BridgeBio Pharma (NASDAQ:BBIO) Earns Buy Rating from Analysts at Redburn Atlantic

Redburn Atlantic initiated coverage on shares of BridgeBio Pharma (NASDAQ:BBIO) in a research note released on Monday, MarketBeat reports. The firm issued a buy rating and a $50.00 price objective on the stock.

A number of other analysts have also commented on BBIO. Citigroup lifted their price target on BridgeBio Pharma from $45.00 to $49.00 and gave the company a “buy” rating in a research note on Friday, February 21st. JPMorgan Chase & Co. boosted their target price on shares of BridgeBio Pharma from $44.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, March 24th. Scotiabank raised their price target on shares of BridgeBio Pharma from $49.00 to $52.00 and gave the company a “sector outperform” rating in a research note on Friday, February 21st. Cantor Fitzgerald reissued an “overweight” rating and issued a $95.00 price objective on shares of BridgeBio Pharma in a research note on Friday, February 21st. Finally, HC Wainwright restated a “buy” rating and issued a $49.00 price objective on shares of BridgeBio Pharma in a report on Thursday, February 13th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $52.64.

BridgeBio Pharma Price Performance

NASDAQ BBIO opened at $34.62 on Monday. The business has a fifty day moving average price of $34.19 and a two-hundred day moving average price of $29.43. The stock has a market capitalization of $6.58 billion, a PE ratio of -12.15 and a beta of 1.07. BridgeBio Pharma has a fifty-two week low of $21.62 and a fifty-two week high of $39.47.

BridgeBio Pharma (NASDAQ:BBIO) last posted its earnings results on Thursday, February 20th. The company reported ($1.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.09) by ($0.22). The business had revenue of $5.88 million for the quarter, compared to analysts’ expectations of $4.04 million. As a group, sell-side analysts expect that BridgeBio Pharma will post -3.67 earnings per share for the current year.

Insider Transactions at BridgeBio Pharma

In other BridgeBio Pharma news, CEO Neil Kumar sold 326,932 shares of the company’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $36.29, for a total transaction of $11,864,362.28. Following the transaction, the chief executive officer now owns 5,371,515 shares in the company, valued at approximately $194,932,279.35. This represents a 5.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Global Investors Lp Viking sold 3,065,616 shares of BridgeBio Pharma stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $34.90, for a total transaction of $106,989,998.40. Following the transaction, the insider now owns 22,055,375 shares of the company’s stock, valued at $769,732,587.50. This represents a 12.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,654,739 shares of company stock valued at $325,937,151 in the last 90 days. 24.66% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On BridgeBio Pharma

A number of hedge funds have recently bought and sold shares of the company. Ironwood Investment Management LLC lifted its position in shares of BridgeBio Pharma by 0.5% during the fourth quarter. Ironwood Investment Management LLC now owns 63,157 shares of the company’s stock valued at $1,733,000 after purchasing an additional 338 shares in the last quarter. Summit Investment Advisors Inc. lifted its position in shares of BridgeBio Pharma by 3.3% during the 4th quarter. Summit Investment Advisors Inc. now owns 14,706 shares of the company’s stock worth $404,000 after buying an additional 466 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its stake in shares of BridgeBio Pharma by 85.8% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,022 shares of the company’s stock worth $28,000 after buying an additional 472 shares during the last quarter. Mackenzie Financial Corp grew its holdings in shares of BridgeBio Pharma by 6.6% in the fourth quarter. Mackenzie Financial Corp now owns 9,505 shares of the company’s stock valued at $261,000 after acquiring an additional 592 shares in the last quarter. Finally, Xponance Inc. grew its holdings in shares of BridgeBio Pharma by 9.1% in the fourth quarter. Xponance Inc. now owns 10,089 shares of the company’s stock valued at $277,000 after acquiring an additional 844 shares in the last quarter. 99.85% of the stock is owned by hedge funds and other institutional investors.

About BridgeBio Pharma

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.