BridgeBio Pharma (NASDAQ:BBIO) Reaches New 1-Year High After Better-Than-Expected Earnings

BridgeBio Pharma, Inc. (NASDAQ:BBIO) shares reached a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $39.54 and last traded at $38.48, with a volume of 2185851 shares. The stock had previously closed at $36.42.

The company reported ($0.88) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.00) by $0.12. The business had revenue of $36.74 million for the quarter, compared to analyst estimates of $57.14 million. During the same quarter in the previous year, the firm posted ($0.20) EPS. The business’s revenue for the quarter was down 44.8% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BBIO. UBS Group raised their price target on BridgeBio Pharma from $65.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday. Piper Sandler raised their price target on BridgeBio Pharma from $46.00 to $63.00 and gave the company an “overweight” rating in a research report on Wednesday. HC Wainwright raised their price target on BridgeBio Pharma from $49.00 to $53.00 and gave the company a “buy” rating in a research report on Tuesday, April 15th. Cantor Fitzgerald restated an “overweight” rating and issued a $95.00 price target on shares of BridgeBio Pharma in a research report on Friday, February 21st. Finally, Citigroup raised their price target on BridgeBio Pharma from $45.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, February 21st. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, BridgeBio Pharma presently has a consensus rating of “Moderate Buy” and an average price target of $57.09.

Insider Activity

In related news, CFO Brian C. Stephenson sold 4,148 shares of BridgeBio Pharma stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $36.16, for a total transaction of $149,991.68. Following the transaction, the chief financial officer now owns 102,464 shares in the company, valued at approximately $3,705,098.24. The trade was a 3.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Andrea Ellis sold 30,000 shares of BridgeBio Pharma stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $34.05, for a total transaction of $1,021,500.00. Following the transaction, the director now owns 12,000 shares in the company, valued at $408,600. The trade was a 71.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 6,309,191 shares of company stock valued at $208,544,821 in the last ninety days. Company insiders own 24.66% of the company’s stock.

Institutional Trading of BridgeBio Pharma

Several hedge funds have recently bought and sold shares of BBIO. GAMMA Investing LLC raised its position in shares of BridgeBio Pharma by 71.0% during the 1st quarter. GAMMA Investing LLC now owns 920 shares of the company’s stock worth $32,000 after buying an additional 382 shares in the last quarter. Steward Partners Investment Advisory LLC increased its position in shares of BridgeBio Pharma by 85.8% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,022 shares of the company’s stock worth $28,000 after acquiring an additional 472 shares in the last quarter. Itau Unibanco Holding S.A. purchased a new position in shares of BridgeBio Pharma in the fourth quarter worth approximately $41,000. Sterling Capital Management LLC increased its position in shares of BridgeBio Pharma by 554.6% in the fourth quarter. Sterling Capital Management LLC now owns 1,787 shares of the company’s stock worth $49,000 after acquiring an additional 1,514 shares in the last quarter. Finally, GF Fund Management CO. LTD. purchased a new position in BridgeBio Pharma during the fourth quarter valued at approximately $109,000. 99.85% of the stock is currently owned by institutional investors.

BridgeBio Pharma Stock Up 0.1 %

The stock’s 50-day moving average is $33.97 and its 200 day moving average is $30.75. The stock has a market capitalization of $7.29 billion, a PE ratio of -13.47 and a beta of 1.08.

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.