BridgeBio Pharma (NASDAQ:BBIO) Issues Quarterly Earnings Results

BridgeBio Pharma (NASDAQ:BBIO) posted its earnings results on Wednesday. The company reported ($0.95) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.07), Zacks reports. The business had revenue of $108.11 million during the quarter, compared to analyst estimates of $107.71 million. During the same period in the previous year, the firm earned ($0.86) earnings per share. The firm’s quarterly revenue was up 4318.0% on a year-over-year basis.

BridgeBio Pharma Price Performance

Shares of NASDAQ:BBIO opened at $66.62 on Thursday. The company’s fifty day moving average price is $53.38 and its 200-day moving average price is $45.21. The firm has a market capitalization of $12.74 billion, a price-to-earnings ratio of -16.29 and a beta of 1.36. BridgeBio Pharma has a one year low of $21.72 and a one year high of $69.48.

Analyst Ratings Changes

A number of research firms have recently commented on BBIO. Leerink Partners set a $68.00 price objective on shares of BridgeBio Pharma and gave the company an “outperform” rating in a research report on Monday. Wall Street Zen upgraded shares of BridgeBio Pharma from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Citigroup raised their price target on shares of BridgeBio Pharma from $58.00 to $67.00 and gave the company a “buy” rating in a report on Friday, July 11th. Evercore ISI restated an “outperform” rating on shares of BridgeBio Pharma in a research report on Monday. Finally, Jefferies Financial Group began coverage on BridgeBio Pharma in a research report on Monday, July 14th. They issued a “buy” rating and a $70.00 price objective on the stock. Seventeen equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.00.

Insider Activity at BridgeBio Pharma

In other BridgeBio Pharma news, CEO Neil Kumar sold 40,000 shares of the firm’s stock in a transaction dated Wednesday, October 8th. The stock was sold at an average price of $54.78, for a total transaction of $2,191,200.00. Following the sale, the chief executive officer owned 855,686 shares in the company, valued at $46,874,479.08. This trade represents a 4.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Frank Mccormick sold 1,641 shares of BridgeBio Pharma stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $65.00, for a total value of $106,665.00. Following the sale, the director directly owned 878,338 shares of the company’s stock, valued at approximately $57,091,970. This trade represents a 0.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 599,554 shares of company stock valued at $29,140,892. 18.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On BridgeBio Pharma

Several institutional investors have recently modified their holdings of BBIO. Sofinnova Investments Inc. lifted its position in BridgeBio Pharma by 35.3% in the 2nd quarter. Sofinnova Investments Inc. now owns 993,093 shares of the company’s stock worth $42,882,000 after buying an additional 258,866 shares during the last quarter. First Trust Advisors LP grew its position in BridgeBio Pharma by 200.4% during the second quarter. First Trust Advisors LP now owns 263,693 shares of the company’s stock valued at $11,386,000 after acquiring an additional 175,918 shares during the last quarter. Brevan Howard Capital Management LP purchased a new position in shares of BridgeBio Pharma during the second quarter worth approximately $4,495,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new stake in shares of BridgeBio Pharma in the 2nd quarter worth approximately $1,650,000. Finally, AQR Capital Management LLC lifted its holdings in shares of BridgeBio Pharma by 17.5% in the 2nd quarter. AQR Capital Management LLC now owns 157,805 shares of the company’s stock worth $6,814,000 after acquiring an additional 23,548 shares during the last quarter. 99.85% of the stock is currently owned by institutional investors.

BridgeBio Pharma Company Profile

BridgeBio Pharma, Inc, a commercial-stage biopharmaceutical company, discovers, creates, tests, and delivers transformative medicines to treat patients who suffer from genetic diseases and cancers. Its products in development programs include AG10, a next-generation oral small molecule near-complete TTR stabilizer that is in Phase 3 clinical trial for the treatment of TTR amyloidosis, or transthyretin amyloid cardiomyopathy (ATTR-CM); low-dose infigratinib, an oral FGFR1-3 selective tyrosine kinase inhibitor, which is in Phase 3 double-blinded, placebo-controlled pivotal study for the treatment option for children with achondroplasia; and BBP-631, an AAV5 gene transfer product candidate that is in Phase 1/2 clinical trial for the treatment of congenital adrenal hyperplasia, or CAH, driven by 21-hydroxylase deficiency, or 21OHD.