BridgeBio Pharma (NASDAQ:BBIO) Coverage Initiated by Analysts at Morgan Stanley

Morgan Stanley began coverage on shares of BridgeBio Pharma (NASDAQ:BBIO) in a note issued to investors on Tuesday. The firm set an “overweight” rating and a $96.00 price target on the stock. Morgan Stanley’s price objective would indicate a potential upside of 30.75% from the stock’s previous close.

Several other equities research analysts have also issued reports on the company. Wells Fargo & Company upped their price target on BridgeBio Pharma from $76.00 to $84.00 and gave the company an “overweight” rating in a research report on Tuesday, November 11th. Cowen reiterated a “positive” rating on shares of BridgeBio Pharma in a research note on Thursday, October 30th. HC Wainwright restated a “buy” rating and issued a $90.00 price target on shares of BridgeBio Pharma in a research report on Monday, November 3rd. JPMorgan Chase & Co. lifted their price target on shares of BridgeBio Pharma from $76.00 to $77.00 and gave the company an “overweight” rating in a report on Friday, November 7th. Finally, TD Cowen boosted their price objective on shares of BridgeBio Pharma from $60.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. Twenty-two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, BridgeBio Pharma currently has a consensus rating of “Moderate Buy” and an average target price of $78.55.

BridgeBio Pharma Stock Performance

Shares of BBIO stock opened at $73.42 on Tuesday. The stock has a market capitalization of $14.15 billion, a price-to-earnings ratio of -17.56 and a beta of 1.17. BridgeBio Pharma has a one year low of $27.86 and a one year high of $78.59. The company’s 50-day simple moving average is $70.61 and its 200-day simple moving average is $57.05.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings data on Wednesday, October 29th. The company reported ($0.95) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.88) by ($0.07). The business had revenue of $120.70 million during the quarter, compared to analysts’ expectations of $107.71 million. During the same quarter in the prior year, the firm earned ($0.86) EPS. The firm’s quarterly revenue was up 4318.0% compared to the same quarter last year. As a group, research analysts forecast that BridgeBio Pharma will post -3.67 EPS for the current year.

Insider Buying and Selling at BridgeBio Pharma

In other BridgeBio Pharma news, Director Ronald J. Daniels sold 61,031 shares of the business’s stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $63.72, for a total transaction of $3,888,895.32. Following the completion of the transaction, the director directly owned 16,991 shares of the company’s stock, valued at $1,082,666.52. The trade was a 78.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Andrew Lo sold 55,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $65.69, for a total transaction of $3,612,950.00. Following the completion of the sale, the director owned 50,583 shares in the company, valued at $3,322,797.27. The trade was a 52.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 587,215 shares of company stock valued at $38,801,501. Corporate insiders own 18.20% of the company’s stock.

Hedge Funds Weigh In On BridgeBio Pharma

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BBIO. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in BridgeBio Pharma in the 2nd quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd bought a new position in shares of BridgeBio Pharma in the third quarter worth $31,000. Harvest Fund Management Co. Ltd acquired a new position in shares of BridgeBio Pharma during the third quarter valued at $34,000. First Horizon Corp bought a new stake in shares of BridgeBio Pharma during the third quarter valued at about $36,000. Finally, Huntington National Bank lifted its holdings in BridgeBio Pharma by 111.7% in the third quarter. Huntington National Bank now owns 743 shares of the company’s stock worth $39,000 after purchasing an additional 392 shares during the period. 99.85% of the stock is owned by institutional investors.

BridgeBio Pharma Company Profile

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.