BridgeBio Pharma (NASDAQ:BBIO) Coverage Initiated by Analysts at Wolfe Research

Equities research analysts at Wolfe Research started coverage on shares of BridgeBio Pharma (NASDAQ:BBIO) in a report issued on Tuesday, Marketbeat Ratings reports. The firm set an “outperform” rating and a $49.00 price target on the stock. Wolfe Research’s target price points to a potential upside of 22.50% from the stock’s previous close.

Several other brokerages also recently weighed in on BBIO. Citigroup increased their price target on BridgeBio Pharma from $45.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Scotiabank raised their target price on BridgeBio Pharma from $52.00 to $55.00 and gave the stock a “sector outperform” rating in a report on Wednesday, April 30th. Redburn Atlantic initiated coverage on BridgeBio Pharma in a research report on Monday, March 31st. They set a “buy” rating and a $50.00 price target for the company. UBS Group upped their price objective on BridgeBio Pharma from $65.00 to $72.00 and gave the stock a “buy” rating in a research report on Wednesday, April 30th. Finally, Wall Street Zen raised shares of BridgeBio Pharma from a “sell” rating to a “hold” rating in a research note on Saturday, June 7th. Two analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $56.67.

BridgeBio Pharma Stock Performance

Shares of BBIO stock opened at $40.00 on Tuesday. BridgeBio Pharma has a fifty-two week low of $21.62 and a fifty-two week high of $41.71. The firm has a market capitalization of $7.60 billion, a price-to-earnings ratio of -11.33 and a beta of 1.10. The stock’s 50-day simple moving average is $35.80 and its 200-day simple moving average is $33.36.

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

Insider Activity

In other news, CAO Maricel Apuli sold 1,026 shares of BridgeBio Pharma stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $38.51, for a total value of $39,511.26. Following the completion of the sale, the chief accounting officer now directly owns 147,639 shares of the company’s stock, valued at approximately $5,685,577.89. The trade was a 0.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Neil Kumar sold 75,000 shares of BridgeBio Pharma stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $36.87, for a total value of $2,765,250.00. Following the completion of the transaction, the chief executive officer now directly owns 4,948,447 shares of the company’s stock, valued at approximately $182,449,240.89. This represents a 1.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,396,474 shares of company stock valued at $219,332,971 in the last 90 days. Company insiders own 18.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of BBIO. Farallon Capital Management LLC raised its holdings in shares of BridgeBio Pharma by 140.1% in the 4th quarter. Farallon Capital Management LLC now owns 4,195,000 shares of the company’s stock valued at $115,111,000 after purchasing an additional 2,448,000 shares in the last quarter. Driehaus Capital Management LLC purchased a new position in BridgeBio Pharma in the first quarter valued at $51,874,000. Invesco Ltd. raised its stake in BridgeBio Pharma by 147.0% in the first quarter. Invesco Ltd. now owns 2,206,163 shares of the company’s stock valued at $76,267,000 after buying an additional 1,313,036 shares in the last quarter. Woodline Partners LP lifted its holdings in BridgeBio Pharma by 132.9% during the 4th quarter. Woodline Partners LP now owns 2,211,521 shares of the company’s stock worth $60,684,000 after buying an additional 1,261,772 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in shares of BridgeBio Pharma by 4,544.6% during the 1st quarter. Assenagon Asset Management S.A. now owns 1,120,933 shares of the company’s stock worth $38,751,000 after acquiring an additional 1,096,799 shares in the last quarter. 99.85% of the stock is 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.