TD Cowen Reiterates Buy Rating on BridgeBio Pharma (BBIO) on Strong Attruby Sales

BridgeBio Pharma, Inc. (NASDAQ:BBIO) is one of the best Russell 2000 stocks to buy now. On August 6, TD Cowen reiterated its “Buy” rating on BridgeBio stock and maintained a price target of $60. TD Cowen cited the strong performance of BridgeBio’s drug Attruby, whose sales doubled in the second full quarter of availability, as the primary factor in its decision. The other reason the firm cited was the accelerating rate of new prescriptions per week.

TD Cowen noted that gross-to-net discounts increased from 25% to over 35%, while free drug programs expanded from 45% to between 70% and 80%. The firm considers the improvements as an “indicator of first-line usage.” It also observed some utilization of patient assistance programs, with these metrics now stabilizing.

TD Cowen projected that the increase in free drug patients quarter-over-quarter will drive sales growth, adding that the drug with the best point estimates and lowest price will ultimately prevail in the $10-20 billion drug category managed by insurance companies over time.

BridgeBio Pharma, Inc. (NASDAQ:BBIO) is a biotechnology company. It develops and commercializes therapies for genetic diseases and cancers with clear genetic drivers. The company’s pipeline includes treatments for conditions such as transthyretin amyloidosis, achondroplasia, and various rare metabolic disorders.

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Disclosure: None. This article is originally published at Insider Monkey.