BridgeBio Pharma (NASDAQ:BBIO) Reaches New 1-Year High After Better-Than-Expected Earnings

BridgeBio Pharma, Inc. (NASDAQ:BBIO) hit a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $39.54 and last traded at $38.48, with a volume of 2185851 shares trading hands. The stock had previously closed at $36.42.

The company reported ($0.88) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.00) by $0.12. The company had revenue of $36.74 million during the quarter, compared to analysts’ expectations of $57.14 million. The company’s quarterly revenue was down 44.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.20) EPS.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. raised their target price on shares of BridgeBio Pharma from $44.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, March 24th. HC Wainwright raised their price target on shares of BridgeBio Pharma from $49.00 to $53.00 and gave the company a “buy” rating in a research report on Tuesday, April 15th. UBS Group raised their price target on shares of BridgeBio Pharma from $65.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday. Scotiabank raised their price target on shares of BridgeBio Pharma from $52.00 to $55.00 and gave the company a “sector outperform” rating in a research report on Wednesday. Finally, Citigroup raised their price target on shares of BridgeBio Pharma from $45.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, February 21st. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $57.09.

Insiders Place Their Bets

In related news, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of BridgeBio Pharma stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $32.96, for a total value of $197,760,000.00. Following the completion of the transaction, the insider now directly owns 19,260,971 shares in the company, valued at approximately $634,841,604.16. This trade represents a 23.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Neil Kumar sold 75,000 shares of BridgeBio Pharma stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $36.87, for a total value of $2,765,250.00. Following the completion of the transaction, the chief executive officer now owns 4,948,447 shares of the company’s stock, valued at approximately $182,449,240.89. This trade represents a 1.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,309,191 shares of company stock valued at $208,544,821 over the last ninety days. Company insiders own 24.66% of the company’s stock.

Institutional Trading of BridgeBio Pharma

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Steward Partners Investment Advisory LLC increased its position in BridgeBio Pharma by 85.8% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,022 shares of the company’s stock valued at $28,000 after acquiring an additional 472 shares during the period. GAMMA Investing LLC increased its position in BridgeBio Pharma by 71.0% in the 1st quarter. GAMMA Investing LLC now owns 920 shares of the company’s stock valued at $32,000 after acquiring an additional 382 shares during the period. Itau Unibanco Holding S.A. acquired a new position in BridgeBio Pharma in the 4th quarter valued at about $41,000. Sterling Capital Management LLC increased its position in BridgeBio Pharma by 554.6% in the 4th quarter. Sterling Capital Management LLC now owns 1,787 shares of the company’s stock valued at $49,000 after acquiring an additional 1,514 shares during the period. Finally, GF Fund Management CO. LTD. acquired a new position in BridgeBio Pharma in the 4th quarter valued at about $109,000. Institutional investors and hedge funds own 99.85% of the company’s stock.

BridgeBio Pharma Stock Performance

The stock has a market cap of $7.29 billion, a price-to-earnings ratio of -13.47 and a beta of 1.08. The company has a 50-day moving average of $33.97 and a 200-day moving average of $30.75.

About BridgeBio Pharma

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.