BridgeBio Pharma (NASDAQ:BBIO) Cut to Market Perform at Raymond James Financial

BridgeBio Pharma (NASDAQ:BBIO) was downgraded by investment analysts at Raymond James Financial from an “outperform” rating to a “market perform” rating in a note issued to investors on Tuesday.

Several other brokerages have also recently commented on BBIO. Wells Fargo & Company boosted their price target on BridgeBio Pharma from $88.00 to $98.00 and gave the company an “overweight” rating in a research note on Friday, February 13th. Mizuho reissued an “outperform” rating and issued a $106.00 price target on shares of BridgeBio Pharma in a research note on Tuesday, April 28th. Leerink Partners reaffirmed an “outperform” rating and set a $98.00 target price on shares of BridgeBio Pharma in a research report on Thursday, March 12th. JPMorgan Chase & Co. upped their target price on BridgeBio Pharma from $89.00 to $94.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 10th. Finally, Oppenheimer decreased their target price on BridgeBio Pharma from $83.00 to $81.00 and set an “outperform” rating for the company in a research report on Wednesday, February 25th. Twenty-two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $88.90.

BridgeBio Pharma Stock Performance

Shares of NASDAQ BBIO opened at $69.12 on Tuesday. The stock has a market cap of $13.54 billion, a price-to-earnings ratio of -18.48 and a beta of 1.02. The business has a 50 day simple moving average of $71.32 and a 200 day simple moving average of $71.98. BridgeBio Pharma has a 52 week low of $31.77 and a 52 week high of $84.94.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.84) EPS for the quarter, missing the consensus estimate of ($0.70) by ($0.14). The company had revenue of $194.52 million during the quarter, compared to analyst estimates of $178.07 million. The business’s quarterly revenue was up 66.8% compared to the same quarter last year. During the same period last year, the firm posted ($0.88) earnings per share. On average, analysts predict that BridgeBio Pharma will post -2.27 EPS for the current year.

Insider Activity

In other BridgeBio Pharma news, CAO Maricel Apuli sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $71.58, for a total transaction of $143,160.00. Following the completion of the sale, the chief accounting officer owned 134,115 shares of the company’s stock, valued at $9,599,951.70. This represents a 1.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Andrea Ellis sold 64,921 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $64.87, for a total value of $4,211,425.27. Following the sale, the director directly owned 18,589 shares of the company’s stock, valued at $1,205,868.43. The trade was a 77.74% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 210,572 shares of company stock valued at $14,364,492. Insiders own 14.23% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BBIO. Brooklands Fund Management Ltd acquired a new position in shares of BridgeBio Pharma during the fourth quarter worth approximately $210,348,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of BridgeBio Pharma by 144.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,828,746 shares of the company’s stock worth $292,862,000 after buying an additional 2,261,181 shares during the last quarter. Janus Henderson Group PLC lifted 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 during the last quarter. Norges Bank acquired a new position in shares of BridgeBio Pharma during the fourth quarter worth approximately $116,802,000. Finally, Wellington Management Group LLP lifted its holdings in shares of BridgeBio Pharma by 130.4% during the fourth quarter. Wellington Management Group LLP now owns 2,348,731 shares of the company’s stock worth $179,654,000 after buying an additional 1,329,537 shares during the last quarter. 99.85% of the stock is currently owned by institutional investors and hedge funds.

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.