BridgeBio Pharma (NASDAQ:BBIO) Shares Up 9.3% – Here’s Why

BridgeBio Pharma, Inc. (NASDAQ:BBIO) shares shot up 9.3% on Tuesday . The stock traded as high as $70.49 and last traded at $71.7590. 1,265,413 shares traded hands during trading, a decline of 60% from the average session volume of 3,135,348 shares. The stock had previously closed at $65.64.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on BBIO shares. Sanford C. Bernstein began coverage on BridgeBio Pharma in a research report on Thursday, December 11th. They set an “outperform” rating and a $94.00 target price on the stock. Barclays started coverage on BridgeBio Pharma in a research note on Wednesday, January 28th. They issued an “overweight” rating on the stock. Morgan Stanley upped their price objective on shares of BridgeBio Pharma from $96.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, February 25th. Wells Fargo & Company raised their target price on shares of BridgeBio Pharma from $88.00 to $98.00 and gave the stock an “overweight” rating in a report on Friday, February 13th. Finally, Oppenheimer dropped their target price on shares of BridgeBio Pharma from $83.00 to $81.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 25th. Twenty-three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $82.50.

BridgeBio Pharma Stock Up 13.3%

The firm has a market cap of $14.41 billion, a price-to-earnings ratio of -19.75 and a beta of 1.13. The company has a 50-day moving average price of $73.44 and a 200 day moving average price of $65.56.

BridgeBio Pharma (NASDAQ:BBIO) last posted its quarterly earnings results on Tuesday, February 24th. The company reported ($1.00) earnings per share for the quarter, missing the consensus estimate of ($0.75) by ($0.25). The company had revenue of $154.18 million during the quarter, compared to analysts’ expectations of $150.71 million. During the same quarter last year, the firm earned ($1.40) earnings per share. The company’s revenue for the quarter was up 2521.2% compared to the same quarter last year. Equities analysts forecast that BridgeBio Pharma, Inc. will post -3.67 EPS for the current year.

Insider Buying and Selling

In other news, CAO Maricel Apuli sold 510 shares of the stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $74.31, for a total value of $37,898.10. Following the completion of the sale, the chief accounting officer directly owned 123,945 shares of the company’s stock, valued at $9,210,352.95. This represents a 0.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Randal W. Scott sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $75.46, for a total transaction of $754,600.00. Following the sale, the director owned 11,589 shares of the company’s stock, valued at approximately $874,505.94. This represents a 46.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 227,095 shares of company stock worth $16,099,240 over the last ninety days. 18.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On BridgeBio Pharma

Several institutional investors and hedge funds have recently modified their holdings of the stock. Corient Private Wealth LLC acquired a new position in BridgeBio Pharma in the 2nd quarter worth about $643,000. WINTON GROUP Ltd bought a new stake in shares of BridgeBio Pharma in the 2nd quarter valued at approximately $3,856,000. Principal Financial Group Inc. grew its stake in shares of BridgeBio Pharma by 23.0% in the 3rd quarter. Principal Financial Group Inc. now owns 1,267,412 shares of the company’s stock valued at $65,829,000 after buying an additional 236,885 shares in the last quarter. L & S Advisors Inc acquired a new position in BridgeBio Pharma in the third quarter worth approximately $877,000. Finally, Federated Hermes Inc. raised its position in BridgeBio Pharma by 53.0% during the third quarter. Federated Hermes Inc. now owns 424,695 shares of the company’s stock valued at $22,059,000 after acquiring an additional 147,108 shares in the last quarter. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

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.