BridgeBio Pharma (NASDAQ:BBIO) Reaches New 1-Year High – Time to Buy?

BridgeBio Pharma, Inc. (NASDAQ:BBIO)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $80.69 and last traded at $80.9020, with a volume of 501735 shares traded. The stock had previously closed at $78.15.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Leerink Partners lifted their price objective on shares of BridgeBio Pharma from $75.00 to $86.00 and gave the stock an “outperform” rating in a report on Monday, December 15th. Evercore ISI restated an “outperform” rating on shares of BridgeBio Pharma in a report on Monday, October 27th. Sanford C. Bernstein initiated coverage on shares of BridgeBio Pharma in a research report on Thursday, December 11th. They issued an “outperform” rating and a $94.00 price objective for the company. Truist Financial lifted their target price on shares of BridgeBio Pharma from $80.00 to $86.00 and gave the stock a “buy” rating in a research report on Thursday, January 8th. Finally, Raymond James Financial reiterated an “outperform” rating and set a $71.00 price target (up from $69.00) on shares of BridgeBio Pharma in a report on Thursday, October 30th. Twenty-one research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, BridgeBio Pharma presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.05.

BridgeBio Pharma Stock Performance

The firm has a market capitalization of $15.39 billion, a P/E ratio of -19.08 and a beta of 1.17. The stock has a 50 day moving average of $73.69 and a 200-day moving average of $59.72.

BridgeBio Pharma (NASDAQ:BBIO) last posted its earnings results 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 firm had revenue of $120.70 million for the quarter, compared to analysts’ expectations of $107.71 million. The firm’s quarterly revenue was up 4318.0% on a year-over-year basis. During the same period last year, the firm earned ($0.86) EPS. As a group, sell-side analysts expect that BridgeBio Pharma, Inc. will post -3.67 EPS for the current year.

Insider Buying and Selling at BridgeBio Pharma

In other BridgeBio Pharma news, CFO Thomas Trimarchi sold 16,934 shares of the stock in a transaction on Monday, November 17th. The stock was sold at an average price of $66.46, for a total transaction of $1,125,433.64. Following the sale, the chief financial officer owned 382,830 shares in the company, valued at $25,442,881.80. This represents a 4.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Andrew Lo sold 55,000 shares of BridgeBio Pharma stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $65.69, for a total value of $3,612,950.00. Following the completion of the transaction, the director owned 50,583 shares of the company’s stock, valued at approximately $3,322,797.27. This trade represents a 52.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 587,215 shares of company stock worth $39,569,101. Company insiders own 18.20% of the company’s stock.

Institutional Investors Weigh In On BridgeBio Pharma

Hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank bought a new position in shares of BridgeBio Pharma in the second quarter valued at approximately $84,488,000. Invesco Ltd. lifted its stake in BridgeBio Pharma by 40.3% in the 3rd quarter. Invesco Ltd. now owns 3,928,657 shares of the company’s stock worth $204,054,000 after purchasing an additional 1,127,592 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in BridgeBio Pharma by 14,211.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 994,220 shares of the company’s stock valued at $77,783,000 after purchasing an additional 987,273 shares during the period. Polar Capital Holdings Plc bought a new position in BridgeBio Pharma in the 3rd quarter valued at $50,956,000. Finally, Wellington Management Group LLP grew its position in shares of BridgeBio Pharma by 1,698.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,019,194 shares of the company’s stock valued at $52,937,000 after purchasing an additional 962,525 shares in the last quarter. 99.85% of the stock is currently owned by institutional investors.

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.