BridgeBio Pharma (NASDAQ:BBIO) Now Covered by Analysts at Citigroup

Key Points

• Citigroup initiated coverage on BridgeBio Pharma with a neutral rating and an $82 price target, implying about 25.5% upside from the prior close.
• Analyst sentiment remains broadly positive overall: 23 analystsModerate Buy rating and an average target price of $88.90.
• BridgeBio reported Q1 revenue of $194.52 million, up 66.8% year over year, but EPS of -$0.84 missed expectations; meanwhile, CEO Neil Kumar sold 40,000 shares under a pre-arranged trading plan.

Equities research analysts at Citigroup assumed coverage on shares of BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) in a report issued on Tuesday. The brokerage set a "neutral" rating and a $82.00 price target on the stock. Citigroup's price objective would indicate a potential upside of 25.54% from the company's previous close.

Other equities analysts have also recently issued reports about the stock. Truist Financial upped their price target on shares of BridgeBio Pharma from $95.00 to $102.00 and gave the company a "buy" rating in a research report on Wednesday, April 29th. Morgan Stanley upped their price target on shares of BridgeBio Pharma from $96.00 to $98.00 and gave the company an "overweight" rating in a research report on Wednesday, February 25th. Oppenheimer decreased their price target on shares of BridgeBio Pharma from $83.00 to $81.00 and set an "outperform" rating for the company in a research report on Wednesday, February 25th. Weiss Ratings restated a "sell (d)" rating on shares of BridgeBio Pharma in a research report on Friday. Finally, Barclays restated an "overweight" rating on shares of BridgeBio Pharma in a research report on Tuesday, March 10th. Twenty-three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, BridgeBio Pharma has an average rating of "Moderate Buy" and an average target price of $88.90.

BridgeBio Pharma Price Performance

BBIO stock opened at $65.32 on Tuesday. The company has a 50 day simple moving average of $71.36 and a 200 day simple moving average of $71.80. The stock has a market cap of $12.79 billion, a price-to-earnings ratio of -17.47 and a beta of 1.02. BridgeBio Pharma has a 1 year low of $31.77 and a 1 year high of $84.94.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.84) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.70) by ($0.14). The company had revenue of $194.52 million for the quarter, compared to analyst estimates of $178.07 million. BridgeBio Pharma's quarterly revenue was up 66.8% compared to the same quarter last year. During the same period last year, the company posted ($0.88) EPS. On average, equities research analysts anticipate that BridgeBio Pharma will post -2.27 EPS for the current fiscal year.

Insider Transactions at BridgeBio Pharma

In other news, CEO Neil Kumar sold 40,000 shares of the stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $67.90, for a total transaction of $2,716,000.00. Following the completion of the sale, the chief executive officer directly owned 575,686 shares in the company, valued at $39,089,079.40. This represents a 6.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Maricel Apuli sold 2,000 shares of the stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $71.58, for a total transaction of $143,160.00. Following the sale, the chief accounting officer owned 134,115 shares of the company's stock, valued at approximately $9,599,951.70. This trade represents a 1.47% 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. Insiders sold a total of 214,974 shares of company stock worth $14,807,289 over the last three months. 14.23% of the stock is owned by company insiders.

Institutional Investors Weigh In On BridgeBio Pharma

Several large investors have recently modified their holdings of BBIO. Jones Financial Companies Lllp acquired a new stake in shares of BridgeBio Pharma during the first quarter worth $35,000. First Trust Advisors LP increased its position in shares of BridgeBio Pharma by 200.4% during the second quarter. First Trust Advisors LP now owns 263,693 shares of the company's stock worth $11,386,000 after buying an additional 175,918 shares during the period. Baird Financial Group Inc. increased its position in shares of BridgeBio Pharma by 1.8% during the second quarter. Baird Financial Group Inc. now owns 42,057 shares of the company's stock worth $1,816,000 after buying an additional 731 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in BridgeBio Pharma during the second quarter worth $1,650,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in BridgeBio Pharma by 2.4% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 95,326 shares of the company's stock worth $4,132,000 after acquiring an additional 2,206 shares in the last quarter. 99.85% of the stock is currently owned by institutional investors and hedge funds.

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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