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BridgeBio stock is soaring Monday.
Dreamstime
BridgeBio Pharma
stock was soaring after the biopharmaceutical company reported positive results in a Phase two clinical trial for an experimental treatment for achondroplasia, the most common type of short-limbed dwarfism.
On Monday, BridgeBio (ticker: BBIO) said in a news release that its experimental drug Infigratinib showed an annualized improvement of 3.03 centimeters in so-called height velocity, or gains in height, in a study including 10 children.
Based on these results, BridgeBio says it has started enrolling children in the run-in for a Phase 3 trial.
“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,” Chief Executive Neil Kumar said in the news release.
Shares of BridgeBio were on pace for their largest percent increase on record, soaring 71% Monday to $18.47, according to Dow Jones Market Data. The stock has jumped 145% this year.
BioMarin Pharmaceutical
(BMRN) shares were down 5.5% following the news to $95.64. If the stock closes at that level, it would be the largest percentage decrease since October and lowest close since November 2022.
In November 2021, BioMarin said that it received approval from the Food and Drug Administration for Voxzogo, a treatment for children with achondroplasia. The introduction of another drug in this market would means competition for BioMarin. The company earned $67 million from Voxzogo in its fourth quarter.
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