BridgeBio Oncology Therapeutics, Inc (NASDAQ:BBOT) Receives Average Recommendation of “Moderate Buy” from Brokerages

BridgeBio Oncology Therapeutics, Inc (NASDAQ:BBOT) has been given an average rating of “Moderate Buy” by the ten brokerages that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation and nine have given a buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $22.8750.

BBOT has been the subject of several recent analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of BridgeBio Oncology Therapeutics from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Friday, September 11th. Raymond James Financial decreased their price target on BridgeBio Oncology Therapeutics from $24.00 to $22.00 and set an “outperform” rating for the company in a research note on Wednesday, September 9th. Oppenheimer started coverage on BridgeBio Oncology Therapeutics in a research note on Monday, June 22nd. They set an “outperform” rating and a $22.00 target price for the company. UBS Group downgraded shares of BridgeBio Oncology Therapeutics to an “overweight” rating in a report on Wednesday, July 8th. Finally, Stifel Nicolaus reduced their price objective on shares of BridgeBio Oncology Therapeutics from $23.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, September 9th.

Institutional Investors Weigh In On BridgeBio Oncology Therapeutics

Several hedge funds have recently modified their holdings of BBOT. Opaleye Management Inc. raised its holdings in shares of BridgeBio Oncology Therapeutics by 1,213.8% during the second quarter. Opaleye Management Inc. now owns 700,000 shares of the company’s stock valued at $5,334,000 after acquiring an additional 646,718 shares during the period. Tidal Investments LLC boosted its stake in BridgeBio Oncology Therapeutics by 13.6% in the 2nd quarter. Tidal Investments LLC now owns 93,339 shares of the company’s stock worth $711,000 after purchasing an additional 11,167 shares during the period. Tema ETFs LLC grew its position in BridgeBio Oncology Therapeutics by 13.6% during the 2nd quarter. Tema ETFs LLC now owns 93,339 shares of the company’s stock worth $711,000 after purchasing an additional 11,167 shares in the last quarter. Avidity Partners Management LP purchased a new position in BridgeBio Oncology Therapeutics during the 1st quarter worth approximately $392,000. Finally, Granahan Investment Management LLC acquired a new stake in BridgeBio Oncology Therapeutics during the 1st quarter valued at $2,068,000. 54.89% of the stock is owned by hedge funds and other institutional investors.

BridgeBio Oncology Therapeutics Trading Up 2.7%

Shares of NASDAQ BBOT opened at $4.89 on Friday. BridgeBio Oncology Therapeutics has a 12-month low of $4.71 and a 12-month high of $14.87. The company has a market cap of $392.03 million, a PE ratio of -1.77 and a beta of 0.38. The stock has a 50 day simple moving average of $8.35 and a 200-day simple moving average of $8.51.

BridgeBio Oncology Therapeutics (NASDAQ:BBOT) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($705.20) earnings per share (EPS) for the quarter. Sell-side analysts forecast that BridgeBio Oncology Therapeutics will post -2.79 earnings per share for the current fiscal year.

About BridgeBio Oncology Therapeutics

BridgeBio Oncology Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing precision medicines for genetically defined cancers. The company seeks to address cancer-driving alterations that may be underserved by existing treatments, using targeted therapies designed to match the molecular characteristics of individual tumors.

Its pipeline includes BBO-8520, an investigational KRAS G12C inhibitor designed to target both active and inactive forms of the KRAS G12C protein.