BridgeBio Pharma (NASDAQ:BBIO) Stock Gets Price Target Cut from Citigroup

BridgeBio Pharma (NASDAQ:BBIO) had its price objective lowered by Citigroup from $94.00 to $91.00 in a research note published on Monday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other equities research analysts have also recently issued reports about the company. UBS Group restated a “buy” rating and issued a $92.00 price objective (up from $82.00) on shares of BridgeBio Pharma in a research note on Thursday, October 15th. Piper Sandler increased their target price on shares of BridgeBio Pharma from $115.00 to $120.00 and gave the stock an “overweight” rating in a research report on Monday. JPMorgan Chase & Co. lifted their target price on shares of BridgeBio Pharma from $100.00 to $111.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 12th. Mizuho boosted their price target on shares of BridgeBio Pharma from $96.00 to $110.00 and gave the company an “outperform” rating in a research report on Tuesday, September 1st. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of BridgeBio Pharma in a research note on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, BridgeBio Pharma currently has a consensus rating of “Moderate Buy” and a consensus price target of $104.40.

BridgeBio Pharma Stock Performance

Shares of BBIO opened at $67.74 on Monday. The stock’s fifty day moving average price is $71.77 and its two-hundred day moving average price is $73.22. BridgeBio Pharma has a 1 year low of $52.75 and a 1 year high of $93.42.

BridgeBio Pharma (NASDAQ:BBIO) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.78) EPS for the quarter, missing analysts’ consensus estimates of ($0.58) by ($0.20). The firm had revenue of $243.68 million during the quarter, compared to analysts’ expectations of $220.91 million. BridgeBio Pharma’s revenue was up 120.4% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.95) earnings per share. As a group, analysts forecast that BridgeBio Pharma will post -2.65 EPS for the current year.

Insider Buying and Selling at BridgeBio Pharma

In related news, CAO Maricel Apuli sold 2,000 shares of the stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $80.06, for a total transaction of $160,120.00. Following the sale, the chief accounting officer owned 127,401 shares of the company’s stock, valued at approximately $10,199,724.06. This represents a 1.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Neil Kumar sold 34,980 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $82.53, for a total value of $2,886,899.40. Following the completion of the transaction, the chief executive officer owned 243,327 shares of the company’s stock, valued at approximately $20,081,777.31. This represents a 12.57% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 56,980 shares of company stock valued at $4,578,119. 14.23% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. IFP Advisors Inc grew its stake in BridgeBio Pharma by 102.1% during the third quarter. IFP Advisors Inc now owns 2,344 shares of the company’s stock valued at $154,000 after acquiring an additional 1,184 shares in the last quarter. GAMMA Investing LLC increased its holdings in BridgeBio Pharma by 22.7% during the 3rd quarter. GAMMA Investing LLC now owns 2,020 shares of the company’s stock worth $133,000 after acquiring an additional 374 shares during the period. QRG Capital Management Inc. lifted its stake in BridgeBio Pharma by 36.7% in the 2nd quarter. QRG Capital Management Inc. now owns 9,808 shares of the company’s stock worth $730,000 after purchasing an additional 2,634 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in BridgeBio Pharma in the 2nd quarter worth approximately $52,000. Finally, Squarepoint Ops LLC lifted its stake in BridgeBio Pharma by 114.2% in the 2nd quarter. Squarepoint Ops LLC now owns 1,191,732 shares of the company’s stock worth $88,760,000 after purchasing an additional 635,408 shares in the last quarter. Hedge funds and other institutional investors own 99.85% of the company’s stock.

About BridgeBio Pharma

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.