kumar said, “This result is disappointing and baffling. I am, along with many others, searching for answers regarding the six-minute walk distance (6MWD). The results do not appear to be due to a baseline imbalance. The hypotheses we are currently evaluating include context bias, training bias, and an evolution in diagnosis and standard of care.”
"Despite disappointing results from the six-minute walk test, the company believes that acoramidis has the potential to show positive Month 30 endpoint results, which include all-cause mortality and cardiovascular hospitalizations. An independent data monitoring committee also recommends continuing the study based on unblinded data reviews."
BridgeBio CEO Neil Kumar said, “This result is disappointing and baffling. I am, along with many others, searching for answers regarding the six-minute walk distance (6MWD). The results do not appear to be due to a baseline imbalance. The hypotheses we are currently evaluating include context bias, training bias, and an evolution in diagnosis and standard of care.”
“The drug does appear to be pharmacologically active and well-tolerated, and we observed improvement on quality of life with promising trends on adverse events leading to death. The drug seems to be doing what we are asking of it. If we observe enough clinical outcome events at Month 30, I am still hopeful that we will demonstrate the benefit of acoramidis treatment,” Kumar added.
Outlook
According to the company, BridgeBio is well-capitalized through the completion of ATTRibute-CM and remains on track to deliver additional catalysts in 2022 and 2023.
CFO BridgeBio Brian Stephenson said, “With the financing announced in November 2021, we currently have approximately $800 million in cash, cash equivalents and marketable securities with access to up to $300 million on achieving portfolio milestones through year-end 2022. We have ongoing clinical trials in multiple genetic diseases, including achondroplasia, autosomal dominant hypocalcemia type 1, limb-girdle muscle dystrophy type 2i and dystrophic epidermolysis bullosa, and we believe we are well-positioned to deliver in 2022.”
Wall Street’s Take
Following the recent clinical update, J.P. Morgan analyst Anupam Rama maintained a Buy rating on the stock but lowered the price target to $36 (216.34% upside potential) from $77.
TipRanks.com report