BridgeBio Pharma (NASDAQ:BBIO) Earns Sector Outperform Rating from Analysts at Scotiabank

Scotiabank initiated coverage on shares of BridgeBio Pharma (NASDAQ:BBIO) in a research note issued to investors on Wednesday morning, MarketBeat Ratings reports. The firm issued a sector outperform rating and a $44.00 price objective on the stock.

Several other equities research analysts have also issued reports on BBIO. Piper Sandler assumed coverage on shares of BridgeBio Pharma in a report on Wednesday, September 4th. They issued an “overweight” rating and a $46.00 target price for the company. Oppenheimer began coverage on shares of BridgeBio Pharma in a research note on Thursday, October 3rd. They issued a “market perform” rating for the company. Evercore ISI lowered their target price on shares of BridgeBio Pharma from $50.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Bank of America reissued a “buy” rating and set a $42.00 price target on shares of BridgeBio Pharma in a report on Wednesday, September 11th. Finally, JPMorgan Chase & Co. dropped their price objective on BridgeBio Pharma from $46.00 to $43.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Two analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, BridgeBio Pharma presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.62.

BridgeBio Pharma Price Performance

Shares of BBIO opened at $26.34 on Wednesday. The firm has a market capitalization of $4.93 billion, a P/E ratio of -8.18 and a beta of 1.08. BridgeBio Pharma has a one year low of $21.62 and a one year high of $44.32. The business has a fifty day moving average of $26.01 and a 200 day moving average of $26.67.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.39) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.00) by $0.61. The firm had revenue of $2.17 million for the quarter, compared to the consensus estimate of $3.96 million. The company’s revenue for the quarter was up 32.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.98) earnings per share. Analysts expect that BridgeBio Pharma will post -2.56 EPS for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $25.75, for a total transaction of $149,350,000.00. Following the transaction, the insider now owns 25,260,971 shares of the company’s stock, valued at approximately $650,470,003.25. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Brian C. Stephenson sold 4,155 shares of the company’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $24.69, for a total value of $102,586.95. Following the sale, the chief financial officer now directly owns 85,192 shares of the company’s stock, valued at $2,103,390.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $25.75, for a total value of $149,350,000.00. Following the completion of the transaction, the insider now directly owns 25,260,971 shares of the company’s stock, valued at approximately $650,470,003.25. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,831,544 shares of company stock valued at $150,128,821 in the last 90 days. Company insiders own 24.66% of the company’s stock.

Institutional Investors Weigh In On BridgeBio Pharma

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of BridgeBio Pharma by 3.3% in the first quarter. Vanguard Group Inc. now owns 13,222,126 shares of the company’s stock valued at $408,828,000 after purchasing an additional 421,832 shares during the period. Frazier Life Sciences Management L.P. lifted its position in shares of BridgeBio Pharma by 6.4% in the second quarter. Frazier Life Sciences Management L.P. now owns 3,632,604 shares of the company’s stock valued at $92,014,000 after acquiring an additional 217,000 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of BridgeBio Pharma by 189.7% in the first quarter. Janus Henderson Group PLC now owns 3,312,706 shares of the company’s stock worth $102,402,000 after acquiring an additional 2,169,143 shares during the last quarter. Capital Research Global Investors increased its position in shares of BridgeBio Pharma by 101.1% during the first quarter. Capital Research Global Investors now owns 2,212,085 shares of the company’s stock worth $68,398,000 after purchasing an additional 1,111,975 shares in the last quarter. Finally, Ensign Peak Advisors Inc lifted its stake in shares of BridgeBio Pharma by 44.5% in the second quarter. Ensign Peak Advisors Inc now owns 1,646,202 shares of the company’s stock worth $41,698,000 after buying an additional 506,845 shares in the last quarter. 99.85% of the stock is owned by hedge funds and other institutional investors.

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.