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

BridgeBio Pharma (NASDAQ:BBIO) had its target price lowered by TD Cowen from $110.00 to $100.00 in a research note released on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

BBIO has been the topic of several other research reports. Mizuho increased their price target on BridgeBio Pharma from $96.00 to $110.00 and gave the company an “outperform” rating in a report on Tuesday, September 1st. Barclays dropped their target price on shares of BridgeBio Pharma from $157.00 to $156.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 7th. Bank of America boosted their target price on shares of BridgeBio Pharma from $101.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, August 11th. JPMorgan Chase & Co. increased their target price on shares of BridgeBio Pharma from $100.00 to $111.00 and gave the company an “overweight” rating in a research note on Wednesday, August 12th. Finally, UBS Group reaffirmed a “buy” rating on shares of BridgeBio Pharma in a report on Friday. Nineteen analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $104.16.

BridgeBio Pharma Price Performance

BBIO opened at $74.95 on Friday. The stock has a 50-day moving average price of $70.27 and a 200-day moving average price of $72.84. The firm has a market cap of $14.60 billion, a PE ratio of -24.65 and a beta of 0.97. BridgeBio Pharma has a 1 year low of $60.22 and a 1 year high of $93.42.

BridgeBio Pharma (NASDAQ:BBIO) last posted its quarterly earnings data on Thursday, October 29th. The company reported ($0.42) EPS for the quarter, topping the consensus estimate of ($0.54) by $0.12. The company had revenue of $353.17 million for the quarter, compared to analyst estimates of $293.47 million. During the same quarter in the previous year, the firm posted ($0.95) earnings per share. The company’s quarterly revenue was up 192.6% on a year-over-year basis. As a group, sell-side analysts anticipate that BridgeBio Pharma will post -2.65 EPS for the current year.

Insider Transactions at BridgeBio Pharma

In other news, CEO Neil Kumar sold 10,000 shares of the stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $69.08, for a total value of $690,800.00. Following the completion of the transaction, the chief executive officer owned 495,686 shares of the company’s stock, valued at approximately $34,241,988.88. This represents a 1.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 54,980 shares of company stock worth $4,417,999 in the last three months. Company insiders own 14.23% of the company’s stock.

Hedge Funds Weigh In On BridgeBio Pharma

Institutional investors have recently bought and sold shares of the stock. Jupiter Topco LLC purchased a new position in BridgeBio Pharma during the 2nd quarter valued at about $1,050,762,000. Janus Henderson Group PLC grew its stake in BridgeBio Pharma by 19.8% during the first quarter. Janus Henderson Group PLC now owns 13,179,013 shares of the company’s stock worth $978,608,000 after buying an additional 2,178,556 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new position in BridgeBio Pharma during the 2nd quarter worth about $145,663,000. Primecap Management Co. CA acquired a new stake in BridgeBio Pharma in the 2nd quarter valued at $75,670,000. Finally, Squarepoint Ops LLC lifted its stake in BridgeBio Pharma by 114.2% in the second quarter. Squarepoint Ops LLC now owns 1,191,732 shares of the company’s stock valued at $88,760,000 after purchasing an additional 635,408 shares during the last quarter. 99.85% of the stock is owned by institutional investors.

Key BridgeBio Pharma News

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

• Positive Sentiment: Strong Q3 performance: BridgeBio reported third-quarter revenue of $353.2 million, well above the $293.5 million consensus estimate. The company’s loss of $0.42 per share was also narrower than expectations for a $0.54 loss and improved substantially from a $0.95 loss a year earlier. BridgeBio Pharma Q3 earnings report
• Positive Sentiment: Attruby sales accelerated: U.S. Attruby net product revenue reached $253.2 million, increasing approximately $31 million sequentially and $145 million year over year. Revenue also benefited from a one-time $75 million BEYONTTRA sales milestone from Bayer. BridgeBio third-quarter financial results
• Positive Sentiment: Solid financial flexibility: BridgeBio ended September with $1.5 billion in cash, cash equivalents and marketable securities, which management said fully funds all three launches and expansion indications. BridgeBio corporate update
• Positive Sentiment: Morgan Stanley raised its target: The firm increased its price target from $87 to $88 and maintained an “overweight” rating, signaling continued confidence in BBIO’s outlook. Morgan Stanley recommendations
• Negative Sentiment: TD Cowen reduced its target: Although the firm maintained a “buy” rating and still sees substantial upside, it lowered its price target from $110 to $100, tempering the overall analyst optimism. TD Cowen recommendations

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.