BridgeBio Pharma (NASDAQ:BBIO) Cut to Market Perform at Raymond James Financial

Key Points

• Raymond James Financial downgraded BridgeBio Pharma from “outperform” to “market perform,” even as the broader analyst view remains positive with a “Moderate Buy” consensus and an average price target of $88.90.
• BridgeBio reported better-than-expected revenue of $194.52 million in its latest quarter, but earnings missed estimates with EPS of -$0.84 versus the expected -$0.70.
• The stock opened at $69.12 and has seen notable insider selling, including CEO Neil Kumar’s sale of 40,000 shares; meanwhile, institutional investors hold 99.85% of the company.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) was downgraded by stock analysts at Raymond James Financial from an "outperform" rating to a "market perform" rating in a research report issued on Tuesday.

Several other equities research analysts have also recently commented on the stock. Royal Bank Of Canada began coverage on shares of BridgeBio Pharma in a research report on Thursday, April 9th. They issued an "outperform" rating and a $100.00 price target on the stock. Truist Financial boosted their price objective on BridgeBio Pharma from $95.00 to $102.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. Oppenheimer cut their price objective on BridgeBio Pharma from $83.00 to $81.00 and set an "outperform" rating on the stock in a report on Wednesday, February 25th. William Blair began coverage on BridgeBio Pharma in a report on Tuesday, March 10th. They set an "outperform" rating on the stock. Finally, Barclays restated an "overweight" rating on shares of BridgeBio Pharma in a report on Tuesday, March 10th. Twenty-two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, BridgeBio Pharma currently has an average rating of "Moderate Buy" and an average price target of $88.90.

BridgeBio Pharma Stock Performance

Shares of BridgeBio Pharma stock opened at $69.12 on Tuesday. The company's 50-day moving average price is $71.32 and its two-hundred day moving average price is $71.98. BridgeBio Pharma has a 52 week low of $31.77 and a 52 week high of $84.94. The stock has a market cap of $13.54 billion, a PE ratio of -18.48 and a beta of 1.02.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.84) EPS for the quarter, missing the consensus estimate of ($0.70) by ($0.14). The business had revenue of $194.52 million for the quarter, compared to analysts' expectations of $178.07 million. During the same quarter in the previous year, the business posted ($0.88) EPS. The company's quarterly revenue was up 66.8% compared to the same quarter last year. On average, equities analysts predict that BridgeBio Pharma will post -2.27 EPS for the current fiscal year.

Insider Activity at BridgeBio Pharma

In other BridgeBio Pharma news, CEO Neil Kumar sold 40,000 shares of BridgeBio Pharma stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $74.62, for a total transaction of $2,984,800.00. Following the transaction, the chief executive officer owned 615,686 shares of the company's stock, valued at $45,942,489.32. The trade was a 6.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available 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 BridgeBio Pharma stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $71.58, for a total value of $143,160.00. Following the transaction, the chief accounting officer directly owned 134,115 shares in the company, valued at approximately $9,599,951.70. This trade represents a 1.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 210,572 shares of company stock worth $14,364,492. Company insiders own 14.23% of the company's stock.

Hedge Funds Weigh In On BridgeBio Pharma

Several institutional investors and hedge funds have recently bought and sold shares of the business. Strs Ohio grew its stake in BridgeBio Pharma by 1.1% during the 3rd quarter. Strs Ohio now owns 18,600 shares of the company's stock valued at $966,000 after acquiring an additional 200 shares in the last quarter. Commonwealth Equity Services LLC grew its stake in BridgeBio Pharma by 4.9% during the 4th quarter. Commonwealth Equity Services LLC now owns 5,179 shares of the company's stock valued at $396,000 after acquiring an additional 244 shares in the last quarter. Farther Finance Advisors LLC grew its stake in BridgeBio Pharma by 91.4% during the 4th quarter. Farther Finance Advisors LLC now owns 513 shares of the company's stock valued at $39,000 after acquiring an additional 245 shares in the last quarter. State of New Jersey Common Pension Fund D grew its stake in BridgeBio Pharma by 0.5% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 51,896 shares of the company's stock valued at $3,970,000 after acquiring an additional 246 shares in the last quarter. Finally, CWM LLC grew its stake in BridgeBio Pharma by 4.3% during the 4th quarter. CWM LLC now owns 6,444 shares of the company's stock valued at $493,000 after acquiring an additional 265 shares in the last quarter. Hedge funds and other institutional investors own 99.85% of the company's stock.

BridgeBio Pharma Company Profile

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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