BridgeBio Pharma (NASDAQ:BBIO) Coverage Initiated at Scotiabank

Equities researchers at Scotiabank began coverage on shares of BridgeBio Pharma (NASDAQ:BBIO) in a research report issued to clients and investors on Wednesday, MarketBeat Ratings reports. The firm set a “sector outperform” rating and a $44.00 price target on the stock. Scotiabank’s price objective would indicate a potential upside of 68.00% from the company’s previous close.

Several other research analysts have also issued reports on BBIO. JPMorgan Chase & Co. cut their target price on shares of BridgeBio Pharma from $46.00 to $43.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. HC Wainwright reiterated a “buy” rating and set a $43.00 price objective on shares of BridgeBio Pharma in a research report on Monday, September 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $70.00 price target on shares of BridgeBio Pharma in a research report on Monday, September 16th. Evercore ISI lowered their price objective on shares of BridgeBio Pharma from $50.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Finally, Piper Sandler assumed coverage on shares of BridgeBio Pharma in a research note on Wednesday, September 4th. They issued an “overweight” rating and a $46.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $47.50.

BridgeBio Pharma Trading Down 0.6 %

Shares of NASDAQ BBIO opened at $26.19 on Wednesday. The stock has a fifty day simple moving average of $26.05 and a two-hundred day simple moving average of $26.66. BridgeBio Pharma has a 1-year low of $21.62 and a 1-year high of $44.32. The firm has a market cap of $4.90 billion, a price-to-earnings ratio of -8.13 and a beta of 1.08.

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

Insider Activity at BridgeBio Pharma

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Bfsg LLC raised its holdings in shares of BridgeBio Pharma by 175.6% during the second quarter. Bfsg LLC now owns 1,240 shares of the company’s stock valued at $31,000 after purchasing an additional 790 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of BridgeBio Pharma during the 2nd quarter valued at about $48,000. CWM LLC increased its position in shares of BridgeBio Pharma by 132.9% during the 3rd quarter. CWM LLC now owns 3,442 shares of the company’s stock valued at $88,000 after purchasing an additional 1,964 shares during the last quarter. EntryPoint Capital LLC bought a new position in shares of BridgeBio Pharma in the 1st quarter worth approximately $117,000. Finally, Amalgamated Bank grew its position in BridgeBio Pharma by 24.7% during the second quarter. Amalgamated Bank now owns 4,863 shares of the company’s stock valued at $123,000 after buying an additional 962 shares during the period. 99.85% of the stock is owned by institutional investors.

About BridgeBio Pharma

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.