BridgeBio (BBIO) a hot Bio to start 2025 worth a closer look with the recent opening sale of 2500 January 2026 $30 puts and in December saw buyers of 6000 May $30 calls that are already up over 100% and valued over $4M. BBIO does have plenty of short call open interest in January 2026 $35 and $55 strikes from adjustments that are likely a long-term owner willing to get called away.

BBIO with a $6.4B market cap trades just 3.9X FY27 sales estimates, short interest elevated at 10.2% of the float. Attruby is a key product launch in 2025 and also has pipeline updates due throughout the year. BridgeBio priced Attruby at $225,000 per year, below the $270,000 per year for tafamidis which Pfizer makes.

BBIO is not a commercial launch story and positioned for positive news flow from the launch while also opening it up for potential M&A interest. Bloomberg reported in 2023 that BBIO was drawing M&A interest but wanted to await upside from development readouts. Management notes “We think there’s a lot of room for a multiplicity of players within this landscape, and we believe this market tops out in the $15 billion to $20 billion range.”

From its latest call

“The first is quite simple. The provision of compelling clinical data starts with three numbers: 3, 42, 50. As early as three months, we find our therapy having effect on the most important endpoint in this phase, which is the combination of cardiovascular hospitalization and death. This is the earliest that we have observed any therapy having action within the ATTR-CM space. At 30 months, a 42% relative risk reduction against that very same endpoint, again, a magnitude that we have not observed with other products within this space. And finally, a 50% reduction in cardiovascular hospitalization, suggesting that Attruby might not only help people live longer, but it may help people live better lives outside of the context of the hospital.”