BridgeBio Pharma (NASDAQ:BBIO – Free Report) had its price target boosted by Truist Financial from $102.00 to $107.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.
Other analysts also recently issued research reports about the company. HC Wainwright boosted their price objective on BridgeBio Pharma from $110.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, July 13th. JPMorgan Chase & Co. upped their target price on BridgeBio Pharma from $100.00 to $111.00 and gave the company an “overweight” rating in a report on Wednesday. Mizuho reduced their price target on shares of BridgeBio Pharma from $106.00 to $96.00 and set an “outperform” rating for the company in a research report on Tuesday, June 16th. Raymond James Financial cut shares of BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 26th. Finally, Citigroup boosted their price objective on shares of BridgeBio Pharma from $82.00 to $93.00 and gave the company a “neutral” rating in a research report on Thursday, July 16th. Twenty analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, BridgeBio Pharma presently has an average rating of “Moderate Buy” and a consensus target price of $100.79.
Get Our Latest Analysis on BridgeBio Pharma
BridgeBio Pharma Stock Performance
BridgeBio Pharma (NASDAQ:BBIO – Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.78) EPS for the quarter, missing the consensus estimate of ($0.58) by ($0.20). The business had revenue of $243.68 million for the quarter, compared to the consensus estimate of $220.91 million. During the same quarter in the prior year, the firm earned ($0.95) EPS. The company’s revenue for the quarter was up 120.4% compared to the same quarter last year. Analysts predict that BridgeBio Pharma will post -2.6 EPS for the current year.
Insider Activity at BridgeBio Pharma
In other news, CEO Neil Kumar sold 40,000 shares of the firm’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $67.46, for a total value of $2,698,400.00. Following the transaction, the chief executive officer directly owned 535,686 shares in the company, valued at $36,137,377.56. This trade represents a 6.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Andrea Ellis sold 17,167 shares of the firm’s stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $84.00, for a total value of $1,442,028.00. Following the sale, the director directly owned 22,579 shares in the company, valued at approximately $1,896,636. This represents a 43.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 382,117 shares of company stock worth $29,263,200. 14.23% of the stock is owned by company insiders.
Hedge Funds Weigh In On BridgeBio Pharma
A number of hedge funds and other institutional investors have recently bought and sold shares of BBIO. Hsbc Holdings PLC increased its position in BridgeBio Pharma by 139.4% during the 1st quarter. Hsbc Holdings PLC now owns 32,708 shares of the company’s stock worth $2,431,000 after buying an additional 19,043 shares during the period. Geode Capital Management LLC grew its holdings in BridgeBio Pharma by 12.9% during the 4th quarter. Geode Capital Management LLC now owns 4,412,523 shares of the company’s stock worth $344,689,000 after acquiring an additional 502,582 shares during the last quarter. Nan Fung Trinity HK Ltd. acquired a new position in BridgeBio Pharma in the 4th quarter valued at approximately $8,422,000. Assetmark Inc. raised its stake in shares of BridgeBio Pharma by 423.7% during the first quarter. Assetmark Inc. now owns 20,790 shares of the company’s stock valued at $1,544,000 after acquiring an additional 16,820 shares during the last quarter. Finally, GW&K Investment Management LLC lifted its holdings in shares of BridgeBio Pharma by 4.7% during the fourth quarter. GW&K Investment Management LLC now owns 626,122 shares of the company’s stock worth $47,892,000 after purchasing an additional 27,885 shares during the period. Institutional investors own 99.85% of the company’s stock.
BridgeBio Pharma News Summary
Here are the key news stories impacting BridgeBio Pharma this week:
- Positive Sentiment: BridgeBio priced the oversubscribed sale of 5 million shares by KKR Genetic Disorder L.P. The company said the offering should diversify its institutional shareholder base and support greater long-term ownership. BridgeBio Pharma Announces Pricing of Oversubscribed Secondary Offering
- Positive Sentiment: Analyst sentiment remains broadly constructive. Truist raised its price target to $107, while TD Cowen lifted its target to $110; Canaccord Genuity, JPMorgan, Wells Fargo and Piper Sandler analysts also reportedly expect further appreciation. Truist Raises BridgeBio Price Target TD Cowen Raises BridgeBio Price Target
- Neutral Sentiment: KKR reportedly allocated nearly 60% of the offering to five firms, suggesting meaningful institutional demand and potentially reducing uncertainty around the resale. KKR Assigned BridgeBio Stock Sale to Five Firms
- Negative Sentiment: The 5 million-share secondary offering creates a near-term supply overhang, particularly because the company will not benefit financially from the sale. KKR’s decision to sell may also prompt investor concerns about shareholder support, even though the offering is not a new issuance by BridgeBio. BridgeBio Launches Secondary Offering
- Negative Sentiment: Morgan Stanley issued a pessimistic forecast, providing a counterweight to the otherwise favorable analyst commentary. Morgan Stanley BridgeBio Forecast
About BridgeBio Pharma
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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