Analysts Set Price Target for BridgeBio Pharma at $74.37

Shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) are currently rated as a “Moderate Buy” by analysts from twenty-one different ratings firms, according to MarketBeat Ratings. This consensus rating reflects one sell recommendation alongside twenty buy ratings, with an average 12-month price target of approximately $74.37 among those analysts who have updated their coverage over the past year.

Key brokerage firms have recently adjusted their price targets for BridgeBio. The Goldman Sachs Group raised its price objective from $55.00 to $100.00 and affirmed a “buy” rating in a report dated October 30, 2023. Similarly, Truist Financial reiterated a “buy” rating while increasing its target from $66.00 to $80.00. On November 3, 2023, HC Wainwright also reissued a “buy” rating, setting a target price of $90.00. Additionally, Raymond James Financial confirmed an “outperform” designation with a revised price target of $71.00, up from $69.00.

Quarterly Earnings Report

BridgeBio Pharma released its latest earnings results on October 29, 2023, reporting an earnings per share (EPS) loss of ($0.95). This figure fell short of analysts’ consensus estimates of ($0.88) by ($0.07). However, the company’s revenue for the quarter was $120.70 million, surpassing analyst expectations of $107.71 million. This marks a significant year-over-year revenue increase of 4318%, compared to the same quarter last year when the company reported an EPS loss of ($0.86). Analysts predict that BridgeBio Pharma will report an EPS of ($3.67) for the current fiscal year.

Insider Transactions

In related news, director Hannah Valantine sold 25,484 shares of the company on November 12, 2023, at an average price of $66.07, amounting to a total transaction of approximately $1.68 million. Following this sale, Valantine owns 7,465 shares valued at about $493,212.55, representing a 77.34% decrease in her position.

Chief Financial Officer Thomas Trimarchi also sold 16,934 shares on November 17, 2023, at an average price of $66.46, resulting in a total value of around $1.13 million. Trimarchi retains 382,830 shares, valued at approximately $25.44 million, indicating a 4.24% reduction in ownership. Over the last quarter, insiders sold a total of 629,204 shares, valued at approximately $39.42 million. Currently, insiders hold 18.20% of the company’s stock.

Institutional Investor Activity

Several institutional investors have adjusted their positions in BridgeBio Pharma recently. Vanguard Group Inc. increased its stake by 2.1% in the third quarter, now owning 16,832,059 shares worth approximately $874.26 million. Farallon Capital Management LLC raised its holdings by 3.7%, now holding 8,192,000 shares valued at around $425.49 million.

Additionally, Aisling Capital Management LP increased its position by 0.4%, owning 6,089,611 shares worth approximately $316.29 million. Invesco Ltd. raised its stake by a significant 40.3%, holding 3,928,657 shares valued at about $204.05 million. Lastly, Geode Capital Management LLC boosted its holdings by 5.1%, now owning 3,681,580 shares worth around $158.99 million.

Overall, institutional investors currently own an impressive 99.85% of BridgeBio Pharma’s stock.

BridgeBio Pharma, Inc. focuses on discovering and developing transformative medicines for patients suffering from genetic diseases and cancers. Its notable projects include AG10, a near-complete TTR stabilizer currently in Phase 3 clinical trials, and low-dose infigratinib, which is in pivotal studies for treating achondroplasia in children. The company also has BBP-631, a gene transfer product candidate in early clinical trials aimed at addressing congenital adrenal hyperplasia.

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