BridgeBio Pharma (NASDAQ:BBIO) stock is climbing higher on Monday as investors react to results from a Phase 3 clinical trial.
These results come from the company’s ATTRibute-CM study of acoramidis in transthyretin amyloid cardiomyopathy (ATTR-CM). ATTR-CM is a growing cause of heart failure and today’s results give hope that BridgeBio Pharma has found a treatment for the problem.
Chief among this is the clinical trial meeting its primary endpoint. Investors will also note the drug’s 81% on-treatment survival rate, as compared to a 74% survival rate on placebo. The drug was also found to reduce the risk of hospitalization due to cardiovascular issues by 50%.
What This Means for BBIO Stock
Jonathan Fox, M.D., Ph.D., President and Chief Medical Officer of BridgeBio Cardiorenal, said this about the results:
“We are extremely encouraged by the robustly positive and consistent findings of the ATTRibute-CM study, which confirm our position that highly potent TTR stabilization has the potential to profoundly impact patients’ lives. We look forward to presenting the data to health authorities to bring acoramidis to patients as expeditiously as possible.”
BridgeBio Pharma also notes that it plans to submit a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) by the end of the year. It will also submit regulatory filings in other markets throughout 2024.
Today’s news also brings with it some 12 million shares of BBIO stock changing hands. That’s a massive spike in trading volume compared to its daily average of about 1.9 million shares. With that comes a 63.4% increase in price as of Monday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
