BridgeBio Pharma (NASDAQ:BBIO) Stock Price Breaks Above 50-Day Moving Average - Here's Why

Key Points

• BridgeBio Pharma shares rose 2.1% and moved above their 50-day moving average of $70.70, reaching $71.18 during trading. The company has a market capitalization of approximately $13.84 billion.
• Analysts remain broadly optimistic, with a consensus “Moderate Buy” rating and an average price target of $104.40. Recent targets range from $92 to $110, including upgrades from Canaccord Genuity, Bank of America, and Mizuho.
• BridgeBio reported quarterly revenue of $243.68 million, up 120.4% year over year and above estimates, but its loss of $0.78 per share missed expectations. Institutional investors own 99.85% of the stock, while insiders have recently sold shares.

BridgeBio Pharma, Inc. (NASDAQ:BBIO - Get Free Report) passed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $70.70 and traded as high as $71.18. BridgeBio Pharma shares last traded at $70.82, with a volume of 3,111,392 shares.

Analysts Set New Price Targets

Several brokerages have issued reports on BBIO. Canaccord Genuity Group increased their price objective on shares of BridgeBio Pharma from $104.00 to $106.00 and gave the company a "buy" rating in a research report on Wednesday, August 12th. Bank of America boosted their target price on shares of BridgeBio Pharma from $101.00 to $104.00 and gave the stock a "buy" rating in a research report on Tuesday, August 11th. Cantor Fitzgerald restated an "overweight" rating on shares of BridgeBio Pharma in a research note on Monday, October 5th. Mizuho raised their price target on shares of BridgeBio Pharma from $96.00 to $110.00 and gave the company an "outperform" rating in a report on Tuesday, September 1st. Finally, UBS Group began coverage on shares of BridgeBio Pharma in a research note on Thursday, October 15th. They set a "buy" rating and a $92.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $104.40.

BridgeBio Pharma Trading Up 2.1%

The business has a 50 day simple moving average of $70.70 and a two-hundred day simple moving average of $72.88. The stock has a market cap of $13.84 billion, a price-to-earnings ratio of -19.84 and a beta of 0.97.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.58) by ($0.20). The business had revenue of $243.68 million during the quarter, compared to the consensus estimate of $220.91 million. The firm's revenue was up 120.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.95) EPS. Research analysts anticipate that BridgeBio Pharma, Inc. will post -2.64 EPS for the current fiscal year.

Insider Activity

In related news, CEO Neil Kumar sold 10,000 shares of the company's stock in a transaction on Thursday, September 17th. The shares were sold at an average price of $69.08, for a total value of $690,800.00. Following the sale, the chief executive officer directly owned 495,686 shares of the company's stock, valued at $34,241,988.88. This represents a 1.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 54,980 shares of company stock valued at $4,417,999 in the last three months. 14.23% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Jupiter Topco LLC bought a new position in BridgeBio Pharma during the 2nd quarter worth approximately $1,050,762,000. Janus Henderson Group PLC increased its holdings in shares of BridgeBio Pharma by 19.8% in the 1st quarter. Janus Henderson Group PLC now owns 13,179,013 shares of the company's stock valued at $978,608,000 after acquiring an additional 2,178,556 shares during the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of BridgeBio Pharma in the 2nd quarter valued at approximately $145,663,000. Principal Financial Group Inc. raised its position in shares of BridgeBio Pharma by 1.2% during the 1st quarter. Principal Financial Group Inc. now owns 1,330,415 shares of the company's stock valued at $98,797,000 after acquiring an additional 16,112 shares in the last quarter. Finally, Squarepoint Ops LLC raised its position in shares of BridgeBio Pharma by 114.2% during the 2nd quarter. Squarepoint Ops LLC now owns 1,191,732 shares of the company's stock valued at $88,760,000 after acquiring an additional 635,408 shares in the last quarter. 99.85% of the stock is currently owned by institutional investors.

About BridgeBio Pharma

BridgeBio Pharma, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for genetically driven diseases. The company operates through a portfolio of subsidiary and affiliated biotechnology businesses, with research programs spanning rare diseases, oncology, cardiology and other conditions linked to underlying genetic or molecular causes.

BridgeBio's portfolio includes therapies designed to address the root mechanisms of disease rather than primarily treating symptoms.

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