Shares of BridgeBio Pharma (NASDAQ:BBIO) exceeded a three-month high on Wednesday as Piper Sandler launched its coverage with an overweight recommendation, citing a potential FDA nod for its lead asset acoramidis.

The treatment designed to treat a heart condition called ATTR amyloidosis with cardiomyopathy (ATTR-CM) is currently under FDA review, with a target action date of November 29, 2024.

“We think investors will start to focus on the launch of acoramidis in the ATTR-CM market after its anticipated approval on November 29th in the US,” Piper Sandler’s Biren Amin wrote as the reason for his bullish view.

“The US ATTR-CM market has nearly doubled over the last year, and we expect it will continue to grow and believe acoramidis can generate meaningful sales in this market,” he added with a $46 target on the stock.

The analyst also highlighted two near-term catalysts for the stock: Phase 3 data for the company’s rare-disorder therapy encaleret and its dwarfism therapy infigratinib. Those readouts are expected in 2025 and year-end BBIO)%20exceeded%20a%20three-month%20high%20on%20Wednesday%20as%20Piper%20Sandler%20launched%20its%20coverage%20with%20an%20Overweight%20recommendation%20citing%20a%20potential%20FDA%20nod%20for%20its%20lead%20asset%20acoramidis.” target=”_blank”>2025/early 2026, respectively.