BridgeBio Pharma (NASDAQ:BBIO) Price Target Raised to $93.00

BridgeBio Pharma (NASDAQ:BBIO) had its price target increased by Citigroup from $82.00 to $93.00 in a research report report published on Thursday morning,Benzinga reports. Citigroup currently has a neutral rating on the stock.

BBIO has been the subject of several other reports. Royal Bank Of Canada initiated coverage on BridgeBio Pharma in a research note on Thursday, April 9th. They set an “outperform” rating and a $100.00 target price for the company. Raymond James Financial downgraded shares of BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 26th. Weiss Ratings restated a “sell (d)” rating on shares of BridgeBio Pharma in a research note on Friday, May 15th. Mizuho reduced their price objective on shares of BridgeBio Pharma from $106.00 to $96.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 16th. Finally, HC Wainwright raised their price objective on shares of BridgeBio Pharma from $110.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, July 13th. Twenty analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, BridgeBio Pharma currently has a consensus rating of “Moderate Buy” and a consensus target price of $95.21.

BridgeBio Pharma Stock Performance

NASDAQ:BBIO opened at $81.38 on Thursday. BridgeBio Pharma has a one year low of $42.09 and a one year high of $93.42. The business’s 50-day simple moving average is $71.13 and its 200 day simple moving average is $72.32. The stock has a market cap of $15.94 billion, a price-to-earnings ratio of -21.76 and a beta of 0.95.

BridgeBio Pharma (NASDAQ:BBIO) last issued its quarterly 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 company had revenue of $194.51 million during the quarter, compared to analysts’ expectations of $178.07 million. During the same period in the prior year, the company earned ($0.88) earnings per share. The business’s revenue was up 66.8% compared to the same quarter last year. On average, equities research analysts predict that BridgeBio Pharma will post -2.29 EPS for the current year.

Insider Activity

In other BridgeBio Pharma news, Director Randal W. Scott sold 10,000 shares of BridgeBio Pharma stock in a transaction on Friday, May 15th. The shares were sold at an average price of $67.15, for a total value of $671,500.00. Following the completion of the transaction, the director owned 11,589 shares of the company’s stock, valued at $778,201.35. The trade was a 46.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Andrea Ellis sold 17,167 shares of the business’s stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $84.00, for a total transaction of $1,442,028.00. Following the sale, the director owned 22,579 shares of the company’s stock, valued at approximately $1,896,636. The trade was a 43.19% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 432,117 shares of company stock valued at $32,633,740 over the last three months. 14.23% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On BridgeBio Pharma

A number of institutional investors have recently modified their holdings of BBIO. Brooklands Fund Management Ltd acquired a new stake in shares of BridgeBio Pharma during the 4th quarter worth approximately $210,348,000. Price T Rowe Associates Inc. MD boosted its position in BridgeBio Pharma by 144.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,828,746 shares of the company’s stock valued at $292,862,000 after purchasing an additional 2,261,181 shares during the period. Janus Henderson Group PLC boosted its position in BridgeBio Pharma by 25.8% during the 4th quarter. Janus Henderson Group PLC now owns 11,000,457 shares of the company’s stock valued at $841,349,000 after purchasing an additional 2,259,378 shares during the period. Norges Bank acquired a new position in BridgeBio Pharma during the 4th quarter valued at approximately $116,802,000. Finally, Wellington Management Group LLP grew its stake in BridgeBio Pharma by 130.4% during the 4th quarter. Wellington Management Group LLP now owns 2,348,731 shares of the company’s stock worth $179,654,000 after buying an additional 1,329,537 shares during the last quarter. 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.