BridgeBio Pharma (NASDAQ:BBIO) Upgraded by Wall Street Zen to "Hold" Rating

Key Points

• BridgeBio Pharma has been upgraded from a "sell" rating to a "hold" rating by Wall Street Zen, reflecting a more cautious outlook on the stock.
• Equities research analysts generally favor the stock, with 17 analysts giving it a "buy" rating and a consensus target price of $61.35.
• The company recently reported quarterly earnings, missing EPS estimates but achieving a significant revenue increase of 4999.9% year-over-year.

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

A number of other equities analysts have also weighed in on the stock. Truist Financial initiated coverage on shares of BridgeBio Pharma in a research report on Monday, July 21st. They issued a "buy" rating and a $66.00 price objective for the company. Wells Fargo & Company boosted their price objective on shares of BridgeBio Pharma from $67.00 to $76.00 and gave the company an "overweight" rating in a research report on Monday, June 30th. Jefferies Financial Group initiated coverage on shares of BridgeBio Pharma in a report on Monday, July 14th. They issued a "buy" rating and a $70.00 target price for the company. Scotiabank boosted their price objective on shares of BridgeBio Pharma from $55.00 to $57.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, August 6th. Finally, Bank of America boosted their price objective 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. One analyst has rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $61.35.

BridgeBio Pharma Stock Up 1.5%

Shares of NASDAQ BBIO traded up $0.73 during midday trading on Friday, hitting $48.97. The company had a trading volume of 1,201,640 shares, compared to its average volume of 3,046,660. BridgeBio Pharma has a twelve month low of $21.72 and a twelve month high of $49.77. The business has a 50-day simple moving average of $43.92 and a two-hundred day simple moving average of $37.56. The firm has a market capitalization of $9.36 billion, a price-to-earnings ratio of -11.97 and a beta of 1.23.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($0.95) EPS for the quarter, missing the consensus estimate of ($0.83) by ($0.12). The company had revenue of $110.57 million for the quarter, compared to analysts' expectations of $98.46 million. The firm's revenue for the quarter was up 4999.9% on a year-over-year basis. During the same period last year, the business earned ($0.39) EPS. On average, equities analysts forecast that BridgeBio Pharma will post -3.67 EPS for the current year.

Insiders Place Their Bets

In related news, CAO Maricel Apuli sold 1,000 shares of the stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $45.44, for a total value of $45,440.00. Following the sale, the chief accounting officer owned 141,859 shares of the company's stock, valued at $6,446,072.96. This trade represents a 0.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Global Investors Lp Viking sold 3,500,000 shares of the firm's stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $44.00, for a total transaction of $154,000,000.00. Following the transaction, the insider directly owned 18,555,375 shares in the company, valued at approximately $816,436,500. The trade was a 15.87% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,808,322 shares of company stock worth $166,585,026. 18.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On BridgeBio Pharma

Several large investors have recently bought and sold shares of the stock. American Century Companies Inc. increased its stake in BridgeBio Pharma by 6.1% during the 2nd quarter. American Century Companies Inc. now owns 1,090,134 shares of the company's stock valued at $47,072,000 after buying an additional 62,646 shares during the period. Rhumbline Advisers boosted its position in shares of BridgeBio Pharma by 12.5% during the 2nd quarter. Rhumbline Advisers now owns 247,736 shares of the company's stock valued at $10,697,000 after purchasing an additional 27,608 shares in the last quarter. CenterBook Partners LP bought a new position in shares of BridgeBio Pharma during the 2nd quarter valued at about $3,132,000. Franklin Resources Inc. boosted its position in shares of BridgeBio Pharma by 142.1% during the 2nd quarter. Franklin Resources Inc. now owns 821,405 shares of the company's stock valued at $35,468,000 after purchasing an additional 482,149 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in shares of BridgeBio Pharma by 17.5% during the 2nd quarter. Legal & General Group Plc now owns 159,573 shares of the company's stock valued at $6,890,000 after purchasing an additional 23,716 shares in the last quarter. Institutional investors and hedge funds own 99.85% of the company's stock.

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.