BridgeBio Pharma (NASDAQ:BBIO) Reaches New 12-Month High – Here’s What Happened

Shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) reached a new 52-week high during trading on Friday . The company traded as high as $78.47 and last traded at $78.2370, with a volume of 1972633 shares trading hands. The stock had previously closed at $76.49.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on BBIO shares. Cowen reaffirmed a “positive” rating on shares of BridgeBio Pharma in a report on Thursday, October 30th. Cantor Fitzgerald upped their price target on shares of BridgeBio Pharma from $100.00 to $110.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Leerink Partners increased their price objective on BridgeBio Pharma from $75.00 to $86.00 and gave the stock an “outperform” rating in a research report on Monday, December 15th. JPMorgan Chase & Co. lifted their price objective on BridgeBio Pharma from $76.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, November 7th. Finally, Evercore ISI restated an “outperform” rating on shares of BridgeBio Pharma in a research note on Monday, October 27th. Twenty-one investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, BridgeBio Pharma currently has an average rating of “Moderate Buy” and a consensus price target of $77.63.

BridgeBio Pharma Trading Up 2.3%

The stock has a market capitalization of $15.08 billion, a PE ratio of -18.72 and a beta of 1.17. The business has a fifty day moving average price of $69.93 and a 200-day moving average price of $56.33.

BridgeBio Pharma (NASDAQ:BBIO) last issued its earnings results on Wednesday, October 29th. The company reported ($0.95) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.88) by ($0.07). The business had revenue of $120.70 million during the quarter, compared to analyst estimates of $107.71 million. During the same period in the prior year, the company posted ($0.86) earnings per share. BridgeBio Pharma’s quarterly revenue was up 4318.0% compared to the same quarter last year. On average, equities analysts anticipate that BridgeBio Pharma, Inc. will post -3.67 earnings per share for the current fiscal year.

Insider Activity at BridgeBio Pharma

In related news, Director Ronald J. Daniels sold 61,031 shares of BridgeBio Pharma stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $63.72, for a total value of $3,888,895.32. Following the transaction, the director owned 16,991 shares in the company, valued at $1,082,666.52. This trade represents a 78.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Neil Kumar sold 40,000 shares of the business’s stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $54.78, for a total transaction of $2,191,200.00. Following the completion of the sale, the chief executive officer directly owned 855,686 shares of the company’s stock, valued at $46,874,479.08. This represents a 4.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 587,215 shares of company stock worth $38,801,501 in the last 90 days. Corporate insiders own 18.20% of the company’s stock.

Hedge Funds Weigh In On BridgeBio Pharma

Hedge funds have recently modified their holdings of the company. Baird Financial Group Inc. bought a new position in shares of BridgeBio Pharma during the 1st quarter worth approximately $1,429,000. Adage Capital Partners GP L.L.C. boosted its stake in BridgeBio Pharma by 91.3% in the first quarter. Adage Capital Partners GP L.L.C. now owns 516,555 shares of the company’s stock valued at $17,857,000 after acquiring an additional 246,555 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in BridgeBio Pharma by 40.9% in the first quarter. Advisors Asset Management Inc. now owns 12,700 shares of the company’s stock worth $439,000 after purchasing an additional 3,687 shares during the last quarter. Bosun Asset Management LLC acquired a new position in shares of BridgeBio Pharma during the first quarter worth $412,000. Finally, Cormorant Asset Management LP increased its position in shares of BridgeBio Pharma by 25.0% during the first quarter. Cormorant Asset Management LP now owns 2,000,000 shares of the company’s stock worth $69,140,000 after purchasing an additional 400,000 shares in the last quarter. 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.