BridgeBio Pharma (NASDAQ:BBIO) Sets New 52-Week High Following Analyst Upgrade

BridgeBio Pharma, Inc. (NASDAQ:BBIO) reached a new 52-week high during mid-day trading on Monday after Leerink Partners raised their price target on the stock from $75.00 to $86.00. Leerink Partners currently has an outperform rating on the stock. BridgeBio Pharma traded as high as $75.61 and last traded at $74.8140, with a volume of 406545 shares changing hands. The stock had previously closed at $75.15.

Other equities analysts have also issued research reports about the company. Raymond James Financial reiterated an “outperform” rating and set a $71.00 price objective (up previously from $69.00) on shares of BridgeBio Pharma in a research note on Thursday, October 30th. The Goldman Sachs Group raised their target price on BridgeBio Pharma from $55.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. Cowen reissued a “positive” rating on shares of BridgeBio Pharma in a report on Thursday, October 30th. HC Wainwright reaffirmed a “buy” rating and set a $90.00 price objective on shares of BridgeBio Pharma in a research note on Monday, November 3rd. Finally, JPMorgan Chase & Co. boosted their target price on shares of BridgeBio Pharma from $76.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, November 7th. Twenty-one research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $76.25.

Insider Buying and Selling

In other news, CAO Maricel Apuli sold 2,000 shares of the business’s stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $74.26, for a total transaction of $148,520.00. Following the completion of the sale, the chief accounting officer owned 130,297 shares of the company’s stock, valued at $9,675,855.22. The trade was a 1.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Andrew Lo sold 55,000 shares of the company’s stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $65.69, for a total transaction of $3,612,950.00. Following the transaction, the director owned 50,583 shares of the company’s stock, valued at approximately $3,322,797.27. This trade represents a 52.09% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 587,215 shares of company stock worth $38,801,501 in the last 90 days. 18.20% of the stock is owned by insiders.

Hedge Funds Weigh In On BridgeBio Pharma

A number of hedge funds have recently made changes to their positions in BBIO. Norges Bank acquired a new stake in shares of BridgeBio Pharma in the second quarter worth approximately $84,488,000. Driehaus Capital Management LLC purchased a new position in BridgeBio Pharma in the 1st quarter valued at $51,874,000. Invesco Ltd. boosted its stake in BridgeBio Pharma by 40.3% during the 3rd quarter. Invesco Ltd. now owns 3,928,657 shares of the company’s stock worth $204,054,000 after purchasing an additional 1,127,592 shares during the last quarter. Polar Capital Holdings Plc purchased a new stake in shares of BridgeBio Pharma during the third quarter worth $50,956,000. Finally, Wellington Management Group LLP grew its holdings in shares of BridgeBio Pharma by 1,698.5% during the third quarter. Wellington Management Group LLP now owns 1,019,194 shares of the company’s stock worth $52,937,000 after buying an additional 962,525 shares in the last quarter. Institutional investors and hedge funds own 99.85% of the company’s stock.

BridgeBio Pharma Stock Down 1.2%

The stock’s 50-day moving average price is $64.92 and its 200 day moving average price is $53.41. The firm has a market capitalization of $14.41 billion, a price-to-earnings ratio of -17.89 and a beta of 1.26.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings data on Wednesday, October 29th. The company reported ($0.95) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.88) by ($0.07). The company had revenue of $120.70 million for the quarter, compared to the consensus estimate of $107.71 million. The company’s quarterly revenue was up 4318.0% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.86) earnings per share. On average, sell-side analysts anticipate that BridgeBio Pharma, Inc. will post -3.67 earnings per share for the current year.

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.