BridgeBio Pharma (NASDAQ:BBIO) Now Covered by Canaccord Genuity Group

Canaccord Genuity Group assumed coverage on shares of BridgeBio Pharma (NASDAQ:BBIO) in a report published on Wednesday, MarketBeat.com reports. The firm issued a buy rating and a $104.00 price target on the stock.

A number of other research analysts have also recently commented on the company. Morgan Stanley upped their price target on BridgeBio Pharma from $94.00 to $98.00 and gave the stock an “overweight” rating in a research note on Thursday, May 28th. Truist Financial upped their price target on BridgeBio Pharma from $95.00 to $102.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. HC Wainwright reiterated a “buy” rating and issued a $110.00 price objective on shares of BridgeBio Pharma in a research note on Thursday, May 28th. Raymond James Financial cut BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a research note on Tuesday, May 26th. Finally, Wells Fargo & Company increased their price objective on BridgeBio Pharma from $88.00 to $98.00 and gave the company an “overweight” rating in a research note on Friday, February 13th. Twenty-three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, BridgeBio Pharma currently has an average rating of “Moderate Buy” and a consensus price target of $89.59.

BridgeBio Pharma Stock Up 2.5%

NASDAQ:BBIO opened at $65.48 on Wednesday. The stock’s fifty day moving average is $70.80 and its two-hundred day moving average is $72.10. BridgeBio Pharma has a 52 week low of $37.57 and a 52 week high of $84.94. The stock has a market capitalization of $12.82 billion, a price-to-earnings ratio of -17.51 and a beta of 0.97.

BridgeBio Pharma (NASDAQ:BBIO) last released 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 business had revenue of $194.52 million during the quarter, compared to the consensus estimate of $178.07 million. During the same quarter last year, the business earned ($0.88) EPS. The firm’s quarterly revenue was up 66.8% compared to the same quarter last year. On average, sell-side analysts expect that BridgeBio Pharma will post -2.27 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Thomas Trimarchi sold 13,651 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $65.08, for a total value of $888,407.08. Following the sale, the chief financial officer directly owned 359,194 shares in the company, valued at approximately $23,376,345.52. This trade represents a 3.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Neil Kumar sold 26,103 shares of the stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $69.44, for a total value of $1,812,592.32. Following the completion of the transaction, the chief executive officer directly owned 243,327 shares in the company, valued at $16,896,626.88. This trade represents a 9.69% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 171,754 shares of company stock valued at $11,965,659 in the last three months. 14.23% of the stock is currently owned by insiders.

Hedge Funds Weigh In On BridgeBio Pharma

Several large investors have recently bought and sold shares of BBIO. Aster Capital Management DIFC Ltd purchased a new position in BridgeBio Pharma in the third quarter valued at $31,000. Harvest Fund Management Co. Ltd purchased a new position in BridgeBio Pharma in the third quarter valued at $34,000. Jones Financial Companies Lllp purchased a new position in BridgeBio Pharma in the first quarter valued at $35,000. Huntington National Bank increased its holdings in BridgeBio Pharma by 111.7% in the third quarter. Huntington National Bank now owns 743 shares of the company’s stock valued at $39,000 after buying an additional 392 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its holdings in BridgeBio Pharma by 91.4% in the fourth quarter. Farther Finance Advisors LLC now owns 513 shares of the company’s stock valued at $39,000 after buying an additional 245 shares during the last quarter. Hedge funds and other institutional investors own 99.85% of the company’s stock.

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.