BridgeBio Pharma (NASDAQ:BBIO) Given New $96.00 Price Target at Mizuho

BridgeBio Pharma (NASDAQ:BBIO) had its target price reduced by Mizuho from $106.00 to $96.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Mizuho’s price target would suggest a potential upside of 41.18% from the stock’s current price.

BBIO has been the subject of several other research reports. Canaccord Genuity Group initiated coverage on shares of BridgeBio Pharma in a research report on Wednesday, June 3rd. They set a “buy” rating and a $104.00 price objective for the company. Barclays reaffirmed an “overweight” rating on shares of BridgeBio Pharma in a report on Tuesday, March 10th. Morgan Stanley lifted their price objective on shares of BridgeBio Pharma from $94.00 to $98.00 and gave the stock an “overweight” rating in a report on Thursday, May 28th. William Blair began coverage on shares of BridgeBio Pharma in a report on Tuesday, March 10th. They issued an “outperform” rating on the stock. Finally, Raymond James Financial downgraded shares of BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 26th. Twenty-three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $89.14.

BridgeBio Pharma Stock Performance

BridgeBio Pharma stock opened at $68.00 on Tuesday. BridgeBio Pharma has a 52-week low of $39.63 and a 52-week high of $84.94. The firm has a 50 day moving average price of $70.12 and a two-hundred day moving average price of $72.10. The firm has a market cap of $13.32 billion, a price-to-earnings ratio of -18.18 and a beta of 0.98.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.84) earnings per share (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 analysts’ expectations of $178.07 million. During the same period last year, the firm posted ($0.88) EPS. The business’s revenue was up 66.8% on a year-over-year basis. As a group, equities research analysts predict that BridgeBio Pharma will post -2.32 EPS for the current fiscal year.

Insider Activity at BridgeBio Pharma

In related news, Director Randal W. Scott sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $67.15, for a total value of $671,500.00. Following the transaction, the director directly owned 11,589 shares in the company, valued at approximately $778,201.35. This represents a 46.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Thomas Trimarchi sold 13,651 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $65.08, for a total transaction of $888,407.08. Following the completion of the transaction, the chief financial officer owned 359,194 shares in the company, valued at approximately $23,376,345.52. This trade represents a 3.66% decrease in their ownership of the stock. 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 a total of 171,754 shares of company stock valued at $11,914,859 in the last ninety days. 14.23% of the stock is currently owned by company insiders.

Institutional Trading of BridgeBio Pharma

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Parallel Advisors LLC boosted its stake in BridgeBio Pharma by 552.6% in the first quarter. Parallel Advisors LLC now owns 894 shares of the company’s stock worth $66,000 after buying an additional 757 shares in the last quarter. Avidity Partners Management LP bought a new position in shares of BridgeBio Pharma during the first quarter valued at approximately $711,000. Janus Henderson Group PLC raised its holdings in BridgeBio Pharma by 19.8% in the first quarter. Janus Henderson Group PLC now owns 13,179,013 shares of the company’s stock worth $978,608,000 after purchasing an additional 2,178,556 shares in the last quarter. California State Teachers Retirement System raised its holdings in BridgeBio Pharma by 23.7% in the first quarter. California State Teachers Retirement System now owns 165,703 shares of the company’s stock worth $12,305,000 after purchasing an additional 31,797 shares in the last quarter. Finally, Rock Springs Capital Management LP raised its holdings in BridgeBio Pharma by 23.9% in the first quarter. Rock Springs Capital Management LP now owns 128,250 shares of the company’s stock worth $9,524,000 after purchasing an additional 24,750 shares in the last quarter. Hedge funds and other institutional investors 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.