Leerink Partners Lowers BridgeBio Pharma (NASDAQ:BBIO) Price Target to $46.00

BridgeBio Pharma (NASDAQ:BBIO) had its target price cut by analysts at Leerink Partners from $47.00 to $46.00 in a research report issued on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Leerink Partners’ target price points to a potential upside of 76.79% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on the company. JPMorgan Chase & Co. reduced their price target on BridgeBio Pharma from $46.00 to $43.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. Bank of America reiterated a “buy” rating and issued a $42.00 price target on shares of BridgeBio Pharma in a research note on Wednesday, September 11th. Piper Sandler initiated coverage on shares of BridgeBio Pharma in a research note on Wednesday, September 4th. They set an “overweight” rating and a $46.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and set a $43.00 target price on shares of BridgeBio Pharma in a research note on Monday, September 30th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $70.00 price target on shares of BridgeBio Pharma in a research note on Monday, September 16th. Two analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, BridgeBio Pharma has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

BridgeBio Pharma Stock Performance

BBIO opened at $26.02 on Thursday. The stock’s 50 day moving average price is $26.08 and its 200-day moving average price is $26.63. BridgeBio Pharma has a 52-week low of $21.62 and a 52-week high of $44.32. The stock has a market capitalization of $4.87 billion, a PE ratio of -8.08 and a beta of 1.08.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.39) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.00) by $0.61. The company had revenue of $2.17 million for the quarter, compared to analysts’ expectations of $3.96 million. BridgeBio Pharma’s quarterly revenue was up 32.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.98) EPS. Research analysts forecast that BridgeBio Pharma will post -2.56 EPS for the current fiscal year.

Insider Transactions at BridgeBio Pharma

In other BridgeBio Pharma news, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $25.75, for a total value of $149,350,000.00. Following the completion of the transaction, the insider now directly owns 25,260,971 shares in the company, valued at $650,470,003.25. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Neil Kumar sold 27,389 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $24.69, for a total transaction of $676,234.41. Following the completion of the transaction, the chief executive officer now directly owns 4,897,443 shares of the company’s stock, valued at approximately $120,917,867.67. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $25.75, for a total transaction of $149,350,000.00. Following the transaction, the insider now owns 25,260,971 shares of the company’s stock, valued at $650,470,003.25. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,831,544 shares of company stock valued at $150,128,821 over the last quarter. 24.66% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of BBIO. Virtu Financial LLC bought a new position in shares of BridgeBio Pharma during the 4th quarter worth $245,000. Wellington Management Group LLP lifted its position in shares of BridgeBio Pharma by 5.3% in the 4th quarter. Wellington Management Group LLP now owns 1,495,114 shares of the company’s stock worth $60,358,000 after purchasing an additional 75,564 shares during the period. Vanguard Group Inc. increased its holdings in BridgeBio Pharma by 13.5% during the fourth quarter. Vanguard Group Inc. now owns 12,800,294 shares of the company’s stock valued at $516,748,000 after buying an additional 1,524,313 shares during the period. Hennion & Walsh Asset Management Inc. lifted its holdings in BridgeBio Pharma by 18.4% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 144,094 shares of the company’s stock worth $4,455,000 after buying an additional 22,441 shares during the period. Finally, First Bank & Trust purchased a new position in shares of BridgeBio Pharma in the 1st quarter valued at $248,000. Hedge funds and other institutional investors own 99.85% of the company’s stock.

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.