BridgeBio Oncology Therapeutics (NASDAQ:BBOT) Announces Earnings Results

BridgeBio Oncology Therapeutics (NASDAQ:BBOT) posted its earnings results on Tuesday. The company reported ($0.43) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.65) by $0.22, FiscalAI reports.

BridgeBio Oncology Therapeutics Stock Performance

BBOT traded down $0.25 during trading on Thursday, hitting $2.31. The stock had a trading volume of 238,721 shares, compared to its average volume of 429,636. The stock has a 50 day simple moving average of $3.92 and a two-hundred day simple moving average of $7.79. BridgeBio Oncology Therapeutics has a twelve month low of $1.98 and a twelve month high of $14.87. The company has a market capitalization of $184.88 million, a PE ratio of -1.07 and a beta of 0.86.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Leerink Partners cut their price target on BridgeBio Oncology Therapeutics to $27.00 and set an “outperform” rating on the stock in a report on Thursday, September 10th. Oppenheimer decreased their price objective on BridgeBio Oncology Therapeutics to $16.00 and set an “outperform” rating for the company in a research note on Tuesday, October 20th. Canaccord Genuity Group decreased their price objective on BridgeBio Oncology Therapeutics from $23.00 to $20.00 and set a “buy” rating for the company in a research note on Wednesday, September 9th. Morgan Stanley dropped their price objective on BridgeBio Oncology Therapeutics to $13.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 21st. Finally, Wedbush cut their target price on BridgeBio Oncology Therapeutics to $9.00 and set an “outperform” rating on the stock in a research note on Wednesday. Ten research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $19.33.

Institutional Trading of BridgeBio Oncology Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Opaleye Management Inc. increased its position in BridgeBio Oncology Therapeutics by 1,213.8% during the 2nd quarter. Opaleye Management Inc. now owns 700,000 shares of the company’s stock valued at $5,334,000 after buying an additional 646,718 shares in the last quarter. Regents of The University of California acquired a new stake in BridgeBio Oncology Therapeutics in the third quarter worth about $10,289,000. Granahan Investment Management LLC acquired a new stake in BridgeBio Oncology Therapeutics in the first quarter worth about $2,068,000. China Universal Asset Management Co. Ltd. purchased a new stake in shares of BridgeBio Oncology Therapeutics during the third quarter worth about $63,000. Finally, Avidity Partners Management LP purchased a new stake in shares of BridgeBio Oncology Therapeutics during the first quarter worth about $392,000. Hedge funds and other institutional investors own 54.89% of the company’s stock.

BridgeBio Oncology Therapeutics Company Profile

BridgeBio Oncology Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing targeted treatments for cancers driven by RAS and related signaling pathways. The company’s research centers on disrupting molecular signals that help cancer cells grow and survive. Its development programs include drug candidates designed to target KRAS mutations and interactions between RAS and other cancer-related proteins. These investigational medicines are being studied for potential use in solid tumors; they are not approved treatments.