BridgeBio Pharma (NASDAQ:BBIO) Given New $98.00 Price Target at Morgan Stanley

BridgeBio Pharma (NASDAQ:BBIO) had its target price raised by Morgan Stanley from $94.00 to $98.00 in a report published on Thursday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

Several other research analysts have also recently issued reports on the company. William Blair began coverage on BridgeBio Pharma in a research report on Tuesday, March 10th. They issued an “outperform” rating for the company. Leerink Partners reiterated an “outperform” rating and issued a $98.00 price objective on shares of BridgeBio Pharma in a research report on Thursday, March 12th. Barclays restated an “overweight” rating on shares of BridgeBio Pharma in a research report on Tuesday, March 10th. Raymond James Financial cut BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a research report on Tuesday. Finally, Truist Financial raised their price target on BridgeBio Pharma from $95.00 to $102.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Twenty-two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, BridgeBio Pharma has an average rating of “Moderate Buy” and an average target price of $88.90.

BridgeBio Pharma Stock Performance

NASDAQ:BBIO opened at $68.45 on Thursday. The stock has a fifty day moving average price of $71.15 and a two-hundred day moving average price of $72.09. The stock has a market capitalization of $13.41 billion, a price-to-earnings ratio of -18.30 and a beta of 1.02. BridgeBio Pharma has a 1 year low of $31.77 and a 1 year high of $84.94.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.84) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.70) by ($0.14). The business had revenue of $194.52 million during the quarter, compared to analysts’ expectations of $178.07 million. The business’s quarterly revenue was up 66.8% compared to the same quarter last year. During the same period last year, the firm earned ($0.88) EPS. On average, analysts predict that BridgeBio Pharma will post -2.27 EPS for the current year.

Insider Transactions at BridgeBio Pharma

In other BridgeBio Pharma news, Director Andrea Ellis sold 64,921 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $64.87, for a total value of $4,211,425.27. Following the sale, the director directly owned 18,589 shares of the company’s stock, valued at approximately $1,205,868.43. This trade represents a 77.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Maricel Apuli sold 2,000 shares of the firm’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $71.58, for a total value of $143,160.00. Following the completion of the sale, the chief accounting officer directly owned 134,115 shares in the company, valued at approximately $9,599,951.70. The trade was a 1.47% decrease in their ownership of the stock. 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 236,675 shares of company stock worth $16,177,085 in the last quarter. 14.23% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On BridgeBio Pharma

Several hedge funds and other institutional investors have recently modified their holdings of BBIO. Jones Financial Companies Lllp acquired a new position in shares of BridgeBio Pharma in the 1st quarter valued at about $35,000. First Trust Advisors LP lifted its stake in shares of BridgeBio Pharma by 200.4% in the 2nd quarter. First Trust Advisors LP now owns 263,693 shares of the company’s stock valued at $11,386,000 after purchasing an additional 175,918 shares in the last quarter. Baird Financial Group Inc. lifted its stake in shares of BridgeBio Pharma by 1.8% in the 2nd quarter. Baird Financial Group Inc. now owns 42,057 shares of the company’s stock valued at $1,816,000 after purchasing an additional 731 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in shares of BridgeBio Pharma in the 2nd quarter valued at about $1,650,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of BridgeBio Pharma by 2.4% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 95,326 shares of the company’s stock valued at $4,132,000 after purchasing an additional 2,206 shares in the last quarter. 99.85% of the stock is owned by institutional investors and hedge funds.

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.