BridgeBio Pharma (NASDAQ:BBIO) Earns “Buy” Rating from HC Wainwright

BridgeBio Pharma (NASDAQ:BBIO)‘s stock had its “buy” rating restated by investment analysts at HC Wainwright in a note issued to investors on Thursday, Benzinga reports. They currently have a $120.00 target price on the stock. HC Wainwright’s price objective points to a potential upside of 57.73% from the company’s current price.

BBIO has been the subject of a number of other reports. Truist Financial increased their price objective on shares of BridgeBio Pharma from $102.00 to $107.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Wells Fargo & Company raised their target price on shares of BridgeBio Pharma from $98.00 to $102.00 and gave the company an “overweight” rating in a research note on Tuesday, August 11th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $110.00 price target on shares of BridgeBio Pharma in a research note on Tuesday, August 11th. JPMorgan Chase & Co. increased their price objective on shares of BridgeBio Pharma from $100.00 to $111.00 and gave the company an “overweight” rating in a report on Wednesday, August 12th. Finally, Piper Sandler raised their price objective on BridgeBio Pharma from $111.00 to $115.00 and gave the company 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 issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $101.53.

BridgeBio Pharma Stock Performance

BBIO opened at $76.08 on Thursday. The stock has a market cap of $14.87 billion, a price-to-earnings ratio of -21.31 and a beta of 0.97. The firm’s fifty day moving average is $80.83 and its 200 day moving average is $73.65. BridgeBio Pharma has a fifty-two week low of $48.78 and a fifty-two week high of $93.42.

BridgeBio Pharma (NASDAQ:BBIO) last released its earnings results on Monday, August 10th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.58) by ($0.20). The company had revenue of $243.68 million during the quarter, compared to analysts’ expectations of $220.91 million. During the same period in the prior year, the company earned ($0.95) EPS. The company’s quarterly revenue was up 120.4% compared to the same quarter last year. On average, equities research analysts predict that BridgeBio Pharma will post -2.64 earnings per share for the current year.

Insider Buying and Selling

In other BridgeBio Pharma news, CEO Neil Kumar sold 10,000 shares of BridgeBio Pharma stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $84.03, for a total value of $840,300.00. Following the completion of the transaction, 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 position. The sale was disclosed in a filing with the SEC, which is available at 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 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 sale, the director owned 8,383 shares in the company, valued at $742,230.82. This represents a 94.66% 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. Insiders have sold a total of 347,343 shares of company stock valued at $27,591,000 in the last three months. Corporate insiders own 14.23% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Silvant Capital Management LLC bought a new stake in BridgeBio Pharma during the second quarter worth approximately $28,000. Allworth Financial LP purchased a new stake in BridgeBio Pharma during the 2nd quarter valued at $31,000. Harvest Fund Management Co. Ltd bought a new stake in BridgeBio Pharma in the third quarter worth $34,000. Jones Financial Companies Lllp purchased a new position in BridgeBio Pharma during the first quarter worth $35,000. Finally, Global Retirement Partners LLC increased its position in BridgeBio Pharma by 271.5% during the fourth quarter. Global Retirement Partners LLC now owns 509 shares of the company’s stock valued at $39,000 after acquiring an additional 372 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 biopharmaceutical company focused on discovering, developing and delivering medicines for patients with genetically driven diseases and cancers. Founded in 2015, the company operates through a group of subsidiary biotechnology businesses, each generally focused on a specific disease area or therapeutic program.

BridgeBio’s research and development activities span rare diseases, genetically defined cancers, cardiovascular conditions and other serious disorders.