BridgeBio Pharma (NASDAQ:BBIO) Announces Earnings Results

Key Points

• BridgeBio Pharma missed earnings expectations: The company reported a quarterly loss of $0.78 per share, wider than the $0.58 consensus loss, while revenue of $243.68 million exceeded estimates of $220.91 million.
• Shares rose to $84.67 in midday trading, remaining below the 52-week high of $93.42 but above the 50-day and 200-day moving averages.
• Analysts remain generally bullish: Nineteen analysts rate the stock a Buy, with a consensus “Moderate Buy” rating and an average price target of $97.33; however, insiders sold $29.9 million of shares over the past 90 days.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) released its quarterly earnings results on Monday. The company reported ($0.78) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.58) by ($0.20), FiscalAI reports. The business had revenue of $243.68 million for the quarter, compared to the consensus estimate of $220.91 million.

BridgeBio Pharma Stock Performance

Shares of BBIO stock traded up $0.19 during mid-day trading on Monday, reaching $84.67. The company's stock had a trading volume of 2,938,222 shares, compared to its average volume of 3,004,558. BridgeBio Pharma has a 1-year low of $46.28 and a 1-year high of $93.42. The company has a market cap of $16.55 billion, a P/E ratio of -22.64 and a beta of 0.96. The firm's 50-day moving average is $75.69 and its two-hundred day moving average is $72.98.

Insider Buying and Selling at BridgeBio Pharma

In other news, Director Andrea Ellis sold 17,167 shares of the company's stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $84.00, for a total value of $1,442,028.00. Following the sale, the director directly owned 22,579 shares in the company, valued at approximately $1,896,636. This represents a 43.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jennifer E. Cook sold 148,589 shares of the stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $88.54, for a total value of $13,156,070.06. Following the completion of the transaction, the director directly owned 8,383 shares of the company's stock, valued at approximately $742,230.82. The trade was a 94.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 392,117 shares of company stock worth $29,934,700 in the last 90 days. 14.23% of the stock is currently owned by insiders.

Institutional Trading of BridgeBio Pharma

Large investors have recently bought and sold shares of the stock. Kestra Advisory Services LLC acquired a new stake in shares of BridgeBio Pharma during the fourth quarter worth approximately $235,000. Brooklyn Investment Group acquired a new position in shares of BridgeBio Pharma in the 4th quarter worth approximately $315,000. Meeder Advisory Services Inc. bought a new stake in BridgeBio Pharma during the 4th quarter worth approximately $290,000. Vise Technologies Inc. bought a new stake in BridgeBio Pharma during the 4th quarter worth approximately $210,000. Finally, Danske Bank A S acquired a new stake in BridgeBio Pharma during the 3rd quarter valued at $104,000. 99.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

BBIO has been the topic of several recent analyst reports. Morgan Stanley lifted their price target on BridgeBio Pharma from $94.00 to $98.00 and gave the stock an "overweight" rating in a research report on Thursday, May 28th. HC Wainwright boosted their target price on shares of BridgeBio Pharma from $110.00 to $120.00 and gave the stock a "buy" rating in a research report on Monday, July 13th. Truist Financial upped their target price on shares of BridgeBio Pharma from $95.00 to $102.00 and gave the company a "buy" rating in a research note on Wednesday, April 29th. Raymond James Financial lowered shares of BridgeBio Pharma from an "outperform" rating to a "market perform" rating in a research report on Tuesday, May 26th. Finally, Canaccord Genuity Group began coverage on shares of BridgeBio Pharma in a report on Wednesday, June 3rd. They set a "buy" rating and a $104.00 price objective on the stock. Nineteen analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $97.33.

About BridgeBio Pharma

BridgeBio Pharma, Inc is a clinical-stage biopharmaceutical company headquartered in Palo Alto, California. Founded in 2015 by Neil Kumar, the company is dedicated to discovering, developing and delivering transformative medicines for patients with genetic diseases and cancers. BridgeBio operates an integrated model that spans target identification, preclinical research, clinical development and commercialization, aiming to streamline the process from bench to bedside.

BridgeBio's pipeline comprises multiple therapeutic modalities, including small molecules, biologics and genetic therapies.

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