BridgeBio Pharma (NASDAQ:BBIO) Reaches New 52-Week High – Still a Buy?

BridgeBio Pharma, Inc. (NASDAQ:BBIO)’s stock price hit a new 52-week high on Thursday . The company traded as high as $86.50 and last traded at $87.3180, with a volume of 628774 shares trading hands. The stock had previously closed at $78.33.

Key Stories Impacting BridgeBio Pharma

Here are the key news stories impacting BridgeBio Pharma this week:

• Positive Sentiment: A rival’s phase III clinical setback appears to have strengthened confidence in BridgeBio’s ATTR-CM franchise, helping BBIO reach a 52-week high. How a Rival’s Clinical Setback Sent BBIO Stock to a 52-Week High
• Positive Sentiment: BBIO saw unusual options activity, with call volume surging well above normal, suggesting traders are positioning for more upside.
• Neutral Sentiment: BridgeBio announced inducement grants of restricted stock units to 37 new employees, a routine hiring-related equity award that adds to share count but is not a major operating update. BridgeBio Pharma Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)
• Neutral Sentiment: Short-interest data showed no meaningful change, so it does not appear to be influencing the stock today.
• Negative Sentiment: One analyst note cautioned that the stock’s recent surge may not have strong support from earnings estimate revisions, which could limit follow-through if momentum fades. BridgeBio Pharma (BBIO) Moves 15.1% Higher: Will This Strength Last?

Analyst Ratings Changes

A number of research analysts have issued reports on BBIO shares. Citigroup assumed coverage on BridgeBio Pharma in a report on Tuesday, May 19th. They set a “neutral” rating and a $82.00 price objective for the company. Raymond James Financial lowered shares of BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 26th. Canaccord Genuity Group started coverage on BridgeBio Pharma in a research report on Wednesday, June 3rd. They set a “buy” rating and a $104.00 price target on the stock. Morgan Stanley raised their price target on BridgeBio Pharma from $94.00 to $98.00 and gave the company an “overweight” rating in a report on Thursday, May 28th. Finally, Mizuho reduced their price objective on BridgeBio Pharma from $106.00 to $96.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 16th. Twenty-one investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $92.90.

BridgeBio Pharma Stock Performance

The stock has a market capitalization of $16.82 billion, a P/E ratio of -22.97 and a beta of 0.95. The stock has a 50-day simple moving average of $69.76 and a 200 day simple moving average of $72.13.

BridgeBio Pharma (NASDAQ:BBIO) last released its earnings results on Thursday, May 7th. The company reported ($0.84) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.14). The firm had revenue of $194.51 million during the quarter, compared to the consensus estimate of $178.07 million. The firm’s revenue was up 66.8% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.88) EPS. Equities analysts predict that BridgeBio Pharma, Inc. will post -2.29 earnings per share for the current year.

Insider Activity at BridgeBio Pharma

In related news, Director Jennifer E. Cook sold 37,167 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $70.00, for a total transaction of $2,601,690.00. Following the completion of the sale, the director directly owned 8,383 shares of the company’s stock, valued at $586,810. The trade was a 81.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Neil Kumar sold 40,000 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $67.46, for a total transaction of $2,698,400.00. Following the completion of the transaction, the chief executive officer owned 535,686 shares in the company, valued at $36,137,377.56. This represents a 6.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 266,361 shares of company stock worth $18,035,642 over the last 90 days. Insiders own 14.23% of the company’s stock.

Institutional Investors Weigh In On BridgeBio Pharma

Institutional investors have recently made changes to their positions in the stock. Global Retirement Partners LLC lifted its stake in BridgeBio Pharma by 271.5% in the fourth quarter. Global Retirement Partners LLC now owns 509 shares of the company’s stock valued at $39,000 after buying an additional 372 shares during the period. Farther Finance Advisors LLC grew its position in shares of BridgeBio Pharma by 91.4% during the 4th quarter. Farther Finance Advisors LLC now owns 513 shares of the company’s stock worth $39,000 after buying an additional 245 shares during the period. Kemnay Advisory Services Inc. bought a new stake in shares of BridgeBio Pharma in the 4th quarter valued at about $41,000. Cary Street Partners Investment Advisory LLC increased its stake in shares of BridgeBio Pharma by 861.0% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 567 shares of the company’s stock valued at $43,000 after acquiring an additional 508 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in shares of BridgeBio Pharma in the 4th quarter valued at approximately $44,000. 99.85% of the stock is owned by institutional investors and hedge funds.

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.