Canaccord Genuity Group Initiates Coverage on BridgeBio Pharma (NASDAQ:BBIO)

Stock analysts at Canaccord Genuity Group initiated coverage on shares of BridgeBio Pharma (NASDAQ:BBIO) in a report released on Wednesday. The brokerage set a “buy” rating and a $104.00 price target on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 62.81% from the company’s previous close.

Other research analysts have also issued reports about the stock. Oppenheimer decreased their price objective on shares of BridgeBio Pharma from $83.00 to $81.00 and set an “outperform” rating for the company in a report on Wednesday, February 25th. Mizuho reaffirmed an “outperform” rating and issued a $106.00 price target on shares of BridgeBio Pharma in a report on Tuesday, April 28th. Royal Bank Of Canada began coverage on shares of BridgeBio Pharma in a report on Thursday, April 9th. They issued an “outperform” rating and a $100.00 price target for the company. Leerink Partners reaffirmed an “outperform” rating and issued a $98.00 price target on shares of BridgeBio Pharma in a report on Thursday, March 12th. Finally, Morgan Stanley lifted their price target on shares of BridgeBio Pharma from $94.00 to $98.00 and gave the company an “overweight” rating in a report on Thursday, May 28th. Twenty-three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, BridgeBio Pharma has an average rating of “Moderate Buy” and a consensus target price of $89.59.

BridgeBio Pharma Price Performance

Shares of BBIO stock opened at $63.88 on Wednesday. The firm has a market cap of $12.51 billion, a P/E ratio of -17.08 and a beta of 0.97. BridgeBio Pharma has a 1-year low of $35.15 and a 1-year high of $84.94. The firm has a fifty day moving average of $70.97 and a two-hundred day moving average of $72.11.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.84) earnings per share 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. BridgeBio Pharma’s quarterly revenue was up 66.8% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.88) earnings per share. On average, sell-side analysts expect that BridgeBio Pharma will post -2.27 EPS for the current year.

Insider Buying and Selling at BridgeBio Pharma

In other news, CFO Thomas Trimarchi sold 13,651 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $65.08, for a total transaction of $888,407.08. Following the sale, the chief financial officer owned 359,194 shares in the company, valued at $23,376,345.52. The trade was a 3.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Maricel Apuli sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $71.58, for a total transaction of $143,160.00. Following the sale, the chief accounting officer owned 134,115 shares in the company, valued at $9,599,951.70. This represents a 1.47% 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. Insiders have sold 171,754 shares of company stock valued at $11,965,659 over the last quarter. Company insiders own 14.23% of the company’s stock.

Institutional Investors Weigh In On BridgeBio Pharma

Large investors have recently made changes to their positions in the company. L & S Advisors Inc acquired a new stake in shares of BridgeBio Pharma during the third quarter valued at approximately $877,000. TD Asset Management Inc purchased a new position in BridgeBio Pharma during the third quarter valued at approximately $4,620,000. Principal Financial Group Inc. grew its position in BridgeBio Pharma by 23.0% during the third quarter. Principal Financial Group Inc. now owns 1,267,412 shares of the company’s stock valued at $65,829,000 after purchasing an additional 236,885 shares in the last quarter. Candriam S.C.A. purchased a new position in BridgeBio Pharma during the third quarter valued at approximately $7,738,000. Finally, Allspring Global Investments Holdings LLC grew its position in BridgeBio Pharma by 14,211.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 994,220 shares of the company’s stock valued at $77,783,000 after purchasing an additional 987,273 shares in the last quarter. Institutional investors and hedge funds own 99.85% of the company’s stock.

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.