BridgeBio Pharma (NASDAQ:BBIO) Stock Price Up 8.3% – Here’s Why

Shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) rose 8.3% during mid-day trading on Friday . The company traded as high as $25.45 and last traded at $25.36. Approximately 708,753 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 1,841,964 shares. The stock had previously closed at $23.41.

Analyst Ratings Changes

A number of research firms have weighed in on BBIO. Bank of America reiterated a “buy” rating and set a $42.00 price objective on shares of BridgeBio Pharma in a research note on Wednesday, September 11th. HC Wainwright restated a “buy” rating and set a $43.00 target price on shares of BridgeBio Pharma in a research report on Friday, October 25th. Oppenheimer began coverage on BridgeBio Pharma in a research report on Thursday, October 3rd. They set a “market perform” rating on the stock. Leerink Partners dropped their target price on BridgeBio Pharma from $47.00 to $46.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. Finally, Piper Sandler began coverage on BridgeBio Pharma in a research report on Wednesday, September 4th. They set an “overweight” rating and a $46.00 target price on the stock. Two research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

BridgeBio Pharma Stock Performance

The stock has a market cap of $4.75 billion, a PE ratio of -9.39 and a beta of 1.08. The company’s 50-day moving average price is $25.99 and its 200 day moving average price is $26.39.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.39) EPS for the quarter, beating the consensus estimate of ($1.00) by $0.61. The firm had revenue of $2.17 million for the quarter, compared to analysts’ expectations of $3.96 million. The firm’s quarterly revenue was up 32.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.98) EPS. As a group, equities research analysts predict that BridgeBio Pharma, Inc. will post -2.59 earnings per share for the current fiscal year.

Insider Buying and Selling at BridgeBio Pharma

In other BridgeBio Pharma news, CEO Neil Kumar sold 27,389 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $24.69, for a total value of $676,234.41. Following the sale, the chief executive officer now owns 4,897,443 shares of the company’s stock, valued at $120,917,867.67. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $25.75, for a total transaction of $149,350,000.00. Following the completion of the transaction, the insider now owns 25,260,971 shares in the company, valued at approximately $650,470,003.25. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Neil Kumar sold 27,389 shares of the business’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $24.69, for a total transaction of $676,234.41. Following the transaction, the chief executive officer now owns 4,897,443 shares of the company’s stock, valued at approximately $120,917,867.67. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,831,544 shares of company stock valued at $150,128,821 over the last quarter. 24.66% of the stock is owned by company insiders.

Hedge Funds Weigh In On BridgeBio Pharma

Several large investors have recently bought and sold shares of BBIO. Capstone Investment Advisors LLC acquired a new position in BridgeBio Pharma in the first quarter valued at $2,583,000. Swiss National Bank raised its holdings in shares of BridgeBio Pharma by 17.0% in the first quarter. Swiss National Bank now owns 206,000 shares of the company’s stock valued at $6,370,000 after buying an additional 29,900 shares during the last quarter. ProShare Advisors LLC raised its holdings in shares of BridgeBio Pharma by 10.7% in the first quarter. ProShare Advisors LLC now owns 33,281 shares of the company’s stock valued at $1,029,000 after buying an additional 3,209 shares during the last quarter. State Board of Administration of Florida Retirement System raised its holdings in shares of BridgeBio Pharma by 8.9% in the first quarter. State Board of Administration of Florida Retirement System now owns 35,583 shares of the company’s stock valued at $1,100,000 after buying an additional 2,900 shares during the last quarter. Finally, Mizuho Markets Americas LLC raised its holdings in shares of BridgeBio Pharma by 15.4% in the first quarter. Mizuho Markets Americas LLC now owns 74,309 shares of the company’s stock valued at $2,298,000 after buying an additional 9,930 shares during the last quarter. Institutional investors and hedge funds own 99.85% of the company’s stock.

BridgeBio Pharma Company Profile

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.