Canaccord Genuity Group Initiates Coverage on BridgeBio Pharma (NASDAQ:BBIO)

Key Points

• Canaccord Genuity Group initiated coverage on BridgeBio Pharma with a buy rating and a $104 price target, implying about 62.8% upside from the current share price.
• BridgeBio has broad analyst support overall: 23 Buy ratings, 2 Hold, and 1 Sell, with a consensus “Moderate Buy” and an average price target of $89.59.
• The stock was down 2.3% to $63.88 on Wednesday after a recent earnings report that showed revenue growth of 66.8% year over year but an EPS miss versus estimates.

Research analysts at Canaccord Genuity Group started coverage on shares of BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) in a research report issued to clients and investors on Wednesday. The brokerage set a "buy" rating and a $104.00 price target on the stock. Canaccord Genuity Group's price target would indicate a potential upside of 62.81% from the company's current price.

BBIO has been the subject of a number of other reports. Barclays reissued an "overweight" rating on shares of BridgeBio Pharma in a research report on Tuesday, March 10th. Royal Bank Of Canada started coverage on shares of BridgeBio Pharma in a report on Thursday, April 9th. They issued an "outperform" rating and a $100.00 target price for the company. Leerink Partners reaffirmed an "outperform" rating and issued a $98.00 target price on shares of BridgeBio Pharma in a report on Thursday, March 12th. HC Wainwright reaffirmed a "buy" rating and issued a $110.00 target price on shares of BridgeBio Pharma in a report on Thursday, May 28th. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of BridgeBio Pharma in a report on Friday, May 15th. Twenty-three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $89.59.

BridgeBio Pharma Trading Down 2.3%

BridgeBio Pharma stock opened at $63.88 on Wednesday. The stock has a market cap of $12.51 billion, a P/E ratio of -17.08 and a beta of 0.97. The company has a fifty day simple moving average of $70.97 and a 200-day simple moving average of $72.11. BridgeBio Pharma has a 12-month low of $35.15 and a 12-month high of $84.94.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.84) earnings per share (EPS) 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 analyst estimates of $178.07 million. The company's revenue was up 66.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.88) earnings per share. As a group, sell-side analysts forecast that BridgeBio Pharma will post -2.27 earnings per share for the current fiscal year.

Insider Buying and Selling at BridgeBio Pharma

In other news, Director Randal W. Scott sold 10,000 shares of the stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $67.15, for a total value of $671,500.00. Following the sale, the director directly owned 11,589 shares in the company, valued at $778,201.35. This represents a 46.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Maricel Apuli sold 2,000 shares of the stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $71.58, for a total transaction of $143,160.00. Following the completion of the sale, the chief accounting officer owned 134,115 shares in the company, valued at $9,599,951.70. This represents a 1.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 171,754 shares of company stock valued at $11,965,659 over 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 have recently made changes to their positions in BBIO. Jones Financial Companies Lllp purchased a new position in BridgeBio Pharma in the first quarter valued at about $35,000. First Trust Advisors LP increased its stake in BridgeBio Pharma by 200.4% during the 2nd quarter. First Trust Advisors LP now owns 263,693 shares of the company's stock worth $11,386,000 after buying an additional 175,918 shares during the period. Baird Financial Group Inc. increased its stake in BridgeBio Pharma by 1.8% during the 2nd quarter. Baird Financial Group Inc. now owns 42,057 shares of the company's stock worth $1,816,000 after buying an additional 731 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new stake in BridgeBio Pharma during the 2nd quarter worth $1,650,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in BridgeBio Pharma by 2.4% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 95,326 shares of the company's stock worth $4,132,000 after buying an additional 2,206 shares during the period. Institutional investors and hedge funds own 99.85% of the company's stock.

BridgeBio Pharma Company Profile

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.

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