UBS Group Upgrades BridgeBio Pharma (NASDAQ:BBIO) to Strong-Buy

Key Points

• UBS Group upgraded BridgeBio Pharma to “strong buy,” joining a broadly positive analyst consensus. The stock has an average “Moderate Buy” rating and an average price target of $104.75.
• BridgeBio reported quarterly revenue of $243.68 million, up 120.4% year over year and above estimates, but its adjusted loss of $0.78 per share missed expectations of $0.58.
• Shares recently traded at $66.39, well below the analyst consensus target, while institutional investors own 99.85% of the company. Insiders have sold 56,980 shares worth roughly $4.58 million over the past 90 days.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) was upgraded by analysts at UBS Group to a "strong-buy" rating in a research report issued on Wednesday, Zacks reports.

A number of other equities research analysts also recently issued reports on the company. Truist Financial boosted their price target on BridgeBio Pharma from $102.00 to $107.00 and gave the company a "buy" rating in a research note on Wednesday, August 12th. Canaccord Genuity Group increased their price objective on shares of BridgeBio Pharma from $104.00 to $106.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. Bank of America raised their price objective on shares of BridgeBio Pharma from $101.00 to $104.00 and gave the stock a "buy" rating in a report on Tuesday, August 11th. Weiss Ratings lowered shares of BridgeBio Pharma from a "sell (d)" rating to a "sell (d-)" rating in a research report on Friday, September 25th. Finally, Wells Fargo & Company upped their target price on shares of BridgeBio Pharma from $98.00 to $102.00 and gave the company an "overweight" rating in a report on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, BridgeBio Pharma currently has an average rating of "Moderate Buy" and an average target price of $104.75.

BridgeBio Pharma Stock Performance

Shares of BBIO stock traded down $0.74 on Wednesday, reaching $66.39. The stock had a trading volume of 2,055,510 shares, compared to its average volume of 2,982,958. BridgeBio Pharma has a 1 year low of $52.75 and a 1 year high of $93.42. The stock has a market cap of $12.98 billion, a P/E ratio of -18.60 and a beta of 0.97. The company has a 50 day simple moving average of $72.75 and a 200 day simple moving average of $73.32.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.78) EPS for the quarter, missing analysts' consensus estimates of ($0.58) by ($0.20). The company had revenue of $243.68 million during the quarter, compared to the consensus estimate of $220.91 million. During the same period in the previous year, the business posted ($0.95) EPS. The business's revenue was up 120.4% compared to the same quarter last year. On average, equities research analysts anticipate that BridgeBio Pharma will post -2.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Maricel Apuli sold 2,000 shares of the company's stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $80.06, for a total value of $160,120.00. Following the completion of the transaction, 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 position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Neil Kumar sold 34,980 shares of the company's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $82.53, for a total transaction of $2,886,899.40. Following the completion of the transaction, the chief executive officer directly owned 243,327 shares of the company's stock, valued at $20,081,777.31. This represents a 12.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 56,980 shares of company stock worth $4,578,119. 14.23% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On BridgeBio Pharma

Hedge funds have recently made changes to their positions in the business. Jupiter Topco LLC bought a new stake in BridgeBio Pharma during the 2nd quarter valued at approximately $1,050,762,000. Janus Henderson Group PLC boosted its stake in BridgeBio Pharma by 19.8% in the 1st quarter. Janus Henderson Group PLC now owns 13,179,013 shares of the company's stock worth $978,608,000 after purchasing an additional 2,178,556 shares during the period. The Manufacturers Life Insurance Company bought a new position in BridgeBio Pharma in the 2nd quarter worth approximately $145,663,000. Pictet Asset Management Holding SA grew its holdings in BridgeBio Pharma by 8.7% during the 1st quarter. Pictet Asset Management Holding SA now owns 1,381,184 shares of the company's stock valued at $101,495,000 after buying an additional 110,894 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in BridgeBio Pharma by 1.2% during the 1st quarter. Principal Financial Group Inc. now owns 1,330,415 shares of the company's stock valued at $98,797,000 after buying an additional 16,112 shares in the last quarter. Institutional investors own 99.85% of the company's stock.

BridgeBio Pharma Company Profile

BridgeBio Pharma, Inc is a biotechnology company focused on discovering, developing and commercializing medicines for genetically driven diseases. The company uses its drug discovery and development platform to advance therapies across areas including rare diseases, genetic disorders and precision oncology, with programs designed to address the underlying biological causes of disease.

BridgeBio operates through a collection of subsidiary companies and development programs. Its portfolio has included therapies for cardiovascular, endocrine, neurological and oncological conditions.

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