BridgeBio Pharma (NASDAQ:BBIO) Earns “Buy” Rating from Bank of America

Bank of America reiterated their buy rating on shares of BridgeBio Pharma (NASDAQ:BBIO) in a report released on Wednesday, Benzinga reports. The brokerage currently has a $42.00 price target on the stock.

Several other research analysts have also recently commented on the company. JPMorgan Chase & Co. reduced their target price on BridgeBio Pharma from $46.00 to $43.00 and set an overweight rating for the company in a research report on Wednesday, August 7th. Evercore ISI reduced their target price on BridgeBio Pharma from $50.00 to $45.00 and set an outperform rating for the company in a research report on Wednesday, August 7th. HC Wainwright reaffirmed a buy rating and issued a $43.00 target price on shares of BridgeBio Pharma in a research report on Tuesday, September 3rd. UBS Group reduced their target price on BridgeBio Pharma from $51.00 to $47.00 and set a buy rating for the company in a research report on Tuesday, May 28th. Finally, Cantor Fitzgerald reaffirmed an overweight rating and issued a $70.00 target price on shares of BridgeBio Pharma in a research report on Monday, September 9th. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $47.92.

BridgeBio Pharma Trading Down 2.9 %

BBIO opened at $26.18 on Wednesday. BridgeBio Pharma has a 1-year low of $21.62 and a 1-year high of $44.32. The stock has a market capitalization of $4.90 billion, a price-to-earnings ratio of -8.13 and a beta of 1.07. The business has a 50 day moving average of $26.50 and a 200-day moving average of $27.42.

BridgeBio Pharma (NASDAQ:BBIO) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.39) earnings per share for the quarter, beating the consensus estimate of ($1.00) by $0.61. The business had revenue of $2.17 million during the quarter, compared to the consensus estimate of $3.96 million. During the same period in the prior year, the company posted ($0.98) earnings per share. The firm’s revenue was up 32.1% compared to the same quarter last year. Equities analysts predict that BridgeBio Pharma will post -2.49 EPS for the current year.

Insider Activity

In other news, CEO Neil Kumar sold 27,389 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 4,897,443 shares in the company, valued at $120,917,867.67. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CFO Brian C. Stephenson sold 4,155 shares of BridgeBio Pharma stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $24.69, for a total value of $102,586.95. Following the completion of the sale, the chief financial officer now directly owns 85,192 shares in the company, valued at $2,103,390.48. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Neil Kumar sold 27,389 shares of BridgeBio Pharma stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $24.69, for a total value of $676,234.41. Following the completion of the sale, the chief executive officer now owns 4,897,443 shares of the company’s stock, valued at $120,917,867.67. The disclosure for this sale can be found here. 24.66% of the stock is currently owned by corporate insiders.

Institutional Trading of BridgeBio Pharma

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in BridgeBio Pharma by 3.3% in the first quarter. Vanguard Group Inc. now owns 13,222,126 shares of the company’s stock worth $408,828,000 after purchasing an additional 421,832 shares during the period. Frazier Life Sciences Management L.P. increased its position in BridgeBio Pharma by 6.4% in the second quarter. Frazier Life Sciences Management L.P. now owns 3,632,604 shares of the company’s stock worth $92,014,000 after purchasing an additional 217,000 shares during the period. Janus Henderson Group PLC increased its position in BridgeBio Pharma by 189.7% in the first quarter. Janus Henderson Group PLC now owns 3,312,706 shares of the company’s stock worth $102,402,000 after purchasing an additional 2,169,143 shares during the period. Capital Research Global Investors increased its position in BridgeBio Pharma by 101.1% in the first quarter. Capital Research Global Investors now owns 2,212,085 shares of the company’s stock worth $68,398,000 after purchasing an additional 1,111,975 shares during the period. Finally, Ensign Peak Advisors Inc boosted its holdings in BridgeBio Pharma by 44.5% during the second quarter. Ensign Peak Advisors Inc now owns 1,646,202 shares of the company’s stock worth $41,698,000 after buying an additional 506,845 shares during the last quarter. 99.85% of the stock is currently owned by institutional investors and hedge funds.

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.