Why BridgeBio Pharma Shares Are Rising

BridgeBio Pharma Inc BBIO is trading higher Tuesday as the stock rebounds after falling on Monday. 

BridgeBio Pharma shares traded lower Monday after the company announced that its Phase 3 trial to treat symptomatic transthyretin amyloid cardiomyopathy did not achieve its primary endpoint.

An independent data monitoring committee recommended continuing the study based on unblinded data reviews.

The trial’s steering committee co-chairs and BridgeBio Pharma agreed that there is still potential to demonstrate benefit on the 30 month endpoint, which includes all-cause mortality and cardiovascular hospitalizations.

"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," said Neil Kumar, founder and CEO of BridgeBio Pharma.

BridgeBio Pharma is involved in identifying advanced transformative medicines to treat patients who suffer from Mendelian diseases, which are diseases that arise from defects in a single gene and cancers with clear genetic drivers. 

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BBIO Price Action: BridgeBio Pharma has traded as high as $73.50 and as low as $35.56 over a 52-week period.

The stock was up 16.40% at $13.25 at time of publication.

Photo: jarmoluk from Pixabay.