Citigroup Forecasts Strong Price Appreciation for BridgeBio Pharma (NASDAQ:BBIO) Stock

BridgeBio Pharma (NASDAQ:BBIO) had its price target lifted by research analysts at Citigroup from $82.00 to $93.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s price target would suggest a potential upside of 15.82% from the company’s previous close.

A number of other equities research analysts have also weighed in on the company. Raymond James Financial lowered BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 26th. Mizuho reduced their price target on BridgeBio Pharma from $106.00 to $96.00 and set an “outperform” rating for the company in a report on Tuesday, June 16th. Royal Bank Of Canada began coverage on BridgeBio Pharma in a research note on Thursday, April 9th. They issued an “outperform” rating and a $100.00 price target on the stock. Canaccord Genuity Group started coverage on BridgeBio Pharma in a research report on Wednesday, June 3rd. They issued a “buy” rating and a $104.00 price objective for the company. Finally, Truist Financial raised their target price on BridgeBio Pharma from $95.00 to $102.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. Twenty analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, BridgeBio Pharma currently has a consensus rating of “Moderate Buy” and a consensus target price of $95.21.

BridgeBio Pharma Stock Down 2.9%

Shares of NASDAQ BBIO traded down $2.36 during mid-day trading on Thursday, hitting $80.30. 3,509,144 shares of the company were exchanged, compared to its average volume of 3,132,336. The stock has a 50 day simple moving average of $70.60 and a 200-day simple moving average of $72.22. BridgeBio Pharma has a 1-year low of $42.09 and a 1-year high of $93.42. The firm has a market cap of $15.73 billion, a price-to-earnings ratio of -21.47 and a beta of 0.95.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.84) EPS for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.14). The business had revenue of $194.51 million for the quarter, compared to the consensus estimate of $178.07 million. During the same period in the prior year, the firm posted ($0.88) EPS. The business’s revenue was up 66.8% compared to the same quarter last year. Analysts anticipate that BridgeBio Pharma will post -2.29 earnings per share for the current fiscal year.

Insider Transactions at BridgeBio Pharma

In other news, CFO Thomas Trimarchi sold 13,651 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $65.08, for a total value of $888,407.08. Following the completion of the transaction, the chief financial officer owned 359,194 shares in the company, valued at $23,376,345.52. This trade represents a 3.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jennifer E. Cook sold 148,589 shares of BridgeBio Pharma stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $88.54, for a total value of $13,156,070.06. Following the transaction, the director directly owned 8,383 shares of the company’s stock, valued at $742,230.82. This trade represents a 94.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 432,117 shares of company stock worth $32,633,740 over the last ninety days. 14.23% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On BridgeBio Pharma

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BBIO. Brooklands Fund Management Ltd acquired a new stake in BridgeBio Pharma during the 4th quarter valued at $210,348,000. Price T Rowe Associates Inc. MD lifted its holdings in BridgeBio Pharma by 144.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,828,746 shares of the company’s stock valued at $292,862,000 after purchasing an additional 2,261,181 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of BridgeBio Pharma by 25.8% during the fourth quarter. Janus Henderson Group PLC now owns 11,000,457 shares of the company’s stock worth $841,349,000 after buying an additional 2,259,378 shares in the last quarter. Norges Bank acquired a new stake in BridgeBio Pharma during the fourth quarter worth approximately $116,802,000. Finally, Wellington Management Group LLP lifted its stake in shares of BridgeBio Pharma by 130.4% during the 4th quarter. Wellington Management Group LLP now owns 2,348,731 shares of the company’s stock worth $179,654,000 after purchasing an additional 1,329,537 shares during the period. 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.