BridgeBio Pharma (NASDAQ:BBIO) Price Target Raised to $98.00

Key Points

• Morgan Stanley raised its price target on BridgeBio Pharma to $98 from $94 and kept an overweight rating, implying about 47.8% upside from the prior close.
• Analyst sentiment remains generally positive: BridgeBio has a consensus Moderate Buy rating, with 22 Buy ratings versus two Hold and one Sell, and an average target price of $88.90.
• The stock was down slightly to $66.30, while the company reported a wider-than-expected quarterly loss but stronger revenue growth, with sales up 66.8% year over year to $194.52 million.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) had its price objective lifted by analysts at Morgan Stanley from $94.00 to $98.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Morgan Stanley's price objective would suggest a potential upside of 47.81% from the company's previous close.

Several other equities analysts have also weighed in on the stock. Citigroup started coverage on shares of BridgeBio Pharma in a report on Tuesday, May 19th. They issued a "neutral" rating and a $82.00 target price on the stock. Wells Fargo & Company lifted their price target on shares of BridgeBio Pharma from $88.00 to $98.00 and gave the company an "overweight" rating in a research report on Friday, February 13th. Royal Bank Of Canada began coverage on BridgeBio Pharma in a research report on Thursday, April 9th. They issued an "outperform" rating and a $100.00 price objective for the company. Raymond James Financial cut BridgeBio Pharma from an "outperform" rating to a "market perform" rating in a research note on Tuesday. Finally, Barclays restated an "overweight" rating on shares of BridgeBio Pharma in a research report on Tuesday, March 10th. Twenty-two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, BridgeBio Pharma currently has a consensus rating of "Moderate Buy" and an average target price of $88.90.

BridgeBio Pharma Stock Down 0.2%

BBIO traded down $0.14 during trading on Thursday, reaching $66.30. The company's stock had a trading volume of 243,075 shares, compared to its average volume of 2,737,141. The company has a market cap of $12.99 billion, a price-to-earnings ratio of -17.69 and a beta of 1.02. The firm has a fifty day simple moving average of $71.20 and a two-hundred day simple moving average of $72.05. 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 announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.84) earnings per share for the quarter, missing the consensus estimate of ($0.70) by ($0.14). The firm had revenue of $194.52 million for the quarter, compared to analysts' expectations of $178.07 million. During the same quarter last year, the firm posted ($0.88) earnings per share. The company's revenue was up 66.8% on a year-over-year basis. As a group, equities analysts forecast 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 26,103 shares of the firm's stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $69.44, for a total transaction of $1,812,592.32. Following the completion of the transaction, the chief executive officer directly owned 243,327 shares in the company, valued at $16,896,626.88. This trade represents a 9.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Andrea Ellis sold 64,921 shares of BridgeBio Pharma stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $64.87, for a total value of $4,211,425.27. Following the completion of the sale, the director directly owned 18,589 shares of the company's stock, valued at $1,205,868.43. The trade was a 77.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 236,675 shares of company stock worth $16,177,085 in the last three months. Company insiders own 14.23% of the company's stock.

Hedge Funds Weigh In On BridgeBio Pharma

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Avidity Partners Management LP purchased a new stake in BridgeBio Pharma during the first quarter worth about $711,000. Janus Henderson Group PLC boosted its stake in shares of BridgeBio Pharma by 19.8% in the first quarter. Janus Henderson Group PLC now owns 13,179,013 shares of the company's stock valued at $978,608,000 after purchasing an additional 2,178,556 shares during the period. California State Teachers Retirement System boosted its stake in shares of BridgeBio Pharma by 23.7% in the first quarter. California State Teachers Retirement System now owns 165,703 shares of the company's stock valued at $12,305,000 after purchasing an additional 31,797 shares during the period. Rock Springs Capital Management LP grew its holdings in shares of BridgeBio Pharma by 23.9% in the first quarter. Rock Springs Capital Management LP now owns 128,250 shares of the company's stock valued at $9,524,000 after purchasing an additional 24,750 shares in the last quarter. Finally, Eagle Health Investments LP increased its stake in BridgeBio Pharma by 3.0% during the 1st quarter. Eagle Health Investments LP now owns 267,031 shares of the company's stock worth $19,830,000 after buying an additional 7,731 shares during the period. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.