Cantor Fitzgerald Reaffirms "Overweight" Rating for BridgeBio Pharma (NASDAQ:BBIO)

Key Points

• Cantor Fitzgerald has reiterated its "overweight" rating for BridgeBio Pharma (NASDAQ:BBIO) with a target price of $95.00, indicating a potential upside of 103.73% from the stock's recent close.
• Despite mixed analyst ratings, with one downgrade to "sell" and several "buy" and "outperform" ratings, the average target price is $61.50, reflecting a "Moderate Buy" consensus.
• The stock's recent performance shows a price increase of 0.9% to $46.63, with notable insider selling amounting to over $372 million in shares within the last 90 days.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report)'s stock had its "overweight" rating reiterated by Cantor Fitzgerald in a research report issued on Tuesday,Benzinga reports. They presently have a $95.00 price target on the stock. Cantor Fitzgerald's target price would suggest a potential upside of 108.24% from the company's current price.

Several other analysts have also recently weighed in on the stock. Truist Financial started coverage on shares of BridgeBio Pharma in a research note on Monday, July 21st. They issued a "buy" rating and a $66.00 price target for the company. Redburn Atlantic began coverage on shares of BridgeBio Pharma in a research report on Monday, March 31st. They set a "buy" rating and a $50.00 price target for the company. Wall Street Zen cut shares of BridgeBio Pharma from a "hold" rating to a "sell" rating in a research report on Saturday. Bank of America lifted their target price on shares of BridgeBio Pharma from $50.00 to $54.00 and gave the company a "buy" rating in a report on Wednesday, June 25th. Finally, Wells Fargo & Company raised their price target on BridgeBio Pharma from $67.00 to $76.00 and gave the stock an "overweight" rating in a research report on Monday, June 30th. One equities research analyst has rated the stock with a sell rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $61.18.

BridgeBio Pharma Stock Down 1.5%

Shares of BridgeBio Pharma stock traded down $0.70 during trading hours on Tuesday, reaching $45.62. 1,683,267 shares of the company's stock were exchanged, compared to its average volume of 2,216,534. The business has a fifty day moving average of $41.74 and a two-hundred day moving average of $36.87. The company has a market capitalization of $8.66 billion, a P/E ratio of -12.92 and a beta of 1.15. BridgeBio Pharma has a 1 year low of $21.72 and a 1 year high of $48.68.

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

Insider Activity

In other news, major shareholder Global Investors Lp Viking sold 3,500,000 shares of the firm's stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $44.00, for a total transaction of $154,000,000.00. Following the sale, the insider owned 18,555,375 shares of the company's stock, valued at approximately $816,436,500. This trade represents a 15.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Neil Kumar sold 75,000 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $33.40, for a total value of $2,505,000.00. Following the completion of the transaction, the chief executive officer directly 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 ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 9,851,181 shares of company stock valued at $372,969,914. Insiders own 18.20% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of BridgeBio Pharma by 6.2% in the 4th quarter. Vanguard Group Inc. now owns 15,077,915 shares of the company's stock valued at $413,738,000 after purchasing an additional 879,059 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of BridgeBio Pharma by 1.9% in the fourth 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 period. Farallon Capital Management LLC grew its position in shares of BridgeBio Pharma by 140.1% during the fourth quarter. Farallon Capital Management LLC now owns 4,195,000 shares of the company's stock worth $115,111,000 after acquiring an additional 2,448,000 shares during the last quarter. Frazier Life Sciences Management L.P. increased its holdings in shares of BridgeBio Pharma by 1.1% in the 4th 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 period. Finally, Capital Research Global Investors raised its position in BridgeBio Pharma by 34.9% in the 4th quarter. Capital Research Global Investors now owns 3,526,747 shares of the company's stock valued at $96,774,000 after purchasing an additional 912,439 shares during the last quarter. 99.85% of the stock is owned by hedge funds and other institutional investors.

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.