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We recently published a list of 10 Firms Dominate Monday Upsurge. In this article, we are going to take a look at where BridgeBio Pharma, Inc. (NASDAQ:BBIO) stands against other firms that dominated Monday upsurge.
Ten companies—predominantly in the healthcare sector—kicked off Monday’s trading with notable gains amid a series of business updates, earnings, and acquisition deals that have fueled investor confidence.
Their gains outperformed mixed trading on Wall Street, with the Dow Jones and S&P’s main index the only gainers, up 0.86 percent and 0.16 percent, respectively. Meanwhile, the Nasdaq Composite dropped by 0.38 percent.
In this article, we will take a look at what buoyed the companies’ share prices.
To come up with Monday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A team of scientists in white lab coats reviewing lab results in a research facility.
BridgeBio Pharma, Inc. (NASDAQ:BBIO)
BridgeBio Pharma, Inc. (NASDAQ:BBIO) traded 15.99 percent higher on Monday, closing the day at $33.73 as investor sentiment was buoyed by news that its newly approved drug called Attruby has seen a substantial demand with 430 prescriptions from 248 unique healthcare providers.
The early success highlights the medical community’s recognition of the need for new treatment options for patients with this progressive, fatal disease.
In addition, BridgeBio Pharma (NASDAQ:BBIO) fully enrolled participants in three major market Phase 3 clinical trials. These include FORTIFY for the potential treatment of limb-girdle muscular dystrophy type 2I/R9 (LGMD2I/R9); CALIBRATE for autosomal dominant hypocalcemia type 1 (ADH1); and PROPEL 3 for achondroplasia.
Each trial is expected to complete its last patient visit and release the results in the second half of the year.
Overall, BBIO ranks 4th on our list of firms that dominate Monday upsurge. While we acknowledge the potential of BBIO, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than BBIO but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.