BridgeBio Pharma (NASDAQ:BBIO) Research Coverage Started at Raymond James Financial

Raymond James Financial assumed coverage on shares of BridgeBio Pharma (NASDAQ:BBIO) in a report published on Wednesday. The firm issued an outperform rating and a $56.00 price objective on the stock.

Several other research firms have also recently commented on BBIO. Bank of America increased their price target on shares of BridgeBio Pharma from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, June 25th. Scotiabank lifted their target price on BridgeBio Pharma from $52.00 to $55.00 and gave the company a “sector outperform” rating in a research note on Wednesday, April 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $95.00 price target on shares of BridgeBio Pharma in a report on Tuesday. UBS Group raised their target price on shares of BridgeBio Pharma from $65.00 to $72.00 and gave the company a “buy” rating in a research note on Wednesday, April 30th. Finally, Oppenheimer upgraded shares of BridgeBio Pharma from a “market perform” rating to an “outperform” rating and set a $60.00 price objective on the stock in a report on Wednesday, July 9th. One analyst has rated the stock with a sell rating and seventeen have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $61.18.

BridgeBio Pharma Stock Performance

Shares of BBIO opened at $47.37 on Wednesday. The company has a market cap of $8.99 billion, a price-to-earnings ratio of -13.42 and a beta of 1.23. The stock has a fifty day moving average price of $42.30 and a two-hundred day moving average price of $37.05. BridgeBio Pharma has a 52-week low of $21.72 and a 52-week high of $48.68.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings results on Tuesday, April 29th. The company reported ($0.88) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.00) by $0.12. The business had revenue of $36.74 million during the quarter, compared to the consensus estimate of $57.14 million. During the same period in the prior year, the firm earned ($0.20) earnings per share. The business’s quarterly revenue was down 44.8% compared to the same quarter last year. As a group, research analysts predict that BridgeBio Pharma will post -3.67 EPS for the current fiscal year.

Insider Transactions at BridgeBio Pharma

In other news, Director Frank Mccormick sold 100,000 shares of the stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $44.23, for a total transaction of $4,423,000.00. Following the completion of the transaction, the director directly owned 879,979 shares in the company, valued at $38,921,471.17. This represents a 10.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the company’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $34.20, for a total value of $205,200,000.00. Following the sale, the insider owned 13,260,971 shares in the company, valued at $453,525,208.20. The trade was a 31.15% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,750,155 shares of company stock worth $369,080,403. 18.20% of the stock is owned by insiders.

Hedge Funds Weigh In On BridgeBio Pharma

A number of institutional investors have recently added to or reduced their stakes in BBIO. Capital Research Global Investors increased its stake in shares of BridgeBio Pharma by 34.9% during the 4th quarter. Capital Research Global Investors now owns 3,526,747 shares of the company’s stock worth $96,774,000 after purchasing an additional 912,439 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in BridgeBio Pharma by 29.4% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 30,802 shares of the company’s stock valued at $1,065,000 after purchasing an additional 6,997 shares during the last quarter. GAMMA Investing LLC boosted its position in BridgeBio Pharma by 71.0% during the first quarter. GAMMA Investing LLC now owns 920 shares of the company’s stock worth $32,000 after purchasing an additional 382 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in shares of BridgeBio Pharma in the first quarter valued at $251,000. Finally, Legal & General Group Plc raised its position in shares of BridgeBio Pharma by 2.8% in the fourth quarter. Legal & General Group Plc now owns 134,038 shares of the company’s stock valued at $3,678,000 after purchasing an additional 3,706 shares during the period. 99.85% of the stock is currently owned by institutional investors and hedge funds.

About BridgeBio Pharma

BridgeBio Pharma, Inc, a commercial-stage biopharmaceutical company, discovers, creates, tests, and delivers transformative medicines to treat patients who suffer from genetic diseases and cancers. Its products in development programs include AG10, a next-generation oral small molecule near-complete TTR stabilizer that is in Phase 3 clinical trial for the treatment of TTR amyloidosis, or transthyretin amyloid cardiomyopathy (ATTR-CM); low-dose infigratinib, an oral FGFR1-3 selective tyrosine kinase inhibitor, which is in Phase 3 double-blinded, placebo-controlled pivotal study for the treatment option for children with achondroplasia; and BBP-631, an AAV5 gene transfer product candidate that is in Phase 1/2 clinical trial for the treatment of congenital adrenal hyperplasia, or CAH, driven by 21-hydroxylase deficiency, or 21OHD.