Morgan Stanley Forecasts Strong Price Appreciation for BridgeBio Pharma (NASDAQ:BBIO) Stock

BridgeBio Pharma (NASDAQ:BBIO) had its price target lifted by analysts at Morgan Stanley from $94.00 to $98.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s price objective suggests a potential upside of 47.81% from the company’s current price.

Several other research firms have also commented on BBIO. Raymond James Financial lowered BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a report on Tuesday. Royal Bank Of Canada began coverage on shares of BridgeBio Pharma in a report on Thursday, April 9th. They set an “outperform” rating and a $100.00 price objective on the stock. Citigroup assumed coverage on shares of BridgeBio Pharma in a report on Tuesday, May 19th. They issued a “neutral” rating and a $82.00 target price for the company. Leerink Partners reissued an “outperform” rating and issued a $98.00 price target on shares of BridgeBio Pharma in a research report on Thursday, March 12th. Finally, Truist Financial upped their price objective on shares of BridgeBio Pharma from $95.00 to $102.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Twenty-two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $88.90.

BridgeBio Pharma Stock Performance

Shares of BBIO traded down $0.14 during midday trading on Thursday, hitting $66.30. The company had a trading volume of 243,075 shares, compared to its average volume of 2,737,141. BridgeBio Pharma has a 1 year low of $31.77 and a 1 year high of $84.94. The firm has a market capitalization of $12.99 billion, a P/E ratio of -17.69 and a beta of 1.02. The company’s 50-day simple moving average is $71.20 and its 200-day simple moving average is $72.05.

BridgeBio Pharma (NASDAQ:BBIO) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.84) EPS for the quarter, missing the consensus estimate of ($0.70) by ($0.14). The business had revenue of $194.52 million for the quarter, compared to the consensus estimate of $178.07 million. During the same period in the previous year, the business earned ($0.88) EPS. The firm’s quarterly revenue was up 66.8% compared to the same quarter last year. Equities analysts predict that BridgeBio Pharma will post -2.27 earnings per share for the current fiscal year.

Insider Buying and Selling at BridgeBio Pharma

In related news, CAO Maricel Apuli sold 2,000 shares of BridgeBio Pharma stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $71.58, for a total transaction of $143,160.00. Following the completion of the transaction, the chief accounting officer directly owned 134,115 shares in the company, valued at $9,599,951.70. The trade was a 1.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Neil Kumar sold 40,000 shares of the business’s stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $74.62, for a total value of $2,984,800.00. Following the completion of the transaction, the chief executive officer directly owned 615,686 shares of the company’s stock, valued at approximately $45,942,489.32. This trade represents a 6.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 236,675 shares of company stock worth $16,177,085. 14.23% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Jones Financial Companies Lllp purchased a new stake in shares of BridgeBio Pharma in the first quarter valued at $35,000. First Trust Advisors LP grew its holdings in BridgeBio Pharma by 200.4% in the 2nd quarter. First Trust Advisors LP now owns 263,693 shares of the company’s stock valued at $11,386,000 after buying an additional 175,918 shares during the period. Baird Financial Group Inc. increased its stake in shares of BridgeBio Pharma by 1.8% during the 2nd quarter. Baird Financial Group Inc. now owns 42,057 shares of the company’s stock valued at $1,816,000 after acquiring an additional 731 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new position in shares of BridgeBio Pharma during the 2nd quarter worth about $1,650,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of BridgeBio Pharma by 2.4% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 95,326 shares of the company’s stock worth $4,132,000 after acquiring an additional 2,206 shares during the last quarter. Hedge funds and other institutional investors own 99.85% of the company’s stock.

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.