BridgeBio Pharma (NASDAQ:BBIO) Stock Gets Price Target Cut from Citigroup

BridgeBio Pharma (NASDAQ:BBIO) had its price objective cut by analysts at Citigroup from $94.00 to $91.00 in a research note issued on Monday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s price objective suggests a potential upside of 33.94% from the company’s current price.

A number of other analysts have also commented on the company. JPMorgan Chase & Co. lifted their price target on BridgeBio Pharma from $100.00 to $111.00 and gave the company an “overweight” rating in a research note on Wednesday, August 12th. Truist Financial boosted their price target on BridgeBio Pharma from $102.00 to $107.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Jefferies Financial Group reaffirmed a “buy” rating on shares of BridgeBio Pharma in a research note on Monday, October 5th. Morgan Stanley lowered their price objective on BridgeBio Pharma from $98.00 to $97.00 and set an “overweight” rating for the company in a research note on Tuesday, August 11th. Finally, Barclays dropped their price objective on shares of BridgeBio Pharma from $157.00 to $156.00 and set an “overweight” rating for the company in a report on Wednesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $104.90.

BridgeBio Pharma Stock Performance

Shares of BBIO traded up $1.55 during trading hours on Monday, reaching $67.94. The stock had a trading volume of 2,292,291 shares, compared to its average volume of 2,887,648. BridgeBio Pharma has a 12 month low of $52.75 and a 12 month high of $93.42. The stock has a market capitalization of $13.28 billion, a PE ratio of -19.03 and a beta of 0.97. The company’s 50-day moving average is $72.75 and its two-hundred day moving average is $73.35.

BridgeBio Pharma (NASDAQ:BBIO) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.78) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.58) by ($0.20). The company had revenue of $243.68 million during the quarter, compared to analyst estimates of $220.91 million. During the same quarter in the prior year, the company earned ($0.95) EPS. The firm’s revenue was up 120.4% compared to the same quarter last year. Equities analysts anticipate that BridgeBio Pharma will post -2.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Neil Kumar sold 10,000 shares of the stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $69.08, for a total value of $690,800.00. Following the completion of the sale, the chief executive officer directly owned 495,686 shares in the company, valued at $34,241,988.88. This represents a 1.98% decrease in their ownership of the stock. The transaction 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, CAO Maricel Apuli sold 2,000 shares of the firm’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $80.06, for a total value of $160,120.00. Following the transaction, the chief accounting officer directly owned 127,401 shares of the company’s stock, valued at approximately $10,199,724.06. This represents a 1.55% 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 sold 56,980 shares of company stock valued at $4,578,119 over the last 90 days. 14.23% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On BridgeBio Pharma

A number of hedge funds and other institutional investors have recently made changes to their positions in BBIO. Jupiter Topco LLC bought a new position in shares of BridgeBio Pharma during the 2nd quarter worth approximately $1,050,762,000. Janus Henderson Group PLC increased its stake in shares of BridgeBio Pharma by 19.8% in the 1st quarter. Janus Henderson Group PLC now owns 13,179,013 shares of the company’s stock valued at $978,608,000 after acquiring an additional 2,178,556 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of BridgeBio Pharma in the 2nd quarter valued at $145,663,000. Primecap Management Co. CA bought a new stake in shares of BridgeBio Pharma in the 2nd quarter valued at $75,670,000. Finally, Squarepoint Ops LLC lifted its position in shares of BridgeBio Pharma by 114.2% during the 2nd quarter. Squarepoint Ops LLC now owns 1,191,732 shares of the company’s stock valued at $88,760,000 after acquiring an additional 635,408 shares during the period. 99.85% of the stock is owned by institutional investors and hedge funds.

About BridgeBio Pharma

BridgeBio Pharma, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for genetically driven diseases. The company operates through a portfolio of subsidiary and affiliated biotechnology businesses, with research programs spanning rare diseases, oncology, cardiology and other conditions linked to underlying genetic or molecular causes.

BridgeBio’s portfolio includes therapies designed to address the root mechanisms of disease rather than primarily treating symptoms.