Citigroup Issues Positive Forecast for BridgeBio Pharma (NASDAQ:BBIO) Stock Price

BridgeBio Pharma (NASDAQ:BBIO) had its price target hoisted by investment analysts at Citigroup from $82.00 to $93.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s target price suggests a potential upside of 15.82% from the company’s current price.

Several other brokerages also recently weighed in on BBIO. Weiss Ratings reaffirmed a “sell (d)” rating on shares of BridgeBio Pharma in a research report on Friday, May 15th. Raymond James Financial downgraded shares of BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 26th. Morgan Stanley upped their target price on shares of BridgeBio Pharma from $94.00 to $98.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. HC Wainwright lifted their price target on shares of BridgeBio Pharma from $110.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Truist Financial boosted their price objective on shares of BridgeBio Pharma from $95.00 to $102.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Twenty analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, BridgeBio Pharma currently has a consensus rating of “Moderate Buy” and a consensus price target of $95.21.

BridgeBio Pharma Price Performance

NASDAQ BBIO traded down $2.36 during mid-day trading on Thursday, hitting $80.30. The company’s stock had a trading volume of 3,509,144 shares, compared to its average volume of 3,132,336. BridgeBio Pharma has a 52-week low of $42.09 and a 52-week high of $93.42. The stock’s fifty day simple moving average is $70.60 and its two-hundred day simple moving average is $72.22. The firm has a market capitalization of $15.73 billion, a P/E ratio of -21.47 and a beta of 0.95.

BridgeBio Pharma (NASDAQ:BBIO) last issued its earnings results on Thursday, May 7th. The company reported ($0.84) EPS for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.14). The firm had revenue of $194.51 million for the quarter, compared to analyst estimates of $178.07 million. During the same quarter in the previous year, the company posted ($0.88) earnings per share. The company’s revenue for the quarter was up 66.8% on a year-over-year basis. On average, equities analysts forecast that BridgeBio Pharma will post -2.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Hannah Valantine sold 2,196 shares of the business’s stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $68.57, for a total value of $150,579.72. Following the completion of the sale, the director owned 9,259 shares of the company’s stock, valued at approximately $634,889.63. The trade was a 19.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jennifer E. Cook sold 148,589 shares of the company’s stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $88.54, for a total transaction of $13,156,070.06. Following the completion of the sale, the director owned 8,383 shares in the company, valued at approximately $742,230.82. This trade represents a 94.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 432,117 shares of company stock valued at $32,633,740. 14.23% of the stock is owned by insiders.

Institutional Trading of BridgeBio Pharma

Hedge funds and other institutional investors have recently bought and sold shares of the company. Harvest Fund Management Co. Ltd acquired a new position in shares of BridgeBio Pharma in the 3rd quarter worth approximately $34,000. Jones Financial Companies Lllp bought a new position in BridgeBio Pharma during the first quarter worth $35,000. Farther Finance Advisors LLC lifted its stake in BridgeBio Pharma by 91.4% during the fourth quarter. Farther Finance Advisors LLC now owns 513 shares of the company’s stock worth $39,000 after purchasing an additional 245 shares during the last quarter. Global Retirement Partners LLC boosted its holdings in BridgeBio Pharma by 271.5% in the fourth quarter. Global Retirement Partners LLC now owns 509 shares of the company’s stock worth $39,000 after purchasing an additional 372 shares during the period. Finally, Kemnay Advisory Services Inc. bought a new stake in BridgeBio Pharma during the fourth quarter valued at $41,000. 99.85% of the stock is owned by institutional investors.

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.