BridgeBio Pharma (NASDAQ:BBIO) Reaches New 12-Month High – Here’s Why

BridgeBio Pharma, Inc. (NASDAQ:BBIO)’s share price hit a new 52-week high on Monday . The stock traded as high as $77.67 and last traded at $77.5410, with a volume of 50565 shares. The stock had previously closed at $76.30.

Analyst Ratings Changes

BBIO has been the topic of a number of analyst reports. Cowen restated a “positive” rating on shares of BridgeBio Pharma in a research report on Thursday, October 30th. Leerink Partners raised their price objective on BridgeBio Pharma from $75.00 to $86.00 and gave the stock an “outperform” rating in a research note on Monday, December 15th. JPMorgan Chase & Co. upped their target price on BridgeBio Pharma from $76.00 to $77.00 and gave the company an “overweight” rating in a research report on Friday, November 7th. Evercore ISI restated an “outperform” rating on shares of BridgeBio Pharma in a research report on Monday, October 27th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BridgeBio Pharma in a research report on Wednesday, October 8th. Twenty-one analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, BridgeBio Pharma currently has a consensus rating of “Moderate Buy” and an average target price of $76.25.

BridgeBio Pharma Price Performance

The business’s fifty day moving average price is $66.10 and its 200 day moving average price is $54.21. The stock has a market cap of $15.03 billion, a P/E ratio of -18.62 and a beta of 1.26.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings data on Wednesday, October 29th. The company reported ($0.95) earnings per share for the quarter, missing the consensus estimate of ($0.88) by ($0.07). The company had revenue of $120.70 million during the quarter, compared to the consensus estimate of $107.71 million. During the same quarter last year, the business posted ($0.86) earnings per share. The firm’s quarterly revenue was up 4318.0% compared to the same quarter last year. On average, analysts predict that BridgeBio Pharma, Inc. will post -3.67 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Andrew Lo sold 55,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $65.69, for a total value of $3,612,950.00. Following the sale, the director directly owned 50,583 shares in the company, valued at $3,322,797.27. This represents a 52.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Frank Mccormick sold 198,359 shares of the stock in a transaction that occurred on Wednesday, October 29th. The shares were sold at an average price of $66.58, for a total transaction of $13,206,742.22. Following the sale, the director directly owned 679,979 shares of the company’s stock, valued at $45,273,001.82. This represents a 22.58% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 587,215 shares of company stock worth $38,801,501. 18.20% 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 company. WINTON GROUP Ltd bought a new stake in BridgeBio Pharma during the 2nd quarter valued at $3,856,000. Moss Adams Wealth Advisors LLC lifted its position in shares of BridgeBio Pharma by 49.2% during the 2nd quarter. Moss Adams Wealth Advisors LLC now owns 24,172 shares of the company’s stock worth $1,044,000 after buying an additional 7,970 shares in the last quarter. Baird Financial Group Inc. purchased a new position in BridgeBio Pharma in the first quarter worth $1,429,000. Bosun Asset Management LLC boosted its holdings in shares of BridgeBio Pharma by 119.7% in the 2nd quarter. Bosun Asset Management LLC now owns 26,154 shares of the company’s stock worth $1,129,000 after buying an additional 14,250 shares during the last quarter. Finally, Intech Investment Management LLC boosted its stake in BridgeBio Pharma by 12.0% in the first quarter. Intech Investment Management LLC now owns 73,524 shares of the company’s stock valued at $2,542,000 after acquiring an additional 7,877 shares during the last quarter. Institutional investors and hedge funds own 99.85% of the company’s stock.

BridgeBio Pharma Company Profile

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.