BridgeBio Pharma (NASDAQ:BBIO) Price Target Raised to $88.00

BridgeBio Pharma (NASDAQ:BBIO) had its price objective hoisted by Morgan Stanley from $87.00 to $88.00 in a research report sent to investors on Friday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research analysts also recently commented on BBIO. TD Cowen reissued a “buy” rating on shares of BridgeBio Pharma in a research note on Monday, October 5th. Cantor Fitzgerald reissued an “overweight” rating on shares of BridgeBio Pharma in a research note on Monday, October 5th. HC Wainwright reaffirmed a “buy” rating on shares of BridgeBio Pharma in a report on Tuesday, October 6th. Piper Sandler raised their target price on shares of BridgeBio Pharma from $115.00 to $120.00 and gave the stock an “overweight” rating in a research note on Monday, October 19th. Finally, Truist Financial boosted their target price on BridgeBio Pharma from $102.00 to $107.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. Nineteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, BridgeBio Pharma has an average rating of “Moderate Buy” and an average target price of $104.16.

BridgeBio Pharma Stock Performance

BBIO stock opened at $74.95 on Friday. The company has a market capitalization of $14.60 billion, a PE ratio of -24.65 and a beta of 0.97. The company’s 50-day simple moving average is $70.27 and its 200 day simple moving average is $72.84. BridgeBio Pharma has a 52 week low of $60.22 and a 52 week high of $93.42.

BridgeBio Pharma (NASDAQ:BBIO) last released its earnings results on Thursday, October 29th. The company reported ($0.42) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.12. The firm had revenue of $353.17 million for the quarter, compared to analyst estimates of $293.47 million. The business’s revenue for the quarter was up 192.6% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.95) EPS. On average, analysts forecast that BridgeBio Pharma will post -2.65 EPS for the current year.

Insider Buying and Selling at BridgeBio Pharma

In related news, CEO Neil Kumar sold 34,980 shares of BridgeBio Pharma stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $82.53, for a total value of $2,886,899.40. Following the completion of the sale, the chief executive officer owned 243,327 shares in the company, valued at approximately $20,081,777.31. The trade was a 12.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 54,980 shares of company stock valued at $4,417,999. Company insiders own 14.23% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Chicago Partners Investment Group LLC raised its holdings in BridgeBio Pharma by 7.0% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 3,783 shares of the company’s stock valued at $259,000 after acquiring an additional 248 shares during the period. Covestor Ltd lifted its position in shares of BridgeBio Pharma by 7.6% during the third quarter. Covestor Ltd now owns 2,252 shares of the company’s stock worth $149,000 after purchasing an additional 159 shares during the last quarter. Provenance Wealth Advisors LLC purchased a new position in BridgeBio Pharma in the third quarter worth $189,000. Sumitomo Mitsui Trust Group Inc. boosted its holdings in BridgeBio Pharma by 31.4% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,029 shares of the company’s stock valued at $265,000 after purchasing an additional 962 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in BridgeBio Pharma in the 3rd quarter valued at $1,328,000. Institutional investors own 99.85% of the company’s stock.

Key Stories Impacting BridgeBio Pharma

Here are the key news stories impacting BridgeBio Pharma this week:

• Positive Sentiment: Strong Q3 performance: BridgeBio reported third-quarter revenue of $353.2 million, well above the $293.5 million consensus estimate. The company’s loss of $0.42 per share was also narrower than expectations for a $0.54 loss and improved substantially from a $0.95 loss a year earlier. BridgeBio Pharma Q3 earnings report
• Positive Sentiment: Attruby sales accelerated: U.S. Attruby net product revenue reached $253.2 million, increasing approximately $31 million sequentially and $145 million year over year. Revenue also benefited from a one-time $75 million BEYONTTRA sales milestone from Bayer. BridgeBio third-quarter financial results
• Positive Sentiment: Solid financial flexibility: BridgeBio ended September with $1.5 billion in cash, cash equivalents and marketable securities, which management said fully funds all three launches and expansion indications. BridgeBio corporate update
• Positive Sentiment: Morgan Stanley raised its target: The firm increased its price target from $87 to $88 and maintained an “overweight” rating, signaling continued confidence in BBIO’s outlook. Morgan Stanley recommendations
• Negative Sentiment: TD Cowen reduced its target: Although the firm maintained a “buy” rating and still sees substantial upside, it lowered its price target from $110 to $100, tempering the overall analyst optimism. TD Cowen recommendations

BridgeBio Pharma Company Profile

BridgeBio Pharma, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for genetically driven diseases. The company operates through a portfolio of subsidiary and affiliated biotechnology businesses, with research programs spanning rare diseases, oncology, cardiology and other conditions linked to underlying genetic or molecular causes.

BridgeBio’s portfolio includes therapies designed to address the root mechanisms of disease rather than primarily treating symptoms.