BridgeBio Pharma (NASDAQ:BBIO) Shares Down 6.7% Following Weak Earnings

BridgeBio Pharma, Inc. (NASDAQ:BBIO)’s stock price fell 6.7% during trading on Wednesday following a dissappointing earnings announcement. The company traded as low as $64.36 and last traded at $63.7250. 2,696,521 shares traded hands during mid-day trading, a decline of 18% from the average session volume of 3,279,146 shares. The stock had previously closed at $68.31.

The company reported ($1.00) EPS for the quarter, missing analysts’ consensus estimates of ($0.75) by ($0.25). The company had revenue of $154.18 million for the quarter, compared to the consensus estimate of $150.71 million. The firm’s quarterly revenue was up 2521.2% compared to the same quarter last year. During the same period last year, the business earned ($1.40) earnings per share.

Analysts Set New Price Targets

BBIO has been the topic of several analyst reports. TD Cowen reiterated a “buy” rating on shares of BridgeBio Pharma in a research note on Monday, January 12th. Raymond James Financial set a $89.00 price target on shares of BridgeBio Pharma and gave the company an “outperform” rating in a report on Thursday, February 12th. Leerink Partners boosted their price objective on shares of BridgeBio Pharma from $75.00 to $86.00 and gave the stock an “outperform” rating in a research note on Monday, December 15th. Barclays initiated coverage on shares of BridgeBio Pharma in a research report on Wednesday, January 28th. They set an “overweight” rating for the company. Finally, Oppenheimer cut their price target on shares of BridgeBio Pharma from $83.00 to $81.00 and set an “outperform” rating on the stock in a report on Wednesday. Twenty-two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $82.50.

Insider Activity at BridgeBio Pharma

In other BridgeBio Pharma news, CFO Thomas Trimarchi sold 13,600 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $74.72, for a total transaction of $1,016,192.00. Following the sale, the chief financial officer owned 336,585 shares of the company’s stock, valued at approximately $25,149,631.20. The trade was a 3.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Maricel Apuli sold 510 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $74.31, for a total transaction of $37,898.10. Following the transaction, the chief accounting officer owned 123,945 shares in the company, valued at $9,210,352.95. The trade was a 0.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 204,174 shares of company stock valued at $15,012,335 over the last 90 days. Company insiders own 18.20% of the company’s stock.

Hedge Funds Weigh In On BridgeBio Pharma

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Invesco Ltd. grew its stake in BridgeBio Pharma by 23.0% during the 4th quarter. Invesco Ltd. now owns 4,831,305 shares of the company’s stock valued at $369,547,000 after purchasing an additional 902,648 shares during the last quarter. Mackenzie Financial Corp lifted its holdings in shares of BridgeBio Pharma by 8.9% during the fourth quarter. Mackenzie Financial Corp now owns 54,495 shares of the company’s stock worth $4,105,000 after purchasing an additional 4,448 shares during the period. XTX Topco Ltd boosted its position in BridgeBio Pharma by 162.4% in the fourth quarter. XTX Topco Ltd now owns 13,169 shares of the company’s stock valued at $1,007,000 after buying an additional 8,150 shares during the last quarter. VARCOV Co. purchased a new stake in BridgeBio Pharma in the fourth quarter valued at approximately $340,000. Finally, Voloridge Investment Management LLC increased its holdings in BridgeBio Pharma by 377.4% in the 4th quarter. Voloridge Investment Management LLC now owns 638,883 shares of the company’s stock worth $48,868,000 after buying an additional 505,051 shares during the period. Hedge funds and other institutional investors own 99.85% of the company’s stock.

BridgeBio Pharma Trading Up 1.6%

The business’s 50-day simple moving average is $74.96 and its 200-day simple moving average is $64.56. The company has a market capitalization of $13.11 billion, a PE ratio of -17.89 and a beta of 1.13.

About BridgeBio Pharma

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.