BridgeBio Pharma (NASDAQ:BBIO) Stock Price Target Lowered at TD Cowen

BridgeBio Pharma (NASDAQ:BBIO) had its price target reduced by stock analysts at TD Cowen from $110.00 to $100.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen‘s price target points to a potential upside of 34.91% from the company’s previous close.

Several other equities research analysts have also recently weighed in on the company. Truist Financial increased their price objective on BridgeBio Pharma from $102.00 to $107.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Jefferies Financial Group reissued a “buy” rating on shares of BridgeBio Pharma in a research note on Monday, October 5th. Wells Fargo & Company upped their target price on BridgeBio Pharma from $98.00 to $102.00 and gave the company an “overweight” rating in a report on Tuesday, August 11th. Citigroup dropped their price target on BridgeBio Pharma from $94.00 to $91.00 and set a “neutral” rating for the company in a research note on Monday, October 19th. Finally, JPMorgan Chase & Co. lifted their price target on shares of BridgeBio Pharma from $100.00 to $111.00 and gave the company an “overweight” rating in a report on Wednesday, August 12th. Nineteen investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $104.16.

BridgeBio Pharma Stock Up 4.8%

Shares of NASDAQ:BBIO traded up $3.39 during midday trading on Friday, hitting $74.12. 3,436,374 shares of the stock traded hands, compared to its average volume of 2,890,732. The stock has a market capitalization of $14.49 billion, a PE ratio of -20.77 and a beta of 0.97. The business’s 50 day moving average is $70.43 and its two-hundred day moving average is $72.85. BridgeBio Pharma has a one year low of $60.22 and a one year high of $93.42.

BridgeBio Pharma (NASDAQ:BBIO) last posted its earnings results on Thursday, October 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $0.12. The business had revenue of $353.17 million during the quarter, compared to the consensus estimate of $293.47 million. During the same period in the previous year, the business earned ($0.95) earnings per share. The firm’s revenue for the quarter was up 192.6% compared to the same quarter last year. As a group, sell-side analysts forecast that BridgeBio Pharma will post -2.65 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Neil Kumar sold 10,000 shares of the stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $69.08, for a total transaction of $690,800.00. Following the sale, the chief executive officer directly owned 495,686 shares of the company’s stock, valued at approximately $34,241,988.88. This represents a 1.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 54,980 shares of company stock worth $4,417,999. Corporate insiders own 14.23% of the company’s stock.

Hedge Funds Weigh In On BridgeBio Pharma

Hedge funds have recently bought and sold shares of the business. Jupiter Topco LLC bought a new position in BridgeBio Pharma during the second quarter valued at approximately $1,050,762,000. Janus Henderson Group PLC boosted its position in BridgeBio Pharma by 19.8% in the first quarter. Janus Henderson Group PLC now owns 13,179,013 shares of the company’s stock worth $978,608,000 after purchasing an additional 2,178,556 shares during the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of BridgeBio Pharma during the 2nd quarter valued at about $145,663,000. Principal Financial Group Inc. grew its stake in shares of BridgeBio Pharma by 1.2% during the 1st quarter. Principal Financial Group Inc. now owns 1,330,415 shares of the company’s stock valued at $98,797,000 after purchasing an additional 16,112 shares during the period. Finally, Squarepoint Ops LLC grew its stake in shares of BridgeBio Pharma by 114.2% during the 2nd quarter. Squarepoint Ops LLC now owns 1,191,732 shares of the company’s stock valued at $88,760,000 after purchasing an additional 635,408 shares during the period. Hedge funds and other institutional investors own 99.85% of the company’s stock.

BridgeBio Pharma News Summary

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

• Positive Sentiment: Q3 results exceeded expectations: BridgeBio reported a per-share loss of $0.42, narrower than the $0.54 analyst consensus and substantially better than the $0.95 loss reported a year earlier. Revenue reached $353.2 million, well above the $293.5 million estimate and up 192.6% year over year. BridgeBio Q3 revenue report
• Positive Sentiment: Attruby sales continued to grow: U.S. Attruby net product revenue was $253.2 million, increasing approximately $31 million sequentially and $145 million from the prior year. The company also reported $1.5 billion in cash, cash equivalents and marketable securities, which it said fully funds its three launches and expansion indications. BridgeBio third-quarter financial results
• Positive Sentiment: Morgan Stanley raised its price target: The firm increased its target from $87 to $88 and maintained an “overweight” rating, implying approximately 18% potential upside based on the referenced share price. Morgan Stanley stock recommendations
• Neutral Sentiment: Quarterly profitability remains a concern: BridgeBio recorded an $11.6 million operating loss, while the quarter benefited from a one-time $75 million BEYONTTRA sales milestone from Bayer. Investors may therefore focus on how much of the strong revenue performance is recurring. BridgeBio corporate updates

BridgeBio Pharma Company Profile

BridgeBio Pharma, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for genetically driven diseases. The company operates through a portfolio of subsidiary and affiliated biotechnology businesses, with research programs spanning rare diseases, oncology, cardiology and other conditions linked to underlying genetic or molecular causes.

BridgeBio’s portfolio includes therapies designed to address the root mechanisms of disease rather than primarily treating symptoms.