BridgeBio Pharma (NASDAQ:BBIO – Free Report) had its price target raised by TD Cowen from $95.00 to $110.00 in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.
Several other equities analysts also recently weighed in on the company. Raymond James Financial downgraded BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 26th. Piper Sandler upped their price objective on BridgeBio Pharma from $111.00 to $115.00 and gave the company an “overweight” rating in a research report on Tuesday. Canaccord Genuity Group assumed coverage on BridgeBio Pharma in a research note on Wednesday, June 3rd. They set a “buy” rating and a $104.00 price objective on the stock. Weiss Ratings reiterated a “sell (d)” rating on shares of BridgeBio Pharma in a research report on Friday, May 15th. Finally, Citigroup boosted their target price on shares of BridgeBio Pharma from $82.00 to $93.00 and gave the company a “neutral” rating in a research note on Thursday, July 16th. Twenty research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $100.79.
Check Out Our Latest Stock Report on BridgeBio Pharma
BridgeBio Pharma Price Performance
BridgeBio Pharma (NASDAQ:BBIO – Get Free Report) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.58) by ($0.20). The company had revenue of $243.68 million during the quarter, compared to analysts’ expectations of $220.91 million. During the same period in the prior year, the company earned ($0.95) EPS. BridgeBio Pharma’s revenue was up 120.4% on a year-over-year basis. As a group, sell-side analysts anticipate that BridgeBio Pharma will post -2.54 earnings per share for the current year.
Insider Activity
In related news, Director Andrea Ellis sold 17,167 shares of the stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $84.00, for a total transaction of $1,442,028.00. Following the transaction, the director directly owned 22,579 shares in the company, valued at approximately $1,896,636. This represents a 43.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jennifer E. Cook sold 148,589 shares of the firm’s stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $88.54, for a total value of $13,156,070.06. Following the completion of the sale, the director directly owned 8,383 shares in the company, valued at approximately $742,230.82. The trade was a 94.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 382,117 shares of company stock valued at $29,263,200 in the last three months. Company insiders own 14.23% of the company’s stock.
Institutional Investors Weigh In On BridgeBio Pharma
A number of institutional investors have recently bought and sold shares of BBIO. Silvant Capital Management LLC acquired a new position in BridgeBio Pharma during the second quarter worth approximately $28,000. Allworth Financial LP purchased a new position in BridgeBio Pharma during the second quarter worth approximately $31,000. Harvest Fund Management Co. Ltd acquired a new position in shares of BridgeBio Pharma in the 3rd quarter valued at $34,000. Jones Financial Companies Lllp acquired a new position in shares of BridgeBio Pharma in the 1st quarter valued at $35,000. Finally, Farther Finance Advisors LLC grew its stake in shares of BridgeBio Pharma by 91.4% during the 4th quarter. Farther Finance Advisors LLC now owns 513 shares of the company’s stock valued at $39,000 after buying an additional 245 shares during the period. 99.85% of the stock is currently owned by hedge funds and other institutional investors.
Key Stories Impacting BridgeBio Pharma
Here are the key news stories impacting BridgeBio Pharma this week:
- Positive Sentiment: Analysts continued to raise their valuation expectations. JPMorgan increased its price target to $111 from $100 and maintained an “overweight” rating; TD Cowen lifted its target to $110; Truist raised its target to $107 and Canaccord Genuity increased its target to $106, with both firms maintaining “buy” ratings. Benzinga analyst updates
- Positive Sentiment: Wells Fargo and Piper Sandler analysts reportedly expect BBIO shares to rise, reinforcing the constructive Wall Street view. Wells Fargo forecast Piper Sandler forecast
- Positive Sentiment: Q2 earnings-call highlights pointed to strong commercial momentum for Attruby, with sales reportedly surging 211%, while BridgeBio continues advancing its development pipeline. BridgeBio Q2 earnings call highlights
- Neutral Sentiment: Morgan Stanley issued a more pessimistic forecast, providing a counterpoint to the cluster of bullish analyst target increases. Morgan Stanley forecast
- Negative Sentiment: KKR Genetic Disorder L.P. launched a secondary offering of 5 million BBIO shares. BridgeBio is not selling stock and will receive no proceeds, so the transaction is not directly dilutive; however, the additional shares available for trading may weigh on the stock through increased supply and investor concerns about insider or sponsor selling. BridgeBio secondary offering announcement
BridgeBio Pharma Company Profile
BridgeBio Pharma, Inc is a clinical-stage biopharmaceutical company headquartered in Palo Alto, California. Founded in 2015 by Neil Kumar, the company is dedicated to discovering, developing and delivering transformative medicines for patients with genetic diseases and cancers. BridgeBio operates an integrated model that spans target identification, preclinical research, clinical development and commercialization, aiming to streamline the process from bench to bedside.
BridgeBio’s pipeline comprises multiple therapeutic modalities, including small molecules, biologics and genetic therapies.
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