HC Wainwright Reaffirms "Buy" Rating for BridgeBio Pharma (NASDAQ:BBIO)

Key Points

• HC Wainwright has reiterated a "buy" rating for BridgeBio Pharma (NASDAQ:BBIO) with a price target of $70.00, implying a potential upside of 36.69% from the current price.
• BridgeBio Pharma recently reported quarterly earnings with a significantly increased revenue of $110.57 million but missed EPS estimates, showing a loss of ($0.95) per share.
• Several institutional investors have acquired significant stakes in BridgeBio Pharma, indicating strong interest in the company, with nearly 99.85% of stocks owned by institutional investors.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report)'s stock had its "buy" rating reiterated by equities researchers at HC Wainwright in a research note issued on Monday,Benzinga reports. They currently have a $70.00 price objective on the stock. HC Wainwright's target price would indicate a potential upside of 36.69% from the company's current price.

BBIO has been the topic of a number of other reports. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $95.00 price target on shares of BridgeBio Pharma in a research note on Tuesday, July 29th. UBS Group lifted their price target on BridgeBio Pharma from $72.00 to $82.00 and gave the stock a "buy" rating in a research note on Friday. Citigroup lifted their price target on BridgeBio Pharma from $58.00 to $67.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Bank of America lifted their price objective on BridgeBio Pharma from $50.00 to $54.00 and gave the stock a "buy" rating in a research report on Wednesday, June 25th. Finally, Piper Sandler lifted their price objective on BridgeBio Pharma from $63.00 to $68.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Seventeen investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $63.94.

BridgeBio Pharma Price Performance

Shares of NASDAQ:BBIO opened at $51.21 on Monday. The business's 50 day moving average price is $48.54 and its 200-day moving average price is $40.36. The firm has a market capitalization of $9.79 billion, a PE ratio of -12.52 and a beta of 1.25. BridgeBio Pharma has a 1 year low of $21.72 and a 1 year high of $54.60.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last issued its quarterly 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 during the quarter, compared to analysts' expectations of $98.46 million. BridgeBio Pharma's revenue was up 4999.9% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.39) earnings per share. As a group, analysts expect that BridgeBio Pharma will post -3.67 earnings per share for the current year.

Insider Activity at BridgeBio Pharma

In other BridgeBio Pharma news, Director Charles J. Homcy sold 50,000 shares of the company's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $48.00, for a total transaction of $2,400,000.00. Following the sale, the director owned 916,674 shares in the company, valued at $44,000,352. This represents a 5.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Thomas Trimarchi sold 42,237 shares of the company's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $49.48, for a total value of $2,089,886.76. Following the sale, the chief financial officer owned 421,081 shares in the company, valued at approximately $20,835,087.88. This trade represents a 9.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,202,620 shares of company stock worth $187,174,970 over the last quarter. 18.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On BridgeBio Pharma

Several large investors have recently bought and sold shares of BBIO. Norges Bank purchased a new stake in BridgeBio Pharma during the 2nd quarter worth about $84,488,000. Driehaus Capital Management LLC purchased a new stake in BridgeBio Pharma during the 1st quarter worth about $51,874,000. Invesco Ltd. increased its holdings in BridgeBio Pharma by 147.0% during the 1st quarter. Invesco Ltd. now owns 2,206,163 shares of the company's stock worth $76,267,000 after purchasing an additional 1,313,036 shares during the period. Woodline Partners LP increased its holdings in BridgeBio Pharma by 132.9% during the 4th quarter. Woodline Partners LP now owns 2,211,521 shares of the company's stock worth $60,684,000 after purchasing an additional 1,261,772 shares during the period. Finally, Assenagon Asset Management S.A. increased its holdings in BridgeBio Pharma by 4,544.6% during the 1st quarter. Assenagon Asset Management S.A. now owns 1,120,933 shares of the company's stock worth $38,751,000 after purchasing an additional 1,096,799 shares during the period. Hedge funds and other institutional investors 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.

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