HC Wainwright Reiterates Buy Rating for BridgeBio Pharma (NASDAQ:BBIO)

BridgeBio Pharma (NASDAQ:BBIO)‘s stock had its “buy” rating reaffirmed by stock analysts at HC Wainwright in a research report issued on Wednesday, Benzinga reports. They presently have a $120.00 price target on the stock. HC Wainwright’s price objective would suggest a potential upside of 56.72% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the company. Weiss Ratings downgraded BridgeBio Pharma from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, August 11th. Bank of America lifted their price objective on BridgeBio Pharma from $101.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, August 11th. TD Cowen upped their target price on BridgeBio Pharma from $95.00 to $110.00 and gave the company a “buy” rating in a research report on Tuesday, August 11th. Raymond James Financial downgraded BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 26th. Finally, Piper Sandler raised their price target on BridgeBio Pharma from $111.00 to $115.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 11th. Twenty equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $101.53.

BridgeBio Pharma Price Performance

BBIO opened at $76.57 on Wednesday. The business has a fifty day simple moving average of $80.39 and a 200 day simple moving average of $73.61. BridgeBio Pharma has a 1 year low of $48.78 and a 1 year high of $93.42. The company has a market capitalization of $14.97 billion, a PE ratio of -21.45 and a beta of 0.97.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings results on Monday, August 10th. The company reported ($0.78) EPS for the quarter, missing the consensus estimate of ($0.58) by ($0.20). The company had revenue of $243.68 million for the quarter, compared to analyst estimates of $220.91 million. During the same quarter in the previous year, the business earned ($0.95) EPS. The business’s quarterly revenue was up 120.4% compared to the same quarter last year. Equities analysts anticipate that BridgeBio Pharma will post -2.62 earnings per share for the current fiscal year.

Insider Transactions at BridgeBio Pharma

In related news, CEO Neil Kumar sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $84.03, for a total value of $840,300.00. Following the sale, the chief executive officer directly owned 505,686 shares of the company’s stock, valued at $42,492,794.58. This trade represents a 1.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jennifer E. Cook sold 148,589 shares of BridgeBio Pharma stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $88.54, for a total value of $13,156,070.06. Following the completion of the transaction, the director owned 8,383 shares in the company, valued at approximately $742,230.82. This represents a 94.66% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 387,343 shares of company stock worth $30,289,400. 14.23% of the stock is owned by insiders.

Institutional Investors Weigh In On BridgeBio Pharma

A number of hedge funds have recently made changes to their positions in BBIO. Silvant Capital Management LLC bought a new stake in shares of BridgeBio Pharma during the 2nd quarter valued at approximately $28,000. Allworth Financial LP bought a new position in BridgeBio Pharma in the 2nd quarter valued at approximately $31,000. Harvest Fund Management Co. Ltd bought a new position in BridgeBio Pharma in the 3rd quarter valued at approximately $34,000. Jones Financial Companies Lllp bought a new position in BridgeBio Pharma in the 1st quarter valued at approximately $35,000. Finally, Farther Finance Advisors LLC boosted its position in BridgeBio Pharma by 91.4% in the fourth quarter. Farther Finance Advisors LLC now owns 513 shares of the company’s stock valued at $39,000 after buying an additional 245 shares in the last quarter. 99.85% of the stock is currently owned by institutional investors and hedge funds.

BridgeBio Pharma Company Profile

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.