HC Wainwright Reiterates "Buy" Rating for BridgeBio Pharma (NASDAQ:BBIO)

Key Points

• HC Wainwright reaffirmed its “Buy” rating on BridgeBio Pharma and maintained a $120 price target, implying 57.73% potential upside from the stock’s current price.
• Analyst sentiment remains broadly positive: 20 analysts rate the stock a Buy, two rate it Hold and one rates it Sell, producing a consensus “Moderate Buy” rating and an average price target of $101.53.
• BridgeBio reported quarterly revenue of $243.68 million, up 120.4% year over year, but its $0.78 per-share loss was worse than the $0.58 consensus estimate. Insiders sold about $27.6 million of shares over the past 90 days.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report)'s stock had its "buy" rating reaffirmed by investment analysts at HC Wainwright in a research note issued on Thursday, Benzinga reports. They presently have a $120.00 target price on the stock. HC Wainwright's price objective would suggest a potential upside of 57.73% from the stock's current price.

Several other analysts have also recently issued reports on the company. Wells Fargo & Company raised their target price on BridgeBio Pharma from $98.00 to $102.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 11th. JPMorgan Chase & Co. increased their price objective on BridgeBio Pharma from $100.00 to $111.00 and gave the stock an "overweight" rating in a report on Wednesday, August 12th. Weiss Ratings cut BridgeBio Pharma from a "sell (d)" rating to a "sell (d-)" rating in a report on Tuesday, August 11th. Bank of America boosted their target price on BridgeBio Pharma from $101.00 to $104.00 and gave the company a "buy" rating in a research note on Tuesday, August 11th. Finally, UBS Group restated a "buy" rating on shares of BridgeBio Pharma in a report on Wednesday, September 2nd. Twenty 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.com, the company has a consensus rating of "Moderate Buy" and an average price target of $101.53.

BridgeBio Pharma Stock Up 1.8%

Shares of NASDAQ BBIO opened at $76.08 on Thursday. The firm's fifty day moving average is $80.83 and its 200 day moving average is $73.65. BridgeBio Pharma has a 52 week low of $48.78 and a 52 week high of $93.42. The company has a market cap of $14.87 billion, a price-to-earnings ratio of -21.31 and a beta of 0.97.

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 for the quarter, missing the consensus estimate of ($0.58) by ($0.20). The business had revenue of $243.68 million for the quarter, compared to analyst estimates of $220.91 million. The firm's revenue for the quarter was up 120.4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.95) earnings per share. Equities research analysts anticipate that BridgeBio Pharma will post -2.64 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Jennifer E. Cook sold 148,589 shares of the stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $88.54, for a total transaction of $13,156,070.06. Following the sale, the director directly owned 8,383 shares of the company's stock, valued at approximately $742,230.82. This represents a 94.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through 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 dated Thursday, July 30th. The shares were sold at an average price of $80.06, for a total transaction of $160,120.00. Following the sale, the chief accounting officer 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 347,343 shares of company stock valued at $27,591,000. Company insiders own 14.23% of the company's stock.

Institutional Investors Weigh In On BridgeBio Pharma

Institutional investors have recently made changes to their positions in the company. Hsbc Holdings PLC grew its holdings in BridgeBio Pharma by 139.4% during the first quarter. Hsbc Holdings PLC now owns 32,708 shares of the company's stock valued at $2,431,000 after purchasing an additional 19,043 shares during the period. Geode Capital Management LLC increased its position in BridgeBio Pharma by 12.9% in the fourth quarter. Geode Capital Management LLC now owns 4,412,523 shares of the company's stock worth $344,689,000 after buying an additional 502,582 shares in the last quarter. Assetmark Inc. raised its stake in shares of BridgeBio Pharma by 423.7% in the first quarter. Assetmark Inc. now owns 20,790 shares of the company's stock worth $1,544,000 after buying an additional 16,820 shares during the period. Seven Grand Managers LLC bought a new position in shares of BridgeBio Pharma in the fourth quarter worth about $3,824,000. Finally, Thrivent Financial for Lutherans purchased a new position in shares of BridgeBio Pharma during the 4th quarter valued at about $4,567,000. Hedge funds and other 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 delivering medicines for patients with genetically driven diseases and cancers. Founded in 2015, the company operates through a group of subsidiary biotechnology businesses, each generally focused on a specific disease area or therapeutic program.

BridgeBio's research and development activities span rare diseases, genetically defined cancers, cardiovascular conditions and other serious disorders.

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