BridgeBio Pharma (NASDAQ:BBIO) Coverage Initiated at Redburn Atlantic

Equities research analysts at Redburn Atlantic began coverage on shares of BridgeBio Pharma (NASDAQ:BBIO) in a research note issued on Monday, Marketbeat.com reports. The firm set a “buy” rating and a $50.00 price target on the stock. Redburn Atlantic’s target price suggests a potential upside of 51.42% from the company’s current price.

Several other brokerages also recently issued reports on BBIO. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $95.00 price target on shares of BridgeBio Pharma in a research report on Friday, February 21st. Citigroup raised their target price on BridgeBio Pharma from $45.00 to $49.00 and gave the company a “buy” rating in a report on Friday, February 21st. Evercore ISI upped their price target on BridgeBio Pharma from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Monday, December 23rd. JPMorgan Chase & Co. raised their price objective on shares of BridgeBio Pharma from $44.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, March 24th. Finally, HC Wainwright reiterated a “buy” rating and set a $49.00 target price on shares of BridgeBio Pharma in a research note on Thursday, February 13th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $52.64.

BridgeBio Pharma Stock Down 4.5 %

Shares of BridgeBio Pharma stock opened at $33.02 on Monday. BridgeBio Pharma has a 12-month low of $21.62 and a 12-month high of $39.47. The stock has a 50 day moving average price of $34.22 and a two-hundred day moving average price of $29.39. The stock has a market capitalization of $6.28 billion, a P/E ratio of -11.59 and a beta of 1.07.

BridgeBio Pharma (NASDAQ:BBIO) last posted its quarterly earnings data on Thursday, February 20th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.09) by ($0.22). The company had revenue of $5.88 million for the quarter, compared to analyst estimates of $4.04 million. Sell-side analysts anticipate that BridgeBio Pharma will post -3.67 earnings per share for the current year.

Insider Buying and Selling

In other BridgeBio Pharma news, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $32.96, for a total transaction of $197,760,000.00. Following the completion of the transaction, the insider now owns 19,260,971 shares in the company, valued at $634,841,604.16. This trade represents a 23.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Brian C. Stephenson sold 8,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $33.19, for a total value of $282,115.00. Following the completion of the sale, the chief financial officer now owns 102,464 shares in the company, valued at approximately $3,400,780.16. This represents a 7.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,654,739 shares of company stock valued at $325,937,151 over the last ninety days. 24.66% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of BBIO. Polar Asset Management Partners Inc. bought a new stake in shares of BridgeBio Pharma in the 3rd quarter worth about $1,286,000. Janus Henderson Group PLC grew its stake in BridgeBio Pharma by 11.7% during the third quarter. Janus Henderson Group PLC now owns 4,818,012 shares of the company’s stock worth $122,658,000 after buying an additional 505,481 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of BridgeBio Pharma by 1.8% in the 3rd quarter. Principal Financial Group Inc. now owns 1,145,123 shares of the company’s stock worth $29,155,000 after acquiring an additional 19,978 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in BridgeBio Pharma by 8.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,284,802 shares of the company’s stock worth $32,711,000 after acquiring an additional 95,605 shares during the last quarter. Finally, Melqart Asset Management UK Ltd increased its holdings in BridgeBio Pharma by 31.0% during the 3rd quarter. Melqart Asset Management UK Ltd now owns 403,485 shares of the company’s stock valued at $10,273,000 after purchasing an additional 95,574 shares in the last quarter. 99.85% of the stock is currently owned by institutional investors and hedge funds.

About BridgeBio Pharma

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.