BridgeBio Pharma (NASDAQ:BBIO) Hits New 1-Year High - Here's What Happened

Key Points

• BridgeBio Pharma's stock price reached a new 52-week high of $50.03 during trading, closing at $49.47 with a trading volume of 215,861 shares.
• A consensus rating for the company stands at "Moderate Buy" with a price target of $61.35 based on analysts' reviews, with several firms recently increasing their price targets.
• The company reported revenue of $110.57 million for the last quarter, a significant increase of 4999.9% compared to the same quarter the previous year, despite missing EPS estimates.

BridgeBio Pharma, Inc. (NASDAQ:BBIO - Get Free Report)'s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $50.03 and last traded at $49.47, with a volume of 215861 shares trading hands. The stock had previously closed at $49.09.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Oppenheimer upped their target price on shares of BridgeBio Pharma from $60.00 to $61.00 and gave the company an "outperform" rating in a report on Wednesday, August 6th. Scotiabank increased their price target on shares of BridgeBio Pharma from $55.00 to $57.00 and gave the stock a "sector outperform" rating in a report on Wednesday, August 6th. Wall Street Zen raised shares of BridgeBio Pharma from a "sell" rating to a "hold" rating in a report on Saturday. Bank of America increased their price target on shares of BridgeBio Pharma from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Wednesday, June 25th. Finally, Truist Financial started coverage on shares of BridgeBio Pharma in a report on Monday, July 21st. They set a "buy" rating and a $66.00 price target for the company. One investment analyst has rated the stock with a hold rating and seventeen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $61.35.

BridgeBio Pharma Stock Performance

The company has a market cap of $9.60 billion, a price-to-earnings ratio of -12.26 and a beta of 1.23. The stock's fifty day simple moving average is $44.15 and its two-hundred day simple moving average is $37.64.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($0.95) earnings per share for the quarter, missing analysts' consensus estimates of ($0.83) by ($0.12). The business had revenue of $110.57 million for the quarter, compared to the consensus estimate of $98.46 million. The firm's revenue was up 4999.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.39) EPS. Analysts predict that BridgeBio Pharma, Inc. will post -3.67 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Frank Mccormick sold 100,000 shares of the firm's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $44.23, for a total value of $4,423,000.00. Following the transaction, the director owned 879,979 shares of the company's stock, valued at approximately $38,921,471.17. This trade represents a 10.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Global Investors Lp Viking sold 3,500,000 shares of the firm's stock in a transaction on Friday, June 27th. The shares were sold at an average price of $44.00, for a total transaction of $154,000,000.00. Following the completion of the transaction, the insider directly owned 18,555,375 shares in the company, valued at approximately $816,436,500. This represents a 15.87% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,108,322 shares of company stock worth $180,497,526. 18.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On BridgeBio Pharma

A number of hedge funds have recently made changes to their positions in the business. Norges Bank purchased a new stake in BridgeBio Pharma during the 2nd quarter worth $84,488,000. Capital Fund Management S.A. purchased a new stake in BridgeBio Pharma during the 2nd quarter worth $3,111,000. Choreo LLC purchased a new stake in BridgeBio Pharma during the 2nd quarter worth $224,000. Steward Partners Investment Advisory LLC increased its stake in BridgeBio Pharma by 22.3% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 1,250 shares of the company's stock worth $54,000 after buying an additional 228 shares during the period. Finally, Ameritas Investment Partners Inc. increased its stake in BridgeBio Pharma by 11.4% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 15,966 shares of the company's stock worth $689,000 after buying an additional 1,635 shares during the period. Hedge funds and other institutional investors own 99.85% of the company's stock.

BridgeBio Pharma Company Profile

BridgeBio Pharma, Inc, a commercial-stage biopharmaceutical company, discovers, creates, tests, and delivers transformative medicines to treat patients who suffer from genetic diseases and cancers. Its products in development programs include AG10, a next-generation oral small molecule near-complete TTR stabilizer that is in Phase 3 clinical trial for the treatment of TTR amyloidosis, or transthyretin amyloid cardiomyopathy (ATTR-CM); low-dose infigratinib, an oral FGFR1-3 selective tyrosine kinase inhibitor, which is in Phase 3 double-blinded, placebo-controlled pivotal study for the treatment option for children with achondroplasia; and BBP-631, an AAV5 gene transfer product candidate that is in Phase 1/2 clinical trial for the treatment of congenital adrenal hyperplasia, or CAH, driven by 21-hydroxylase deficiency, or 21OHD.

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