BridgeBio Pharma (NASDAQ:BBIO) Stock Price Target Raised at Morgan Stanley

Key Points

• Morgan Stanley raised BridgeBio Pharma’s price target from $87 to $88 and maintained an “overweight” rating, implying 18.28% upside from the previous close.
• Analyst sentiment remains favorable: 19 analysts rate the stock a Buy, with a consensus “Moderate Buy” rating and an average price target of $104.68.
• BridgeBio reported stronger-than-expected quarterly results, including $353.17 million in revenue and a $0.42-per-share loss versus estimates of $293.47 million and a $0.54 loss; revenue rose 192.6% year over year.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) had its price target lifted by analysts at Morgan Stanley from $87.00 to $88.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Morgan Stanley's price target points to a potential upside of 18.28% from the stock's previous close.

Other research analysts have also issued research reports about the company. Barclays dropped their target price on BridgeBio Pharma from $157.00 to $156.00 and set an "overweight" rating on the stock in a report on Wednesday, October 7th. Bank of America raised their price objective on shares of BridgeBio Pharma from $101.00 to $104.00 and gave the company a "buy" rating in a research note on Tuesday, August 11th. Citigroup reduced their price target on shares of BridgeBio Pharma from $94.00 to $91.00 and set a "neutral" rating for the company in a research report on Monday, October 19th. Canaccord Genuity Group boosted their target price on BridgeBio Pharma from $104.00 to $106.00 and gave the stock a "buy" rating in a research report on Wednesday, August 12th. Finally, Piper Sandler raised their price target on BridgeBio Pharma from $115.00 to $120.00 and gave the company an "overweight" rating in a research report on Monday, October 19th. Nineteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, BridgeBio Pharma presently has an average rating of "Moderate Buy" and a consensus price target of $104.68.

BridgeBio Pharma Stock Performance

BBIO stock traded up $3.67 during mid-day trading on Friday, reaching $74.40. The company had a trading volume of 3,273,850 shares, compared to its average volume of 2,888,698. BridgeBio Pharma has a fifty-two week low of $60.22 and a fifty-two week high of $93.42. The company has a market capitalization of $14.54 billion, a price-to-earnings ratio of -20.88 and a beta of 0.97. The firm has a fifty day simple moving average of $70.43 and a 200 day simple moving average of $72.85.

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

Insider Buying and Selling at BridgeBio Pharma

In related news, CEO Neil Kumar sold 10,000 shares of the firm's stock in a transaction on Thursday, September 17th. The shares were sold at an average price of $69.08, for a total transaction of $690,800.00. Following the completion of the sale, the chief executive officer directly owned 495,686 shares of the company's stock, valued at approximately $34,241,988.88. This trade represents a 1.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 54,980 shares of company stock valued at $4,417,999 over the last ninety days. 14.23% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On BridgeBio Pharma

A number of institutional investors have recently modified their holdings of BBIO. First Bank & Trust raised its holdings in BridgeBio Pharma by 1.6% in the 2nd quarter. First Bank & Trust now owns 8,797 shares of the company's stock valued at $655,000 after acquiring an additional 142 shares in the last quarter. SBI Securities Co. Ltd. lifted its stake in BridgeBio Pharma by 55.3% in the third quarter. SBI Securities Co. Ltd. now owns 441 shares of the company's stock valued at $29,000 after buying an additional 157 shares during the period. North Dakota State Investment Board lifted its holdings in BridgeBio Pharma by 3.9% during the third quarter. North Dakota State Investment Board now owns 5,177 shares of the company's stock worth $341,000 after acquiring an additional 196 shares in the last quarter. GAMMA Investing LLC boosted its stake in BridgeBio Pharma by 13.8% in the 2nd quarter. GAMMA Investing LLC now owns 1,646 shares of the company's stock worth $123,000 after purchasing an additional 199 shares during the period. Finally, Motley Fool Asset Management LLC boosted its stake in shares of BridgeBio Pharma by 5.2% during the 3rd quarter. Motley Fool Asset Management LLC now owns 4,224 shares of the company's stock worth $278,000 after buying an additional 208 shares during the last quarter. Institutional investors own 99.85% of the company's stock.

BridgeBio Pharma News Roundup

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

• Positive Sentiment: BridgeBio reported third-quarter revenue of $353.2 million, well above the approximately $293.5 million consensus estimate and up 192.6% year over year. The company also posted a loss of $0.42 per share, narrower than analyst expectations for a $0.54 loss and substantially better than the $0.95 loss reported a year earlier. BridgeBio Q3 revenue report BridgeBio Q3 earnings report
• Positive Sentiment: U.S. Attruby net product revenue reached $253.2 million, increasing by about $31 million sequentially and $145 million from the prior year. The continued ramp in product sales provides evidence of growing commercial momentum. BridgeBio third-quarter financial results
• Positive Sentiment: BridgeBio ended September with $1.5 billion in cash, cash equivalents and marketable securities. Management said this balance fully funds its three launches and expansion indications, reducing near-term financing and dilution concerns. BridgeBio cash and corporate update
• Neutral Sentiment: Revenue included a $75 million one-time BEYONTTRA sales milestone from Bayer, meaning part of the quarterly upside may not recur. The company nevertheless reported an operating loss of $11.6 million, so sustained profitability remains ahead. BridgeBio operating results

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.

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