A rival drug failure can sometimes move a biotech stock almost as much as a company's own clinical data.
That is what happened to BridgeBio on July 9.
BridgeBio (BBIO) shares jumped after AstraZeneca and Ionis said Wainua failed to meet the main goal in a late-stage trial for transthyretin-mediated amyloid cardiomyopathy, or ATTR-CM, a heart disease caused by protein buildup that can make it harder for the heart to pump blood.
BridgeBio stock was recently trading at $89.86, up 14.7% from the previous close. The stock opened at $84 and traded as high as $93.31 during July 9's session.
The rally added roughly $2.2 billion to BridgeBio's market value based on its intraday market capitalization. The move shows investors were not just reacting to a failed trial. They were reassessing the competitive field around a drug BridgeBio already sells.
That is what happened to BridgeBio on July 9.
BridgeBio (BBIO) shares jumped after AstraZeneca and Ionis said Wainua failed to meet the main goal in a late-stage trial for transthyretin-mediated amyloid cardiomyopathy, or ATTR-CM, a heart disease caused by protein buildup that can make it harder for the heart to pump blood.
BridgeBio stock was recently trading at $89.86, up 14.7% from the previous close. The stock opened at $84 and traded as high as $93.31 during July 9's session.
The rally added roughly $2.2 billion to BridgeBio's market value based on its intraday market capitalization. The move shows investors were not just reacting to a failed trial. They were reassessing the competitive field around a drug BridgeBio already sells.
2 months ago
