Citigroup Forecasts Strong Price Appreciation for BridgeBio Pharma (NASDAQ:BBIO) Stock

BridgeBio Pharma (NASDAQ:BBIO) had its price objective upped by equities researchers at Citigroup from $82.00 to $93.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s target price indicates a potential upside of 14.28% from the company’s previous close.

Several other equities research analysts have also issued reports on BBIO. Weiss Ratings reaffirmed a “sell (d)” rating on shares of BridgeBio Pharma in a report on Friday, May 15th. Royal Bank Of Canada started coverage on shares of BridgeBio Pharma in a research report on Thursday, April 9th. They set an “outperform” rating and a $100.00 price objective for the company. HC Wainwright increased their price objective on shares of BridgeBio Pharma from $110.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Mizuho lowered their price target on shares of BridgeBio Pharma from $106.00 to $96.00 and set an “outperform” rating for the company in a report on Tuesday, June 16th. Finally, Truist Financial increased their price target on BridgeBio Pharma from $95.00 to $102.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Twenty investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $95.21.

BridgeBio Pharma Stock Up 1.3%

NASDAQ:BBIO opened at $81.38 on Thursday. The stock’s 50-day simple moving average is $71.13 and its 200 day simple moving average is $72.32. The firm has a market capitalization of $15.94 billion, a PE ratio of -21.76 and a beta of 0.95. BridgeBio Pharma has a twelve month low of $42.09 and a twelve month high of $93.42.

BridgeBio Pharma (NASDAQ:BBIO) last released its earnings results on Thursday, May 7th. The company reported ($0.84) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.14). The business had revenue of $194.51 million during the quarter, compared to analysts’ expectations of $178.07 million. The firm’s revenue was up 66.8% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.88) EPS. On average, analysts anticipate that BridgeBio Pharma will post -2.29 EPS for the current fiscal year.

Insiders Place Their Bets

In other BridgeBio Pharma news, CFO Thomas Trimarchi sold 13,651 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $65.08, for a total transaction of $888,407.08. Following the sale, the chief financial officer directly owned 359,194 shares of the company’s stock, valued at $23,376,345.52. The trade was a 3.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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 company’s stock in a transaction that occurred 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 completion of the transaction, the director owned 22,579 shares of the company’s stock, valued at approximately $1,896,636. This trade represents a 43.19% decrease in their ownership of the stock. 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 432,117 shares of company stock worth $32,633,740 over the last quarter. 14.23% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On BridgeBio Pharma

A number of hedge funds have recently modified their holdings of BBIO. First Bank & Trust increased its holdings in BridgeBio Pharma by 1.6% during the second quarter. First Bank & Trust now owns 8,797 shares of the company’s stock worth $655,000 after buying an additional 142 shares during the last quarter. GAMMA Investing LLC boosted its stake in BridgeBio Pharma by 13.8% in the second quarter. GAMMA Investing LLC now owns 1,646 shares of the company’s stock valued at $123,000 after acquiring an additional 199 shares during the last quarter. Commonwealth Equity Services LLC grew its position in shares of BridgeBio Pharma by 4.9% during the 4th quarter. Commonwealth Equity Services LLC now owns 5,179 shares of the company’s stock valued at $396,000 after acquiring an additional 244 shares during the period. Farther Finance Advisors LLC increased its stake in shares of BridgeBio Pharma by 91.4% during the 4th quarter. Farther Finance Advisors LLC now owns 513 shares of the company’s stock worth $39,000 after purchasing an additional 245 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D increased its stake in shares of BridgeBio Pharma by 0.5% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 51,896 shares of the company’s stock worth $3,970,000 after purchasing an additional 246 shares during the last quarter. Institutional investors and hedge funds 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.