BridgeBio Pharma (NASDAQ:BBIO) Posts Quarterly Earnings Results, Misses Estimates By $0.12 EPS

Key Points

• BridgeBio Pharma reported a loss of ($0.95) EPS for the quarter, which missed the consensus estimate of a loss of ($0.50) by ($0.45).
• Despite the earnings miss, the stock saw a 3.1% increase in trading, reaching $49.21, with a trading volume significantly above its average.
• Insiders, including CEO Neil Kumar, have sold a total of 9,750,155 shares over the last three months, representing a significant decrease in their ownership stake.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) issued its quarterly earnings data on Tuesday. The company reported ($0.95) earnings per share for the quarter, missing the consensus estimate of ($0.83) by ($0.12), Zacks reports. The firm had revenue of $110.57 million for the quarter, compared to analysts' expectations of $98.46 million. During the same quarter in the previous year, the business earned ($0.39) EPS. The firm's revenue for the quarter was up 4999.9% on a year-over-year basis.

BridgeBio Pharma Trading Up 3.1%

BridgeBio Pharma stock opened at $49.21 on Wednesday. BridgeBio Pharma has a 12 month low of $21.72 and a 12 month high of $49.77. The stock's 50 day simple moving average is $42.91 and its two-hundred day simple moving average is $37.26. The firm has a market cap of $9.34 billion, a PE ratio of -13.94 and a beta of 1.23.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on BBIO shares. Truist Financial started coverage on shares of BridgeBio Pharma in a research note on Monday, July 21st. They set a "buy" rating and a $66.00 target price on the stock. Bank of America raised their target price on shares of BridgeBio Pharma from $50.00 to $54.00 and gave the stock a "buy" rating in a research note on Wednesday, June 25th. Citigroup lifted their price objective on shares of BridgeBio Pharma from $58.00 to $67.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Cantor Fitzgerald reiterated an "overweight" rating and set a $95.00 price objective on shares of BridgeBio Pharma in a research report on Tuesday, July 29th. Finally, Wolfe Research assumed coverage on shares of BridgeBio Pharma in a research report on Tuesday, June 17th. They set an "outperform" rating and a $49.00 price objective on the stock. One analyst has rated the stock with a sell rating and seventeen have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $61.18.

Insiders Place Their Bets

In other BridgeBio Pharma news, major shareholder Global Investors Lp Viking sold 3,500,000 shares of the firm's stock in a transaction on Friday, June 27th. The stock was sold at an average price of $44.00, for a total value of $154,000,000.00. Following the completion of the sale, the insider directly owned 18,555,375 shares of the company's stock, valued at $816,436,500. This trade represents a 15.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $34.20, for a total value of $205,200,000.00. Following the completion of the sale, the insider directly owned 13,260,971 shares of the company's stock, valued at $453,525,208.20. This trade represents a 31.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 9,750,155 shares of company stock worth $369,080,403. Corporate insiders own 18.20% of the company's stock.

Institutional Trading of BridgeBio Pharma

A hedge fund recently bought a new stake in BridgeBio Pharma stock. Jones Financial Companies Lllp bought a new stake in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,000 shares of the company's stock, valued at approximately $35,000. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

About BridgeBio Pharma

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.