Morgan Stanley Cuts BridgeBio Pharma (NASDAQ:BBIO) Price Target to $97.00

BridgeBio Pharma (NASDAQ:BBIO) had its target price trimmed by Morgan Stanley from $98.00 to $97.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other brokerages also recently weighed in on BBIO. Mizuho cut their target price on BridgeBio Pharma from $106.00 to $96.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 16th. Citigroup increased their price target on BridgeBio Pharma from $82.00 to $93.00 and gave the stock a “neutral” rating in a research note on Thursday, July 16th. TD Cowen raised their price target on BridgeBio Pharma from $95.00 to $110.00 and gave the company a “buy” rating in a report on Tuesday. HC Wainwright lifted their price objective on shares of BridgeBio Pharma from $110.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of BridgeBio Pharma in a report on Friday, May 15th. Twenty investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $100.79.

BridgeBio Pharma Trading Down 3.1%

Shares of NASDAQ:BBIO opened at $81.21 on Tuesday. The firm’s 50 day moving average is $77.11 and its two-hundred day moving average is $73.12. The firm has a market capitalization of $15.88 billion, a P/E ratio of -22.75 and a beta of 0.96. BridgeBio Pharma has a 52 week low of $46.81 and a 52 week high of $93.42.

BridgeBio Pharma (NASDAQ:BBIO) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.58) by ($0.20). The firm had revenue of $243.68 million during the quarter, compared to analyst estimates of $220.91 million. During the same period in the previous year, the company posted ($0.95) EPS. The company’s revenue for the quarter was up 120.4% on a year-over-year basis. Analysts predict that BridgeBio Pharma will post -2.54 EPS for the current year.

Insider Transactions at BridgeBio Pharma

In other news, Director Jennifer E. Cook sold 148,589 shares of BridgeBio Pharma stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $88.54, for a total transaction of $13,156,070.06. Following the transaction, the director directly owned 8,383 shares in the company, valued at approximately $742,230.82. This trade represents a 94.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Hannah Valantine sold 2,196 shares of the business’s stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $68.57, for a total value of $150,579.72. Following the completion of the sale, the director directly owned 9,259 shares in the company, valued at $634,889.63. This represents a 19.17% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 382,117 shares of company stock valued at $29,263,200 over the last three months. 14.23% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Brooklands Fund Management Ltd acquired a new position in BridgeBio Pharma during the fourth quarter worth about $210,348,000. Price T Rowe Associates Inc. MD lifted its holdings in BridgeBio Pharma by 144.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,828,746 shares of the company’s stock valued at $292,862,000 after acquiring an additional 2,261,181 shares during the last quarter. Janus Henderson Group PLC boosted its position in shares of BridgeBio Pharma by 25.8% during the 4th quarter. Janus Henderson Group PLC now owns 11,000,457 shares of the company’s stock valued at $841,349,000 after purchasing an additional 2,259,378 shares in the last quarter. Norges Bank bought a new position in shares of BridgeBio Pharma during the 4th quarter valued at about $116,802,000. Finally, Wellington Management Group LLP grew its stake in shares of BridgeBio Pharma by 130.4% in the 4th quarter. Wellington Management Group LLP now owns 2,348,731 shares of the company’s stock worth $179,654,000 after purchasing an additional 1,329,537 shares during the last quarter. 99.85% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about BridgeBio Pharma

Here are the key news stories impacting BridgeBio Pharma this week:

• Positive Sentiment: Analysts continued to raise their valuation expectations. JPMorgan increased its price target to $111 from $100 and maintained an “overweight” rating; TD Cowen lifted its target to $110; Truist raised its target to $107 and Canaccord Genuity increased its target to $106, with both firms maintaining “buy” ratings. Benzinga analyst updates
• Positive Sentiment: Wells Fargo and Piper Sandler analysts reportedly expect BBIO shares to rise, reinforcing the constructive Wall Street view. Wells Fargo forecast Piper Sandler forecast
• Positive Sentiment: Q2 earnings-call highlights pointed to strong commercial momentum for Attruby, with sales reportedly surging 211%, while BridgeBio continues advancing its development pipeline. BridgeBio Q2 earnings call highlights
• Neutral Sentiment: Morgan Stanley issued a more pessimistic forecast, providing a counterpoint to the cluster of bullish analyst target increases. Morgan Stanley forecast
• Negative Sentiment: KKR Genetic Disorder L.P. launched a secondary offering of 5 million BBIO shares. BridgeBio is not selling stock and will receive no proceeds, so the transaction is not directly dilutive; however, the additional shares available for trading may weigh on the stock through increased supply and investor concerns about insider or sponsor selling. BridgeBio secondary offering announcement

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.