BridgeBio shares slip as 2031 drug pricing risk pops up
BridgeBio Pharma shares slipped Tuesday after Raymond James lowered its rating on the genetic-medicine firm. The move puts more attention on market risk around Attruby, BridgeBio’s heart drug, as investors look ahead to insurers’ stance if a cheaper generic linked to Pfizer’s Vyndamax approaches. BridgeBio shares dropped 2.8% to $67.18 in late morning trade, putting its market cap near $13.1 billion. The stock hit a low of $66.57. The SPDR S&P Biotech ETF gained 1.1%, while the iShares Nasdaq Biotechnology ETF was up 0.4%. BridgeBio lagged the sector as U.S. equity markets came back after the Memorial Day holiday on Monday.