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

Key Points

• HC Wainwright reiterated a Buy rating on BridgeBio Pharma and set a $120 price target, implying 56.72% upside from the prior close. Analysts overall rate the stock “Moderate Buy,” with an average target of $101.53.
• BridgeBio reported quarterly revenue of $243.68 million, up 120.4% year over year and above estimates, but its loss of $0.78 per share was wider than expected.
• Institutional investors own 99.85% of the company, while insiders have sold 387,343 shares worth about $30.3 million over the past three months.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report)'s stock had its "buy" rating restated by equities researchers at HC Wainwright in a research note issued to investors on Wednesday, Benzinga reports. They presently have a $120.00 target price on the stock. HC Wainwright's price target suggests a potential upside of 56.72% from the stock's previous close.

A number of other research analysts have also recently issued reports on BBIO. Mizuho boosted their target price on BridgeBio Pharma from $96.00 to $110.00 and gave the company an "outperform" rating in a research note on Tuesday. Piper Sandler raised their price target on BridgeBio Pharma from $111.00 to $115.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 11th. Bank of America lifted their price objective on BridgeBio Pharma from $101.00 to $104.00 and gave the company a "buy" rating in a report on Tuesday, August 11th. Citigroup boosted their price objective on BridgeBio Pharma from $82.00 to $93.00 and gave the company a "neutral" rating in a research report on Thursday, July 16th. Finally, Morgan Stanley lowered their target price 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. Twenty investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $101.53.

BridgeBio Pharma Stock Performance

BBIO opened at $76.57 on Wednesday. The firm's fifty day moving average is $80.39 and its two-hundred day moving average is $73.61. The firm has a market cap of $14.97 billion, a PE ratio of -21.45 and a beta of 0.97. BridgeBio Pharma has a twelve month low of $48.78 and a twelve month high of $93.42.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last announced its quarterly 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 firm had revenue of $243.68 million for the quarter, compared to the consensus estimate of $220.91 million. During the same period last year, the business earned ($0.95) earnings per share. The firm's revenue for the quarter was up 120.4% compared to the same quarter last year. Equities analysts forecast that BridgeBio Pharma will post -2.62 EPS for the current fiscal year.

Insider Transactions at BridgeBio Pharma

In related news, CEO Neil Kumar sold 10,000 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $84.03, for a total transaction of $840,300.00. Following the completion of the transaction, the chief executive officer directly owned 505,686 shares in the company, valued at approximately $42,492,794.58. This trade represents a 1.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jennifer E. Cook sold 148,589 shares of the stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $88.54, for a total value of $13,156,070.06. Following the transaction, the director owned 8,383 shares of the company's stock, valued at approximately $742,230.82. The trade was 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. Over the last three months, insiders have sold 387,343 shares of company stock worth $30,289,400. 14.23% of the stock is currently owned by company insiders.

Institutional Trading of BridgeBio Pharma

A number of hedge funds and other institutional investors have recently modified their holdings of BBIO. Jupiter Topco LLC bought a new stake in shares of BridgeBio Pharma in the 2nd quarter valued at about $1,050,762,000. California State Teachers Retirement System increased its position in BridgeBio Pharma by 7,463.2% during the second quarter. California State Teachers Retirement System now owns 12,532,377 shares of the company's stock worth $933,411,000 after buying an additional 12,366,674 shares during the last quarter. Brooklands Fund Management Ltd bought a new stake in BridgeBio Pharma in the fourth quarter valued at approximately $210,348,000. Price T Rowe Associates Inc. MD lifted its position in shares of BridgeBio Pharma by 144.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,828,746 shares of the company's stock valued at $292,862,000 after buying an additional 2,261,181 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its stake in shares of BridgeBio Pharma by 25.8% during the 4th quarter. Janus Henderson Group PLC now owns 11,000,457 shares of the company's stock worth $841,349,000 after acquiring an additional 2,259,378 shares during the period. Institutional investors and hedge funds own 99.85% of the company's stock.

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.

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