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

Key Points

• HC Wainwright reiterated a Buy rating on BridgeBio and set a $100 price target, implying roughly a 36.5% upside from the prior close.
• Analyst coverage is broadly positive—24 analysts rate the stock Buy and one rates it Sell, yielding a MarketBeat consensus of "Moderate Buy" with an average price target of $87.38.
• BridgeBio missed Q earnings (EPS ($1.00) vs. estimate ($0.75)) but reported revenue of $154.18M, up 2521.2% YoY; insiders have sold about 237,084 shares (~$16.6M) in the last 90 days while still owning 18.2% of the company.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report)'s stock had its "buy" rating restated by investment analysts at HC Wainwright in a research note issued on Monday,Benzinga reports. They currently have a $100.00 price objective on the stock. HC Wainwright's price target indicates a potential upside of 36.46% from the company's previous close.

A number of other equities analysts have also recently issued reports on the stock. Barclays reissued an "overweight" rating on shares of BridgeBio Pharma in a research report on Tuesday, March 10th. Morgan Stanley increased their price objective on shares of BridgeBio Pharma from $96.00 to $98.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 25th. Royal Bank Of Canada assumed coverage on shares of BridgeBio Pharma in a research report on Thursday, April 9th. They set an "outperform" rating and a $100.00 price objective on the stock. Truist Financial increased their price objective on shares of BridgeBio Pharma from $86.00 to $95.00 and gave the stock a "buy" rating in a research report on Wednesday, February 25th. Finally, Oppenheimer cut their price objective on shares of BridgeBio Pharma from $83.00 to $81.00 and set an "outperform" rating on the stock in a research report on Wednesday, February 25th. Twenty-four equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, BridgeBio Pharma has a consensus rating of "Moderate Buy" and an average price target of $87.38.

BridgeBio Pharma Price Performance

Shares of BBIO stock opened at $73.28 on Monday. The company has a market cap of $14.21 billion, a price-to-earnings ratio of -19.39 and a beta of 1.09. BridgeBio Pharma has a 52 week low of $31.77 and a 52 week high of $84.94. The firm has a 50 day moving average of $71.46 and a 200-day moving average of $70.61.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last announced its quarterly earnings data on Tuesday, February 24th. The company reported ($1.00) EPS for the quarter, missing the consensus estimate of ($0.75) by ($0.25). The firm had revenue of $154.18 million for the quarter, compared to the consensus estimate of $150.71 million. The firm's revenue for the quarter was up 2521.2% on a year-over-year basis. During the same period last year, the business posted ($1.40) earnings per share. Analysts anticipate that BridgeBio Pharma will post -2.07 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Andrea Ellis sold 64,921 shares of the firm's stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $64.87, for a total value of $4,211,425.27. Following the transaction, the director owned 18,589 shares of the company's stock, valued at approximately $1,205,868.43. This trade represents a 77.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Maricel Apuli sold 510 shares of the stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $74.31, for a total transaction of $37,898.10. Following the completion of the sale, the chief accounting officer owned 123,945 shares of the company's stock, valued at approximately $9,210,352.95. This trade represents a 0.41% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 237,084 shares of company stock worth $16,634,419 in the last 90 days. Company insiders own 18.20% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. increased its holdings in BridgeBio Pharma by 23.0% during the 3rd quarter. Principal Financial Group Inc. now owns 1,267,412 shares of the company's stock worth $65,829,000 after acquiring an additional 236,885 shares during the period. L & S Advisors Inc bought a new stake in shares of BridgeBio Pharma during the 3rd quarter valued at about $877,000. TD Asset Management Inc bought a new stake in shares of BridgeBio Pharma during the 3rd quarter valued at about $4,620,000. Central Pacific Bank Trust Division bought a new stake in shares of BridgeBio Pharma during the 4th quarter valued at about $789,000. Finally, Federated Hermes Inc. boosted its position in shares of BridgeBio Pharma by 53.0% during the 3rd quarter. Federated Hermes Inc. now owns 424,695 shares of the company's stock valued at $22,059,000 after acquiring an additional 147,108 shares during the last quarter. 99.85% of the stock is owned by institutional investors.

About BridgeBio Pharma

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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