Jun. 8 at 2:15 PM
Mizuho reiterated
$BBIO Outperform;
$106 and said: The Russell US Indexes reconstitution will take effect after market close on June 26th.
$PFE $ALNY
Mizuho added—With a market cap of
$13BN+ (more than double the
$5.7BN breakpoint), BridgeBio will very likely graduate from the Russell 2000 (R2000) to the Russell 1000 (R1000) (final preliminary list gets published June 18th).
We view the expected graduation to the R1000 as a potential long-term positive for the stock, as it expands BridgeBio's investable universe (vast majority of the Russell
$12.2TN indexes' benchmarked assets is to the R1000).
That said, we recognize there is a technical dynamic to work through around the June 26 effective date.
However, this dynamic is purely technical and bears no relation to the company's fundamentals, pipeline, or commercial outlook. We believe that any such potential transient weakness could represent a potential entry point opportunity.
