BridgeBio Pharma (NASDAQ:BBIO) Stock Price Target Cut by TD Cowen

Key Points

• TD Cowen lowered BridgeBio Pharma’s price target from $110 to $100 while maintaining a “buy” rating, implying 34.91% potential upside from the prior close.
• Analyst sentiment remains broadly positive: 19 analysts rate the stock Buy, two rate it Hold and one rates it Sell, producing a consensus “Moderate Buy” rating and a $104.16 average price target.
• BridgeBio’s latest quarter exceeded expectations, with a $0.42 per-share loss versus the $0.54 estimate and revenue of $353.17 million, up 192.6% year over year; however, the company continues to report operating losses.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) had its price objective lowered by analysts at TD Cowen from $110.00 to $100.00 in a report issued on Friday, Benzinga reports. The firm presently has a "buy" rating on the stock. TD Cowen's target price would suggest a potential upside of 34.91% from the company's previous close.

A number of other equities analysts have also commented on the company. Barclays cut their price target on BridgeBio Pharma from $157.00 to $156.00 and set an "overweight" rating for the company in a report on Wednesday, October 7th. Citigroup dropped their price objective on BridgeBio Pharma from $94.00 to $91.00 and set a "neutral" rating on the stock in a report on Monday, October 19th. Weiss Ratings lowered BridgeBio Pharma from a "sell (d)" rating to a "sell (d-)" rating in a report on Friday, September 25th. Wells Fargo & Company lifted their target price on BridgeBio Pharma from $98.00 to $102.00 and gave the company an "overweight" rating in a report on Tuesday, August 11th. Finally, HC Wainwright reissued a "buy" rating on shares of BridgeBio Pharma in a report on Tuesday, October 6th. Nineteen research 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. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $104.16.

BridgeBio Pharma Price Performance

NASDAQ:BBIO traded up $3.39 on Friday, reaching $74.12. 3,436,374 shares of the company's stock were exchanged, compared to its average volume of 2,890,732. The stock has a fifty day simple moving average of $70.43 and a 200-day simple moving average of $72.85. BridgeBio Pharma has a 52 week low of $60.22 and a 52 week high of $93.42. The firm has a market cap of $14.49 billion, a price-to-earnings ratio of -20.77 and a beta of 0.97.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last announced its quarterly earnings results on Thursday, October 29th. The company reported ($0.42) EPS for the quarter, beating analysts' consensus estimates of ($0.54) by $0.12. The business had revenue of $353.17 million for the quarter, compared to analysts' expectations of $293.47 million. During the same quarter in the previous year, the company posted ($0.95) earnings per share. The business's quarterly revenue was up 192.6% compared to the same quarter last year. As a group, sell-side analysts predict that BridgeBio Pharma will post -2.65 EPS for the current year.

Insider Buying and Selling

In other BridgeBio Pharma news, CEO Neil Kumar sold 34,980 shares of the company's stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $82.53, for a total value of $2,886,899.40. Following the transaction, the chief executive officer directly owned 243,327 shares in the company, valued at $20,081,777.31. This represents a 12.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 54,980 shares of company stock worth $4,417,999 in the last three months. 14.23% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of BBIO. Provenance Wealth Advisors LLC bought a new position in BridgeBio Pharma during the 3rd quarter worth approximately $189,000. Sumitomo Mitsui Trust Group Inc. lifted its position in BridgeBio Pharma by 31.4% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,029 shares of the company's stock valued at $265,000 after purchasing an additional 962 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in BridgeBio Pharma in the third quarter valued at approximately $1,328,000. Profund Advisors LLC boosted its stake in shares of BridgeBio Pharma by 42.8% during the third quarter. Profund Advisors LLC now owns 28,452 shares of the company's stock valued at $1,872,000 after purchasing an additional 8,523 shares during the period. Finally, ProShare Advisors LLC boosted its stake in shares of BridgeBio Pharma by 8.3% during the third quarter. ProShare Advisors LLC now owns 6,953 shares of the company's stock valued at $458,000 after purchasing an additional 532 shares during the period. Hedge funds and other institutional investors own 99.85% of the company's stock.

Key Stories Impacting BridgeBio Pharma

Here are the key news stories impacting BridgeBio Pharma this week:

• Positive Sentiment: Q3 results exceeded expectations: BridgeBio reported a per-share loss of $0.42, narrower than the $0.54 analyst consensus and substantially better than the $0.95 loss reported a year earlier. Revenue reached $353.2 million, well above the $293.5 million estimate and up 192.6% year over year. BridgeBio Q3 revenue report
• Positive Sentiment: Attruby sales continued to grow: U.S. Attruby net product revenue was $253.2 million, increasing approximately $31 million sequentially and $145 million from the prior year. The company also reported $1.5 billion in cash, cash equivalents and marketable securities, which it said fully funds its three launches and expansion indications. BridgeBio third-quarter financial results
• Positive Sentiment: Morgan Stanley raised its price target: The firm increased its target from $87 to $88 and maintained an “overweight” rating, implying approximately 18% potential upside based on the referenced share price. Morgan Stanley stock recommendations
• Neutral Sentiment: Quarterly profitability remains a concern: BridgeBio recorded an $11.6 million operating loss, while the quarter benefited from a one-time $75 million BEYONTTRA sales milestone from Bayer. Investors may therefore focus on how much of the strong revenue performance is recurring. BridgeBio corporate updates

BridgeBio Pharma Company Profile

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.

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