BridgeBio Pharma (NASDAQ:BBIO) Hits New 12-Month High – Time to Buy?

Shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $75.10 and last traded at $74.8640, with a volume of 251291 shares trading hands. The stock had previously closed at $73.64.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Cowen restated a “positive” rating on shares of BridgeBio Pharma in a research note on Thursday, October 30th. Truist Financial reiterated a “buy” rating and set a $80.00 target price (up previously from $66.00) on shares of BridgeBio Pharma in a research report on Thursday, October 30th. Raymond James Financial reiterated an “outperform” rating and set a $71.00 price target (up previously from $69.00) on shares of BridgeBio Pharma in a research note on Thursday, October 30th. UBS Group boosted their price objective on shares of BridgeBio Pharma from $72.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, September 12th. Finally, Leerink Partners set a $68.00 price objective on BridgeBio Pharma and gave the stock an “outperform” rating in a research report on Monday, October 27th. Twenty research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $74.37.

BridgeBio Pharma Stock Up 0.6%

The company has a market cap of $14.28 billion, a price-to-earnings ratio of -17.74 and a beta of 1.25. The stock has a 50 day simple moving average of $62.01 and a 200 day simple moving average of $51.40.

BridgeBio Pharma (NASDAQ:BBIO) last announced its earnings results on Wednesday, October 29th. The company reported ($0.95) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.07). The firm had revenue of $120.70 million during the quarter, compared to analyst estimates of $107.71 million. The business’s revenue was up 4318.0% on a year-over-year basis. During the same quarter last year, the firm posted ($0.86) earnings per share. As a group, equities research analysts expect that BridgeBio Pharma, Inc. will post -3.67 EPS for the current fiscal year.

Insider Activity at BridgeBio Pharma

In other BridgeBio Pharma news, CEO Neil Kumar sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $54.78, for a total value of $2,191,200.00. Following the sale, the chief executive officer owned 855,686 shares in the company, valued at approximately $46,874,479.08. This trade represents a 4.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frank Mccormick sold 198,359 shares of the stock in a transaction dated Wednesday, October 29th. The shares were sold at an average price of $66.58, for a total transaction of $13,206,742.22. Following the completion of the transaction, the director owned 679,979 shares of the company’s stock, valued at $45,273,001.82. This represents a 22.58% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 515,204 shares of company stock valued at $33,436,960. Company insiders own 18.20% of the company’s stock.

Institutional Trading of BridgeBio Pharma

Several hedge funds and other institutional investors have recently modified their holdings of BBIO. US Bancorp DE increased its holdings in shares of BridgeBio Pharma by 54.9% during the 1st quarter. US Bancorp DE now owns 6,901 shares of the company’s stock valued at $239,000 after acquiring an additional 2,446 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of BridgeBio Pharma during the first quarter valued at about $1,252,000. Invesco Ltd. lifted its position in shares of BridgeBio Pharma by 147.0% in the 1st quarter. Invesco Ltd. now owns 2,206,163 shares of the company’s stock worth $76,267,000 after acquiring an additional 1,313,036 shares during the period. Nuveen LLC acquired a new stake in BridgeBio Pharma during the first quarter worth $14,973,000. Finally, Informed Momentum Co LLC bought a new stake in BridgeBio Pharma in the first quarter valued at about $3,916,000. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

BridgeBio Pharma Company Profile

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.