Royal Bank Of Canada Initiates Coverage on BridgeBio Pharma (NASDAQ:BBIO)

Research analysts at Royal Bank Of Canada assumed coverage on shares of BridgeBio Pharma (NASDAQ:BBIO) in a research report issued on Thursday, MarketBeat reports. The brokerage set an “outperform” rating and a $100.00 price target on the stock. Royal Bank Of Canada’s price target suggests a potential upside of 34.07% from the company’s current price.

A number of other research firms also recently issued reports on BBIO. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BridgeBio Pharma in a research note on Wednesday, January 21st. William Blair assumed coverage on BridgeBio Pharma in a research report on Tuesday, March 10th. They set an “outperform” rating on the stock. Oppenheimer cut their target price on BridgeBio Pharma from $83.00 to $81.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 25th. JPMorgan Chase & Co. boosted their target price on BridgeBio Pharma from $89.00 to $94.00 and gave the company an “overweight” rating in a research report on Tuesday, March 10th. Finally, Morgan Stanley boosted their target price on BridgeBio Pharma from $96.00 to $98.00 and gave the company an “overweight” rating in a research report on Wednesday, February 25th. Twenty-four research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $87.38.

BridgeBio Pharma Price Performance

NASDAQ:BBIO opened at $74.59 on Thursday. BridgeBio Pharma has a 1 year low of $31.77 and a 1 year high of $84.94. The stock’s 50 day simple moving average is $70.92 and its two-hundred day simple moving average is $68.71. The company has a market cap of $14.46 billion, a price-to-earnings ratio of -19.73 and a beta of 1.09.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings data on Tuesday, February 24th. The company reported ($1.00) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.75) by ($0.25). The business had revenue of $154.18 million during the quarter, compared to analyst estimates of $150.71 million. During the same quarter last year, the firm posted ($1.40) earnings per share. BridgeBio Pharma’s revenue was up 2521.2% on a year-over-year basis. As a group, analysts anticipate that BridgeBio Pharma will post -3.67 EPS for the current year.

Insider Buying and Selling

In other BridgeBio Pharma news, Director Randal W. Scott sold 10,000 shares of the company’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $75.46, for a total value of $754,600.00. Following the transaction, the director owned 11,589 shares of the company’s stock, valued at $874,505.94. This represents a 46.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Thomas Trimarchi sold 13,600 shares of the company’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $74.72, for a total value of $1,016,192.00. Following the completion of the transaction, the chief financial officer directly owned 336,585 shares in the company, valued at $25,149,631.20. This trade represents a 3.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 197,084 shares of company stock worth $13,649,619 over the last ninety days. Corporate insiders own 18.20% of the company’s stock.

Hedge Funds Weigh In On BridgeBio Pharma

Several hedge funds have recently bought and sold shares of BBIO. Jones Financial Companies Lllp bought a new position in BridgeBio Pharma in the 1st quarter valued at $35,000. First Trust Advisors LP lifted its holdings 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 worth $11,386,000 after buying an additional 175,918 shares during the period. Baird Financial Group Inc. lifted its holdings 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 worth $1,816,000 after buying an additional 731 shares during the period. Gabelli Funds LLC lifted its holdings in shares of BridgeBio Pharma by 0.3% in the 2nd quarter. Gabelli Funds LLC now owns 73,750 shares of the company’s stock worth $3,185,000 after buying an additional 250 shares during the period. Finally, Federated Hermes Inc. purchased a new stake in shares of BridgeBio Pharma in the 2nd quarter worth $11,986,000. 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.