BridgeBio Pharma (BBIO) beat Wall Street expectations in a study of children with dwarfism, leading BBIO shares to explode in massive volume.
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The company tested a drug called infigratinib in children with achondroplasia, a genetic condition that slows bone growth. At six months, eight out of 10 children responded to treatment. The group had an annualized height velocity of 3.03 centimeters. Analysts had expected 1.52 centimeters per year, Mizuho Securities analyst Salim Syed said in a report.
“To say the data (was) a victory may be an understatement,” he said. “We are now seeing mean annual height velocity change from baseline and in absolute terms to a whole new level.”
He observed that the results outperformed the treatments of BioMarin Pharmaceutical (BMRN) and Ascendis Pharma (ASND).
In pre-market trading on the stock market today, BBIO shares were up 63.9% near 17.78A. The stock exited a long consolidation with a buy point of 12.74, according to MarketSmith.com. BioMarin shares fell 6.1% near 95. Ascendis shares were not yet active.
More to follow.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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