Royal Bank Of Canada Begins Coverage on BridgeBio Pharma (NASDAQ:BBIO)

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

Several other brokerages have also commented on BBIO. Raymond James Financial set a $89.00 price target on shares of BridgeBio Pharma and gave the company an “outperform” rating in a research note on Thursday, February 12th. Mizuho increased their price objective on BridgeBio Pharma from $91.00 to $106.00 and gave the stock an “outperform” rating in a report on Wednesday, March 18th. Truist Financial raised their target price on BridgeBio Pharma from $86.00 to $95.00 and gave the company a “buy” rating in a research report on Wednesday, February 25th. Morgan Stanley lifted their target price on BridgeBio Pharma from $96.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, February 25th. Finally, HC Wainwright boosted their price target on 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 investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $87.38.

BridgeBio Pharma Price Performance

Shares of NASDAQ BBIO opened at $74.14 on Thursday. The firm has a market capitalization of $14.37 billion, a PE ratio of -19.61 and a beta of 1.09. BridgeBio Pharma has a 1-year low of $28.33 and a 1-year high of $84.94. The business’s fifty day moving average price is $71.05 and its two-hundred day moving average price is $68.51.

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

Insiders Place Their Bets

In related news, CAO Maricel Apuli sold 510 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $74.31, for a total transaction of $37,898.10. Following the transaction, the chief accounting officer owned 123,945 shares in the company, valued at $9,210,352.95. This trade represents a 0.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas Trimarchi sold 13,600 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $74.72, for a total value of $1,016,192.00. Following the sale, the chief financial officer directly owned 336,585 shares in the company, valued at approximately $25,149,631.20. The trade was a 3.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 197,084 shares of company stock valued at $13,649,619. 18.20% of the stock is currently owned by insiders.

Institutional Trading of BridgeBio Pharma

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in BridgeBio Pharma by 2.1% during the third quarter. Vanguard Group Inc. now owns 16,832,059 shares of the company’s stock worth $874,257,000 after acquiring an additional 347,074 shares during the period. Janus Henderson Group PLC lifted its holdings in BridgeBio Pharma by 25.8% in the 4th quarter. Janus Henderson Group PLC now owns 11,000,457 shares of the company’s stock valued at $841,349,000 after acquiring an additional 2,259,378 shares during the last quarter. Farallon Capital Management LLC boosted its position in shares of BridgeBio Pharma by 9.8% during the 4th quarter. Farallon Capital Management LLC now owns 8,998,463 shares of the company’s stock valued at $688,292,000 after purchasing an additional 806,463 shares in the last quarter. Aisling Capital Management LP grew its stake in shares of BridgeBio Pharma by 0.4% in the 3rd quarter. Aisling Capital Management LP now owns 6,089,611 shares of the company’s stock worth $316,294,000 after purchasing an additional 21,486 shares during the last quarter. Finally, Invesco Ltd. grew its stake in shares of BridgeBio Pharma by 23.0% in the 4th quarter. Invesco Ltd. now owns 4,831,305 shares of the company’s stock worth $369,547,000 after purchasing an additional 902,648 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.