Why Is BridgeBio Pharma (BBIO) Stock Up 60% Today?
There’s potentially good news for the medical community and definitely positive news for investors of BridgeBio Pharma (NASDAQ:BBIO) stock. Reportedly, BridgeBio Pharma published clinical results from a proposed treatment for a rare cond…
There’s potentially good news for the medical community and definitely positive news for investors of BridgeBio Pharma (NASDAQ:BBIO) stock. Reportedly, BridgeBio Pharma published clinical results from a proposed treatment for a rare condition affecting children. These results are highly encouraging, and financial traders are taking notice.
BridgeBio Pharma is a biopharmaceutical company that focuses on genetic diseases, including certain types of cancers. The company seeks to treat a type of dwarfism called achondroplasia. This is “the most common cause of disproportionate short stature.” It affects around 55,000 people in the U.S. and European Union.
And, unfortunately achondroplasia affects “up to 10,000 children and adolescents with open growth plates.” Achondroplasia can lead to a number of complications, including spinal stenosis, obstructive sleep apnea, kyphosis and middle ear dysfunction.
BridgeBio Pharma just released its results for a Phase 2 trial of infigratinib to treat children with achondroplasia. Notable improvements in the children’s annualized height velocity (AHV) were observed, and infigratinib was generally well-tolerated.
What’s Happening With BBIO Stock?
BBIO stock jumped 60% early this morning due to BridgeBio Pharma’s positive clinical results. Shares soared past $17 on unusually heavy volume.
There may also be some short covering going on here. Still, it’s understandable that financial traders are overwhelmingly pleased with the published results for infigratinib.
Potentially, infigratinib could make a real difference in the quality of life for some patients. At its highest evaluated dosage (0.25 mg/kg taken daily) for infigratinib, the “mean increase from baseline” in AHV “for the 10 children that have had six-month visits was +3.03 cm/yr.”
So, what’s next for BridgeBio Pharma? The company has already started enrolling children for a Phase 3 clinical trial of infigratinib. BridgeBio Pharma CEO Neil Kumar suggested that infigratinib could be explored in the potential treatment of “hypochondroplasia and other skeletal dysplasias.”
It’s exciting to consider the progress that BridgeBio Pharma might make in addressing achondroplasia and other conditions. Clearly, today’s financial traders are enthused about the prospects, as they’re quickly bidding up the price of BBIO stock.
On the date of publication, David Moadel did not have (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.
David Moadel has provided compelling content – and crossed the occasional line – on behalf of Motley Fool, Crush the Street, Market Realist, TalkMarkets, TipRanks, Benzinga, and (of course) InvestorPlace.com. He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.
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