Piper Sandler Initiates Coverage on BridgeBio Pharma (NASDAQ:BBIO)

Piper Sandler began coverage on shares of BridgeBio Pharma (NASDAQ:BBIO) in a research note released on Wednesday, Marketbeat Ratings reports. The brokerage issued an overweight rating and a $46.00 price target on the stock.

Several other research firms have also recently issued reports on BBIO. UBS Group dropped their price target on BridgeBio Pharma from $51.00 to $47.00 and set a buy rating on the stock in a report on Tuesday, May 28th. JPMorgan Chase & Co. cut their target price on shares of BridgeBio Pharma from $46.00 to $43.00 and set an overweight rating on the stock in a research note on Wednesday, August 7th. Evercore ISI cut their target price on shares of BridgeBio Pharma from $50.00 to $45.00 and set an outperform rating on the stock in a research note on Wednesday, August 7th. HC Wainwright reissued a buy rating and set a $43.00 target price on shares of BridgeBio Pharma in a research note on Tuesday. Finally, Bank of America cut their target price on shares of BridgeBio Pharma from $50.00 to $42.00 and set a buy rating on the stock in a research note on Tuesday, June 25th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, BridgeBio Pharma presently has an average rating of Moderate Buy and a consensus target price of $47.92.

BridgeBio Pharma Stock Performance

NASDAQ BBIO opened at $30.70 on Wednesday. The stock has a market capitalization of $5.74 billion, a P/E ratio of -9.53 and a beta of 1.07. BridgeBio Pharma has a 1 year low of $21.62 and a 1 year high of $44.32. The business’s fifty day moving average is $26.18 and its two-hundred day moving average is $27.69.

BridgeBio Pharma (NASDAQ:BBIO) last posted 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 during the quarter, compared to the consensus estimate of $3.96 million. BridgeBio Pharma’s quarterly revenue was up 32.1% on a year-over-year basis. During the same period in the prior year, the company posted ($0.98) EPS. On average, research analysts forecast that BridgeBio Pharma will post -2.46 earnings per share for the current year.

Insider Activity

In related news, CFO Brian C. Stephenson sold 4,155 shares of the company’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $24.69, for a total value of $102,586.95. Following the completion of the sale, the chief financial officer now directly owns 85,192 shares in the company, valued at $2,103,390.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Brian C. Stephenson sold 4,155 shares of the company’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $24.69, for a total value of $102,586.95. Following the completion of the sale, the chief financial officer now directly owns 85,192 shares in the company, valued at $2,103,390.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Neil Kumar sold 27,389 shares of the company’s stock in a transaction 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 sale, the chief executive officer now owns 4,897,443 shares of the company’s stock, valued at $120,917,867.67. The disclosure for this sale can be found here. 24.66% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On BridgeBio Pharma

A number of large investors have recently bought and sold shares of the business. Quarry LP boosted its holdings in BridgeBio Pharma by 27.1% during the second quarter. Quarry LP now owns 7,500 shares of the company’s stock valued at $190,000 after acquiring an additional 1,600 shares during the period. Frazier Life Sciences Management L.P. boosted its holdings in BridgeBio Pharma by 6.4% during the second quarter. Frazier Life Sciences Management L.P. now owns 3,632,604 shares of the company’s stock valued at $92,014,000 after acquiring an additional 217,000 shares during the period. Susquehanna Fundamental Investments LLC bought a new stake in BridgeBio Pharma during the second quarter valued at about $4,251,000. Lion Point Capital LP bought a new stake in BridgeBio Pharma during the second quarter valued at about $1,241,000. Finally, The Manufacturers Life Insurance Company boosted its holdings in BridgeBio Pharma by 40.5% during the second quarter. The Manufacturers Life Insurance Company now owns 1,534,972 shares of the company’s stock valued at $38,881,000 after acquiring an additional 442,248 shares during the period. 99.85% of the stock is currently owned by institutional investors.

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.