BridgeBio Pharma (NASDAQ:BBIO) Coverage Initiated by Analysts at Royal Bank Of Canada

Analysts at Royal Bank Of Canada initiated coverage on shares of BridgeBio Pharma (NASDAQ:BBIO) in a research note issued to investors on Thursday. The brokerage set an “outperform” rating and a $100.00 price target on the stock. Royal Bank Of Canada’s price target points to a potential upside of 34.88% from the stock’s previous close.

Other research analysts have also recently issued research reports about the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of BridgeBio Pharma in a report on Wednesday, January 21st. TD Cowen restated a “buy” rating on shares of BridgeBio Pharma in a report on Monday, January 12th. Sanford C. Bernstein initiated coverage on BridgeBio Pharma in a research note on Thursday, December 11th. They issued an “outperform” rating and a $94.00 price objective on the stock. JPMorgan Chase & Co. boosted their target price on BridgeBio Pharma from $89.00 to $94.00 and gave the stock an “overweight” rating in a report on Tuesday, March 10th. Finally, HC Wainwright increased their target price on shares of BridgeBio Pharma from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, February 17th. Twenty-four 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, the company has a consensus rating of “Moderate Buy” and an average price target of $87.38.

BridgeBio Pharma Stock Performance

BridgeBio Pharma stock opened at $74.14 on Thursday. BridgeBio Pharma has a 1 year low of $28.33 and a 1 year high of $84.94. The firm has a 50 day moving average price of $71.05 and a 200 day moving average price of $68.51. The company has a market cap of $14.37 billion, a price-to-earnings ratio of -19.61 and a beta of 1.09.

BridgeBio Pharma (NASDAQ:BBIO) last posted its quarterly earnings results on Tuesday, February 24th. The company reported ($1.00) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.75) by ($0.25). The business had revenue of $154.18 million for the quarter, compared to the consensus estimate of $150.71 million. During the same quarter in the prior year, the company posted ($1.40) earnings per share. The firm’s revenue for the quarter was up 2521.2% compared to the same quarter last year. Sell-side analysts predict that BridgeBio Pharma will post -3.67 EPS for the current year.

Insider Buying and Selling

In other BridgeBio Pharma news, CEO Neil Kumar sold 40,000 shares of the company’s stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $68.73, for a total value of $2,749,200.00. Following the completion of the transaction, the chief executive officer directly owned 655,686 shares of the company’s stock, valued at $45,065,298.78. This represents a 5.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Andrea Ellis sold 64,921 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $64.87, for a total value of $4,211,425.27. Following the sale, the director owned 18,589 shares of the company’s stock, valued at $1,205,868.43. This represents a 77.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 197,084 shares of company stock valued at $13,649,619 over the last three months. Company insiders own 18.20% of the company’s stock.

Institutional Trading of BridgeBio Pharma

Hedge funds have recently made changes to their positions in the stock. Strs Ohio increased its position in shares of BridgeBio Pharma by 1.1% in the 3rd quarter. Strs Ohio now owns 18,600 shares of the company’s stock worth $966,000 after purchasing an additional 200 shares during the last quarter. GAMMA Investing LLC lifted its stake in BridgeBio Pharma by 28.6% during the third quarter. GAMMA Investing LLC now owns 1,020 shares of the company’s stock worth $53,000 after purchasing an additional 227 shares during the last quarter. Commonwealth Equity Services LLC increased its stake in BridgeBio Pharma by 4.9% during the fourth quarter. Commonwealth Equity Services LLC now owns 5,179 shares of the company’s stock valued at $396,000 after purchasing an additional 244 shares during the last quarter. Farther Finance Advisors LLC lifted its position in shares of BridgeBio Pharma by 91.4% in the 4th quarter. Farther Finance Advisors LLC now owns 513 shares of the company’s stock worth $39,000 after buying an additional 245 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D grew its position in shares of BridgeBio Pharma by 0.5% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 51,896 shares of the company’s stock valued at $3,970,000 after buying an additional 246 shares during the last quarter. Institutional investors and hedge funds own 99.85% of the company’s stock.

About BridgeBio Pharma

BridgeBio Pharma, Inc is a clinical-stage biopharmaceutical company headquartered in Palo Alto, California. Founded in 2015 by Neil Kumar, the company is dedicated to discovering, developing and delivering transformative medicines for patients with genetic diseases and cancers. BridgeBio operates an integrated model that spans target identification, preclinical research, clinical development and commercialization, aiming to streamline the process from bench to bedside.

BridgeBio’s pipeline comprises multiple therapeutic modalities, including small molecules, biologics and genetic therapies.