BridgeBio Pharma (NASDAQ:BBIO) Lowered to Sell Rating by Wall Street Zen

Key Points

• BridgeBio Pharma has been downgraded by Wall Street Zen from a "hold" rating to a "sell" rating.
• Despite recent downgrades, the consensus rating remains a "Moderate Buy" with a price target of $61.50.
• Insiders sold over 9.8 million shares of BridgeBio Pharma stock in the past 90 days, indicating significant internal trading activity.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Saturday.

A number of other analysts have also recently weighed in on the stock. Wolfe Research initiated coverage on shares of BridgeBio Pharma in a report on Tuesday, June 17th. They set an "outperform" rating and a $49.00 price objective on the stock. Scotiabank raised their target price on shares of BridgeBio Pharma from $52.00 to $55.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, April 30th. Truist Financial assumed coverage on shares of BridgeBio Pharma in a research report 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 report on Wednesday, June 25th. Finally, Wells Fargo & Company raised their target price on shares of BridgeBio Pharma from $67.00 to $76.00 and gave the stock an "overweight" rating in a research report on Monday, June 30th. One investment analyst has rated the stock with a sell rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $61.50.

BridgeBio Pharma Stock Up 0.2%

BBIO stock traded up $0.09 during mid-day trading on Friday, hitting $46.32. 1,462,004 shares of the company were exchanged, compared to its average volume of 2,282,545. The firm has a market capitalization of $8.80 billion, a P/E ratio of -13.12 and a beta of 1.15. The business has a fifty day simple moving average of $41.48 and a 200-day simple moving average of $36.81. BridgeBio Pharma has a 12-month low of $21.72 and a 12-month high of $48.68.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last announced its earnings results on Tuesday, April 29th. The company reported ($0.88) earnings per share for the quarter, topping the consensus estimate of ($1.00) by $0.12. The company had revenue of $36.74 million for the quarter, compared to analysts' expectations of $57.14 million. During the same period last year, the business earned ($0.20) EPS. The company's quarterly revenue was down 44.8% compared to the same quarter last year. Research analysts predict that BridgeBio Pharma will post -3.67 EPS for the current year.

Insider Activity at BridgeBio Pharma

In other news, Director Andrew Lo sold 100,000 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $38.50, for a total transaction of $3,850,000.00. Following the transaction, the director owned 105,583 shares of the company's stock, valued at approximately $4,064,945.50. This represents a 48.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Neil Kumar sold 75,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $33.40, for a total value of $2,505,000.00. Following the transaction, the chief executive officer owned 4,798,447 shares of the company's stock, valued at $160,268,129.80. This trade represents a 1.54% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,851,181 shares of company stock worth $372,969,914. 18.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its position in BridgeBio Pharma by 71.0% during the first quarter. GAMMA Investing LLC now owns 920 shares of the company's stock worth $32,000 after buying an additional 382 shares in the last quarter. Jones Financial Companies Lllp bought a new position in shares of BridgeBio Pharma in the first quarter worth $35,000. Itau Unibanco Holding S.A. purchased a new stake in BridgeBio Pharma during the fourth quarter valued at about $41,000. Sterling Capital Management LLC raised its stake in shares of BridgeBio Pharma by 554.6% during the fourth quarter. Sterling Capital Management LLC now owns 1,787 shares of the company's stock valued at $49,000 after acquiring an additional 1,514 shares during the last quarter. Finally, GF Fund Management CO. LTD. bought a new position in BridgeBio Pharma in the fourth quarter worth about $109,000. 99.85% of the stock is owned by institutional investors and hedge funds.

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.