BridgeBio Pharma (NASDAQ:BBIO) Stock Gets Price Target Increase from Morgan Stanley

BridgeBio Pharma (NASDAQ:BBIO) had its price target increased by Morgan Stanley from $87.00 to $88.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley‘s target price points to a potential upside of 18.28% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the company. Mizuho boosted their target price on BridgeBio Pharma from $96.00 to $110.00 and gave the company an “outperform” rating in a research note on Tuesday, September 1st. Citigroup cut their price objective on shares of BridgeBio Pharma from $94.00 to $91.00 and set a “neutral” rating on the stock in a report on Monday, October 19th. Barclays decreased their target price on shares of BridgeBio Pharma from $157.00 to $156.00 and set an “overweight” rating for the company in a research note on Wednesday, October 7th. HC Wainwright reiterated a “buy” rating on shares of BridgeBio Pharma in a report on Tuesday, October 6th. Finally, Piper Sandler boosted their price target on BridgeBio Pharma from $115.00 to $120.00 and gave the stock an “overweight” rating in a research report on Monday, October 19th. Nineteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $104.68.

BridgeBio Pharma Stock Up 5.2%

BridgeBio Pharma stock traded up $3.67 during mid-day trading on Friday, reaching $74.40. 3,273,850 shares of the company’s stock were exchanged, compared to its average volume of 2,888,698. The business’s fifty day simple moving average is $70.43 and its 200 day simple moving average is $72.85. BridgeBio Pharma has a one year low of $60.22 and a one year high of $93.42. The firm has a market capitalization of $14.54 billion, a PE ratio of -20.88 and a beta of 0.97.

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

Insiders Place Their Bets

In other BridgeBio Pharma news, CEO Neil Kumar sold 10,000 shares of the firm’s stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $69.08, for a total transaction of $690,800.00. Following the completion of the sale, the chief executive officer directly owned 495,686 shares in the company, valued at approximately $34,241,988.88. This trade represents a 1.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 54,980 shares of company stock worth $4,417,999. 14.23% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On BridgeBio Pharma

A number of institutional investors have recently made changes to their positions in BBIO. Provenance Wealth Advisors LLC bought a new stake in shares of BridgeBio Pharma in the 3rd quarter worth $189,000. Sumitomo Mitsui Trust Group Inc. increased its holdings in BridgeBio Pharma by 31.4% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,029 shares of the company’s stock worth $265,000 after acquiring an additional 962 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in BridgeBio Pharma during the third quarter valued at approximately $1,328,000. Profund Advisors LLC increased its stake in shares of BridgeBio Pharma by 42.8% in the third quarter. Profund Advisors LLC now owns 28,452 shares of the company’s stock worth $1,872,000 after purchasing an additional 8,523 shares in the last quarter. Finally, ProShare Advisors LLC increased its stake in BridgeBio Pharma by 8.3% in the 3rd quarter. ProShare Advisors LLC now owns 6,953 shares of the company’s stock worth $458,000 after buying an additional 532 shares in the last quarter. Hedge funds and other institutional investors own 99.85% of the company’s stock.

BridgeBio Pharma News Summary

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

• Positive Sentiment: BridgeBio reported third-quarter revenue of $353.2 million, well above the approximately $293.5 million consensus estimate and up 192.6% year over year. The company also posted a loss of $0.42 per share, narrower than analyst expectations for a $0.54 loss and substantially better than the $0.95 loss reported a year earlier. BridgeBio Q3 revenue report BridgeBio Q3 earnings report
• Positive Sentiment: U.S. Attruby net product revenue reached $253.2 million, increasing by about $31 million sequentially and $145 million from the prior year. The continued ramp in product sales provides evidence of growing commercial momentum. BridgeBio third-quarter financial results
• Positive Sentiment: BridgeBio ended September with $1.5 billion in cash, cash equivalents and marketable securities. Management said this balance fully funds its three launches and expansion indications, reducing near-term financing and dilution concerns. BridgeBio cash and corporate update
• Neutral Sentiment: Revenue included a $75 million one-time BEYONTTRA sales milestone from Bayer, meaning part of the quarterly upside may not recur. The company nevertheless reported an operating loss of $11.6 million, so sustained profitability remains ahead. BridgeBio operating results

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.