BridgeBio Pharma (NASDAQ:BBIO) Sets New 52-Week High - What's Next?

Key Points

• BridgeBio Pharma (NASDAQ:BBIO) shares hit a new 52-week high at $55.98, prompted by increased trading activity and a recent volume of 74,433 shares.
• Analysts have elevated their price targets for BridgeBio, with JPMorgan setting a new target of $70.00 and Citigroup raising theirs from $58.00 to $67.00, reflecting strong market confidence.
• Despite a significant increase in revenue by 4999.9% year-over-year, the company reported a loss of ($0.95) EPS for the last quarter, missing expectations but pointed to positive growth trends.

BridgeBio Pharma, Inc. (NASDAQ:BBIO - Get Free Report)'s stock price reached a new 52-week high on Monday . The stock traded as high as $55.98 and last traded at $55.76, with a volume of 74433 shares trading hands. The stock had previously closed at $55.49.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on BBIO. JPMorgan Chase & Co. raised their target price on BridgeBio Pharma from $55.00 to $70.00 and gave the company an "overweight" rating in a research note on Wednesday, September 3rd. Raymond James Financial assumed coverage on shares of BridgeBio Pharma in a research note on Wednesday, July 30th. They issued an "outperform" rating and a $56.00 price target for the company. Citigroup increased their price target on shares of BridgeBio Pharma from $58.00 to $67.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Truist Financial started coverage on BridgeBio Pharma in a report on Monday, July 21st. They issued a "buy" rating and a $66.00 price target for the company. Finally, Bank of America raised their price target on shares of BridgeBio Pharma from $50.00 to $54.00 and gave the stock a "buy" rating in a research report on Wednesday, June 25th. Seventeen equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, BridgeBio Pharma has an average rating of "Moderate Buy" and an average target price of $63.94.

BridgeBio Pharma Trading Up 0.8%

The company's fifty day simple moving average is $51.09 and its 200-day simple moving average is $42.98. The stock has a market cap of $10.69 billion, a P/E ratio of -13.69 and a beta of 1.36.

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

Insiders Place Their Bets

In other news, CEO Neil Kumar sold 40,000 shares of the stock in a transaction dated Wednesday, October 8th. The shares were sold at an average price of $54.78, for a total value of $2,191,200.00. Following the transaction, the chief executive officer directly owned 855,686 shares of the company's stock, valued at $46,874,479.08. This represents a 4.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thomas Trimarchi sold 42,237 shares of the business's stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $49.48, for a total value of $2,089,886.76. Following the completion of the sale, the chief financial officer owned 421,081 shares of the company's stock, valued at $20,835,087.88. This trade represents a 9.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 597,913 shares of company stock worth $29,034,227 in the last quarter. Company insiders own 18.20% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in BBIO. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of BridgeBio Pharma in the 2nd quarter valued at $25,000. GAMMA Investing LLC raised its stake in shares of BridgeBio Pharma by 71.0% in the first quarter. GAMMA Investing LLC now owns 920 shares of the company's stock worth $32,000 after purchasing an additional 382 shares during the last quarter. Jones Financial Companies Lllp purchased a new stake in BridgeBio Pharma in the 1st quarter valued at $35,000. Steward Partners Investment Advisory LLC raised its position in BridgeBio Pharma by 22.3% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 1,250 shares of the company's stock valued at $54,000 after buying an additional 228 shares during the last quarter. Finally, GF Fund Management CO. LTD. boosted its holdings in BridgeBio Pharma by 22.0% during the 1st quarter. GF Fund Management CO. LTD. now owns 4,839 shares of the company's stock worth $167,000 after acquiring an additional 871 shares during the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.