Why BridgeBio Pharma Stock Is Hitting New 52-Week Highs Monday

BridgeBio Pharma Inc BBIO shares are ripping higher Monday morning after the company announced positive data for its phase 2 study of infigratinib in achondroplasia.

What To Know: BridgeBio highlighted positive results from PROPEL2, a Phase 2 trial of the investigational therapy infigratinib in children with achondroplasia, demonstrating potential best-in-class efficacy and a clean safety profile. 

Achondroplasia is the most common cause of disproportionate short stature. Infigratinib is an oral small molecule designed to inhibit FGFR3 and target achondroplasia at its source. 

"These results reach a new tier of efficacy, and coupled with our differentiated safety and convenience profile, provide us the opportunity to serve children with achondroplasia and other skeletal dysplasias," said Neil Kumar, founder and CEO of BridgeBio.

"We look forward to exploring the potential of infigratinib on the wider medical and functional impacts of achondroplasia, hypochondroplasia and other skeletal dysplasias, which hold significant unmet needs for families."

BridgeBio has already exceeded its daily average volume in Monday's premarket session. 19.14% of the float is currently sold short, according to Benzinga Pro.

BridgeBio is a commercial-stage biopharmaceutical company founded to discover, create, test and deliver transformative medicines to treat patients who suffer from genetic diseases and cancers with clear genetic drivers. A conference call discussing these results is ongoing.

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BBIO Price Action: BridgeBio shares are making new highs on Monday.

The stock was up 56.1% at $16.97 at time of publication, according to Benzinga Pro.

Photo: Konstantin Kolosov from Pixabay.