Raymond James Financial Initiates Coverage on BridgeBio Pharma (NASDAQ:BBIO)

Research analysts at Raymond James Financial started coverage on shares of BridgeBio Pharma (NASDAQ:BBIO) in a report issued on Wednesday. The firm set an “outperform” rating and a $56.00 price target on the stock. Raymond James Financial’s price target would suggest a potential upside of 18.47% from the company’s current price.

A number of other brokerages have also commented on BBIO. UBS Group boosted their price target on BridgeBio Pharma from $65.00 to $72.00 and gave the company a “buy” rating in a report on Wednesday, April 30th. Piper Sandler boosted their price target on BridgeBio Pharma from $63.00 to $68.00 and gave the company an “overweight” rating in a report on Monday, July 14th. Truist Financial assumed coverage on BridgeBio Pharma in a report on Monday, July 21st. They issued a “buy” rating and a $66.00 price target on the stock. Oppenheimer upgraded BridgeBio Pharma from a “market perform” rating to an “outperform” rating and set a $60.00 price target on the stock in a report on Wednesday, July 9th. Finally, HC Wainwright boosted their price target on BridgeBio Pharma from $53.00 to $56.00 and gave the company a “buy” rating in a report on Monday, June 9th. One research analyst has rated the stock with a sell rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $61.18.

BridgeBio Pharma Trading Up 3.6%

BBIO stock opened at $47.27 on Wednesday. The business’s 50-day moving average price is $42.02 and its two-hundred day moving average price is $36.97. The firm has a market cap of $8.98 billion, a PE ratio of -13.39 and a beta of 1.15. BridgeBio Pharma has a 1-year low of $21.72 and a 1-year high of $48.68.

BridgeBio Pharma (NASDAQ:BBIO) last posted its earnings results on Tuesday, April 29th. The company reported ($0.88) earnings per share for the quarter, topping the consensus estimate of ($1.00) by $0.12. The business had revenue of $36.74 million for the quarter, compared to the consensus estimate of $57.14 million. The business’s revenue was down 44.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.20) earnings per share. On average, analysts forecast that BridgeBio Pharma will post -3.67 earnings per share for the current year.

Insider Activity

In other BridgeBio Pharma news, Director Frank Mccormick sold 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $44.23, for a total transaction of $4,423,000.00. Following the transaction, the director owned 879,979 shares of the company’s stock, valued at $38,921,471.17. The trade was a 10.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Neil Kumar sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $33.40, for a total value of $2,505,000.00. Following the transaction, the chief executive officer directly owned 4,798,447 shares in the company, valued at approximately $160,268,129.80. This trade represents a 1.54% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,750,155 shares of company stock valued at $369,080,403. 18.20% of the stock is owned by insiders.

Hedge Funds Weigh In On BridgeBio Pharma

Institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC increased its position in BridgeBio Pharma by 71.0% during the first quarter. GAMMA Investing LLC now owns 920 shares of the company’s stock worth $32,000 after buying an additional 382 shares during the last quarter. Jones Financial Companies Lllp acquired a new position in shares of BridgeBio Pharma in the first quarter valued at approximately $35,000. Itau Unibanco Holding S.A. acquired a new position in shares of BridgeBio Pharma in the fourth quarter valued at approximately $41,000. Sterling Capital Management LLC grew its position in shares of BridgeBio Pharma by 554.6% in the fourth quarter. Sterling Capital Management LLC now owns 1,787 shares of the company’s stock valued at $49,000 after purchasing an additional 1,514 shares during the last quarter. Finally, GF Fund Management CO. LTD. acquired a new position in shares of BridgeBio Pharma in the fourth quarter valued at approximately $109,000. Institutional investors and hedge funds own 99.85% of the company’s stock.

BridgeBio Pharma Company Profile

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.