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

Key Points

• HC Wainwright reaffirmed a Buy rating on BridgeBio Pharma and set a $110 price target, implying about 65.6% upside from the prior close.
• BridgeBio’s latest earnings were mixed: the company reported a loss of $0.84 per share, wider than expected, but revenue of $194.5 million beat estimates and rose 66.8% year over year.
• The stock was trading around $66.44, well below the average analyst target of $88.90, while recent insider selling and heavy institutional ownership remained notable signals for investors.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report)'s stock had its "buy" rating reissued by HC Wainwright in a note issued to investors on Thursday,Benzinga reports. They presently have a $110.00 target price on the stock. HC Wainwright's price target suggests a potential upside of 65.56% from the company's previous close.

A number of other research firms have also weighed in on BBIO. William Blair began coverage on shares of BridgeBio Pharma in a research report on Tuesday, March 10th. They issued an "outperform" rating for the company. Leerink Partners reiterated an "outperform" rating and issued a $98.00 price target on shares of BridgeBio Pharma in a research report on Thursday, March 12th. Royal Bank Of Canada began coverage on shares of BridgeBio Pharma in a research report on Thursday, April 9th. They issued an "outperform" rating and a $100.00 price target for the company. Barclays reiterated an "overweight" rating on shares of BridgeBio Pharma in a research report on Tuesday, March 10th. Finally, Mizuho reiterated an "outperform" rating and issued a $106.00 price target on shares of BridgeBio Pharma in a research report on Tuesday, April 28th. Twenty-two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, BridgeBio Pharma currently has an average rating of "Moderate Buy" and an average price target of $88.90.

BridgeBio Pharma Trading Down 1.9%

Shares of BBIO stock opened at $66.44 on Thursday. BridgeBio Pharma has a 12 month low of $31.77 and a 12 month high of $84.94. The stock has a market cap of $13.01 billion, a P/E ratio of -17.76 and a beta of 1.02. The company has a 50 day simple moving average of $71.20 and a two-hundred day simple moving average of $72.05.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported ($0.84) EPS for the quarter, missing analysts' consensus estimates of ($0.70) by ($0.14). The business 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% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.88) earnings per share. As a group, equities analysts forecast that BridgeBio Pharma will post -2.27 earnings per share for the current year.

Insider Buying and Selling at BridgeBio Pharma

In other BridgeBio Pharma news, CEO Neil Kumar sold 40,000 shares of the stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $74.62, for a total transaction of $2,984,800.00. Following the completion of the transaction, the chief executive officer owned 615,686 shares in the company, valued at $45,942,489.32. This trade represents a 6.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Andrea Ellis sold 64,921 shares of the stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $64.87, for a total transaction of $4,211,425.27. Following the completion of the sale, the director directly owned 18,589 shares in the company, valued at approximately $1,205,868.43. This represents a 77.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 236,675 shares of company stock valued at $16,177,085 over the last ninety days. Corporate insiders own 14.23% of the company's stock.

Institutional Investors Weigh In On BridgeBio Pharma

Several hedge funds and other institutional investors have recently made changes to their positions in BBIO. Brooklands Fund Management Ltd purchased a new stake in shares of BridgeBio Pharma in the fourth quarter valued at $210,348,000. Price T Rowe Associates Inc. MD raised its stake in shares of BridgeBio Pharma by 144.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,828,746 shares of the company's stock valued at $292,862,000 after acquiring an additional 2,261,181 shares during the period. Janus Henderson Group PLC raised its stake in shares of BridgeBio Pharma by 25.8% in the fourth quarter. Janus Henderson Group PLC now owns 11,000,457 shares of the company's stock valued at $841,349,000 after acquiring an additional 2,259,378 shares during the period. Norges Bank purchased a new stake in shares of BridgeBio Pharma in the fourth quarter valued at $116,802,000. Finally, Wellington Management Group LLP raised its stake in shares of BridgeBio Pharma by 130.4% in the fourth quarter. Wellington Management Group LLP now owns 2,348,731 shares of the company's stock valued at $179,654,000 after acquiring an additional 1,329,537 shares during the period. Hedge funds and other institutional investors 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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