Canaccord Genuity Group Issues Positive Forecast for BridgeBio Pharma (NASDAQ:BBIO) Stock Price

Key Points

• Canaccord Genuity raised BridgeBio Pharma’s price target from $106 to $108 while maintaining a “buy” rating, implying approximately 44.1% upside from the reported $74.95 share price.
• Analyst sentiment remains favorable, with 19 buy ratings, two holds and one sell; the stock has a “Moderate Buy” consensus rating and an average price target of $104.26.
• BridgeBio reported better-than-expected quarterly results, including an adjusted loss of $0.42 per share versus estimates of $0.54 and revenue of $353.17 million, up 192.6% year over year.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) had its target price boosted by investment analysts at Canaccord Genuity Group from $106.00 to $108.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's target price would suggest a potential upside of 44.10% from the stock's current price.

BBIO has been the subject of several other reports. Cantor Fitzgerald reissued an "overweight" rating on shares of BridgeBio Pharma in a research note on Monday, October 5th. HC Wainwright reiterated a "buy" rating on shares of BridgeBio Pharma in a report on Tuesday, October 6th. JPMorgan Chase & Co. lifted their price objective on BridgeBio Pharma from $100.00 to $111.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 12th. Citigroup dropped their price objective on BridgeBio Pharma from $94.00 to $91.00 and set a "neutral" rating for the company in a report on Monday, October 19th. Finally, TD Cowen reduced their target price on shares of BridgeBio Pharma from $110.00 to $100.00 and set a "buy" rating on the stock in a research note on Friday. Nineteen investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, BridgeBio Pharma presently has an average rating of "Moderate Buy" and a consensus price target of $104.26.

BridgeBio Pharma Stock Performance

Shares of BBIO stock opened at $74.95 on Monday. BridgeBio Pharma has a 1 year low of $60.22 and a 1 year high of $93.42. The firm's 50 day moving average is $70.27 and its 200-day moving average is $72.84. The firm has a market capitalization of $14.60 billion, a price-to-earnings ratio of -24.65 and a beta of 0.97.

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 for the quarter, beating analysts' consensus estimates of ($0.54) by $0.12. The company had revenue of $353.17 million during the quarter, compared to analyst estimates of $293.47 million. During the same period in the prior year, the business earned ($0.95) EPS. The business's revenue for the quarter was up 192.6% on a year-over-year basis. On average, equities research analysts forecast that BridgeBio Pharma will post -2.65 earnings per share for the current fiscal year.

Insider Activity at BridgeBio Pharma

In related news, CEO Neil Kumar sold 10,000 shares of the company's stock in a transaction dated 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 owned 495,686 shares in the company, valued at approximately $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 can be accessed through this link. 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 over the last ninety days. 14.23% of the stock is owned by insiders.

Hedge Funds Weigh In On BridgeBio Pharma

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BBIO. Hsbc Holdings PLC raised its position in shares of BridgeBio Pharma by 139.4% during the first quarter. Hsbc Holdings PLC now owns 32,708 shares of the company's stock worth $2,431,000 after purchasing an additional 19,043 shares during the period. Assetmark Inc. grew its position in shares of BridgeBio Pharma by 423.7% in the 1st quarter. Assetmark Inc. now owns 20,790 shares of the company's stock valued at $1,544,000 after purchasing an additional 16,820 shares during the period. EFG International AG acquired a new position in shares of BridgeBio Pharma in the 2nd quarter valued at approximately $6,117,000. Corient Private Wealth LP acquired a new position in shares of BridgeBio Pharma in the 2nd quarter valued at approximately $1,783,000. Finally, Squarepoint Ops LLC increased its stake in BridgeBio Pharma by 114.2% during the 2nd quarter. Squarepoint Ops LLC now owns 1,191,732 shares of the company's stock worth $88,760,000 after purchasing an additional 635,408 shares in the last quarter. Institutional investors own 99.85% of the company's stock.

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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