BridgeBio Pharma (NASDAQ:BBIO) Coverage Initiated at Raymond James Financial

Raymond James Financial assumed coverage on shares of BridgeBio Pharma (NASDAQ:BBIO) in a research note released on Wednesday. The brokerage issued an outperform rating and a $56.00 price objective on the stock.

BBIO has been the subject of several other reports. UBS Group boosted their price objective on shares of BridgeBio Pharma from $65.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday, April 30th. Wall Street Zen cut BridgeBio Pharma from a “hold” rating to a “sell” rating in a report on Saturday, July 26th. Citigroup upped their price objective on BridgeBio Pharma from $58.00 to $67.00 and gave the stock a “buy” rating in a research report on Friday, July 11th. Piper Sandler lifted their target price on BridgeBio Pharma from $63.00 to $68.00 and gave the company an “overweight” rating in a research report on Monday, July 14th. Finally, Truist Financial started coverage on shares of BridgeBio Pharma in a report on Monday, July 21st. They issued a “buy” rating and a $66.00 target price for the company. One analyst has rated the stock with a sell rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $61.18.

BridgeBio Pharma Stock Performance

BBIO opened at $47.37 on Wednesday. The stock has a fifty day moving average of $42.30 and a 200-day moving average of $37.05. BridgeBio Pharma has a fifty-two week low of $21.72 and a fifty-two week high of $48.68. The company has a market capitalization of $8.99 billion, a P/E ratio of -13.42 and a beta of 1.23.

BridgeBio Pharma (NASDAQ:BBIO) last posted its quarterly earnings results on Tuesday, April 29th. The company reported ($0.88) 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 analyst estimates of $57.14 million. The firm’s revenue for the quarter was down 44.8% compared to the same quarter last year. During the same period last year, the firm earned ($0.20) EPS. On average, equities research analysts predict that BridgeBio Pharma will post -3.67 earnings per share for the current fiscal year.

Insider Buying and Selling at BridgeBio Pharma

In other BridgeBio Pharma news, Director Hannah Valantine sold 4,292 shares of the stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $40.00, for a total transaction of $171,680.00. Following the completion of the sale, the director directly owned 1,764 shares in the company, valued at approximately $70,560. This trade represents a 70.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the business’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $34.20, for a total value of $205,200,000.00. Following the completion of the transaction, the insider directly owned 13,260,971 shares in the company, valued at $453,525,208.20. This represents a 31.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,750,155 shares of company stock valued at $369,080,403 over the last three months. 18.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Mizuho Markets Americas LLC raised its holdings in shares of BridgeBio Pharma by 2.0% during the second quarter. Mizuho Markets Americas LLC now owns 96,072 shares of the company’s stock valued at $4,148,000 after purchasing an additional 1,897 shares during the period. New York Life Investment Management LLC bought a new position in BridgeBio Pharma in the second quarter worth approximately $548,000. Teacher Retirement System of Texas boosted its holdings in BridgeBio Pharma by 8.3% in the second quarter. Teacher Retirement System of Texas now owns 35,817 shares of the company’s stock worth $1,547,000 after acquiring an additional 2,759 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in BridgeBio Pharma in the second quarter valued at approximately $9,112,000. Finally, Envestnet Asset Management Inc. increased its holdings in shares of BridgeBio Pharma by 204.1% during the second quarter. Envestnet Asset Management Inc. now owns 39,487 shares of the company’s stock valued at $1,705,000 after acquiring an additional 26,500 shares in the last quarter. Institutional investors and hedge funds own 99.85% of the company’s stock.

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.