BridgeBio Pharma (NASDAQ:BBIO) Hits New 1-Year High After Better-Than-Expected Earnings

BridgeBio Pharma, Inc. (NASDAQ:BBIO - Get Free Report) reached a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $39.54 and last traded at $38.48, with a volume of 2185851 shares changing hands. The stock had previously closed at $36.42.

The company reported ($0.88) EPS for the quarter, topping analysts' consensus estimates of ($1.00) by $0.12. The business had revenue of $36.74 million during the quarter, compared to analyst estimates of $57.14 million. During the same period in the prior year, the firm earned ($0.20) EPS. The business's revenue for the quarter was down 44.8% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on BBIO shares. Redburn Atlantic started coverage on shares of BridgeBio Pharma in a research report on Monday, March 31st. They set a "buy" rating and a $50.00 price objective on the stock. HC Wainwright upped their target price on BridgeBio Pharma from $49.00 to $53.00 and gave the stock a "buy" rating in a research report on Tuesday, April 15th. JPMorgan Chase & Co. upped their price target on BridgeBio Pharma from $44.00 to $50.00 and gave the stock an "overweight" rating in a report on Monday, March 24th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $95.00 target price on shares of BridgeBio Pharma in a research report on Friday, February 21st. Finally, Citigroup upped their price target on BridgeBio Pharma from $45.00 to $49.00 and gave the company a "buy" rating in a research report on Friday, February 21st. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, BridgeBio Pharma currently has a consensus rating of "Moderate Buy" and an average target price of $57.09.

Insider Activity at BridgeBio Pharma

In other BridgeBio Pharma news, Director Andrea Ellis sold 30,000 shares of the business's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $34.05, for a total transaction of $1,021,500.00. Following the transaction, the director now owns 12,000 shares in the company, valued at $408,600. The trade was a 71.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Neil Kumar sold 31,543 shares of the company's stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $36.14, for a total transaction of $1,139,964.02. Following the completion of the transaction, the chief executive officer now owns 211,718 shares in the company, valued at approximately $7,651,488.52. The trade was a 12.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,309,191 shares of company stock worth $208,544,821 over the last 90 days. 24.66% of the stock is owned by company insiders.

Institutional Investors Weigh In On BridgeBio Pharma

A number of institutional investors have recently added to or reduced their stakes in BBIO. Vanguard Group Inc. raised its position in BridgeBio Pharma by 6.2% during the 4th quarter. Vanguard Group Inc. now owns 15,077,915 shares of the company's stock worth $413,738,000 after buying an additional 879,059 shares during the last quarter. Janus Henderson Group PLC raised its holdings in BridgeBio Pharma by 1.9% in the 4th quarter. Janus Henderson Group PLC now owns 4,907,533 shares of the company's stock valued at $134,672,000 after acquiring an additional 89,521 shares during the last quarter. Farallon Capital Management LLC boosted its position in shares of BridgeBio Pharma by 140.1% during the 4th quarter. Farallon Capital Management LLC now owns 4,195,000 shares of the company's stock valued at $115,111,000 after acquiring an additional 2,448,000 shares during the last quarter. Frazier Life Sciences Management L.P. lifted its holdings in BridgeBio Pharma by 1.1% in the fourth quarter. Frazier Life Sciences Management L.P. now owns 3,800,457 shares of the company's stock valued at $104,285,000 after acquiring an additional 40,000 shares during the last quarter. Finally, Capital Research Global Investors boosted its stake in BridgeBio Pharma by 34.9% during the fourth quarter. Capital Research Global Investors now owns 3,526,747 shares of the company's stock worth $96,774,000 after buying an additional 912,439 shares during the period. Institutional investors own 99.85% of the company's stock.

BridgeBio Pharma Stock Performance

The company has a 50 day moving average of $34.06 and a 200-day moving average of $30.91. The stock has a market cap of $7.26 billion, a price-to-earnings ratio of -13.41 and a beta of 1.15.

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.