BridgeBio Oncology: Initiating Overweight - Defining the Next KRAS Era: Early Differentiation with ON/OFF Inhibition

研报英文原文证据摘录

BridgeBio Oncology: Initiating Overweight - Defining the Next KRAS Era: Early Differentiation with ON/OFF Inhibition

J P M O R G A N North America Equity Research

08 July 2026

Initiation

BridgeBio Oncology Overweight

BBOT, BBOT US

Initiating Overweight - Defining the Next KRAS Era: Price (07 Jul 26):$8.29

Early Differentiation with ON/OFF Inhibition Price Target (Dec-27):$27.00

We are initiating coverage of BridgeBio Oncology (BBOT) with an SMid Biotechnology

ACOverweight rating and a December 2027 price target of $27. In our view, Priyanka Grover, Ph.D.

BridgeBio Oncology’s differentiated next-generation precision oncology (1-212) 622-5534

approach targeting the RAS and PI3Kα pathways creates an attractive early entry priyanka.grover@jpmchase.com

point as we await additional early-stage data. We have a positive outlook on using Anupam Rama

specific next-generation ON / OFF inhibitors to target mutant KRAS in both on and (1-212) 622-0900

off states in cancers, which is based on the validated molecular biology and the anupam.rama@jpmorgan.com

J.P. Morgan Securities LLC

evolving competitive race. Indeed, initial phase 1 data readouts from the BBO-

8520 (KRAS G12C ON / OFF inhibitor), BBO-11818 (pan-KRAS ON / OFF

inhibitor), and BBO-10203 (RAS:PI3Kα breaker) provide early encouraging data Quarterly Forecasts (FYE Dec)

on safety and efficacy. The additional 2H26 updates in all three programs create an Adj. EPS ($)

attractive early entry point as the current valuation of BBOT shares offers exposure 2025A 2026E 2027E

to potential upside throughout the rest of the year. We see additional upside through Q1 (0.53)A

Q2 (0.54)

potential better selectivity, tolerability, and combination use compared to approved Q3 (1.03) (0.55)

and investigational drugs.