Cantor Fitzgerald Reaffirms “Overweight” Rating for BridgeBio Pharma (NASDAQ:BBIO)

Cantor Fitzgerald reaffirmed their overweight rating on shares of BridgeBio Pharma (NASDAQ:BBIO) in a research note issued to investors on Monday, Benzinga reports. Cantor Fitzgerald currently has a $70.00 price objective on the stock.

BBIO has been the subject of several other research reports. JPMorgan Chase & Co. dropped their price target on BridgeBio Pharma from $46.00 to $43.00 and set an overweight rating for the company in a research note on Wednesday, August 7th. UBS Group dropped their target price on shares of BridgeBio Pharma from $51.00 to $47.00 and set a buy rating for the company in a report on Tuesday, May 28th. Evercore ISI lowered their price target on BridgeBio Pharma from $50.00 to $45.00 and set an outperform rating for the company in a research report on Wednesday, August 7th. Bank of America reiterated a buy rating and set a $42.00 target price on shares of BridgeBio Pharma in a report on Wednesday, September 11th. Finally, HC Wainwright reissued a buy rating and set a $43.00 price objective on shares of BridgeBio Pharma in a research note on Monday. One investment 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, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $47.92.

BridgeBio Pharma Price Performance

Shares of BridgeBio Pharma stock opened at $25.96 on Monday. The firm has a market cap of $4.86 billion, a price-to-earnings ratio of -8.06 and a beta of 1.07. The stock’s 50-day moving average is $26.51 and its 200 day moving average is $27.23. BridgeBio Pharma has a one year low of $21.62 and a one year high of $44.32.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($1.00) by $0.61. The firm had revenue of $2.17 million for the quarter, compared to analysts’ expectations of $3.96 million. The firm’s revenue for the quarter was up 32.1% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.98) earnings per share. On average, sell-side analysts expect that BridgeBio Pharma will post -2.49 EPS for the current fiscal year.

Insider Activity at BridgeBio Pharma

In other news, CEO Neil Kumar sold 27,389 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $24.69, for a total value of $676,234.41. Following the sale, the chief executive officer now owns 4,897,443 shares of the company’s stock, valued at $120,917,867.67. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $25.75, for a total value of $149,350,000.00. Following the transaction, the insider now owns 25,260,971 shares of the company’s stock, valued at $650,470,003.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Neil Kumar sold 27,389 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $24.69, for a total transaction of $676,234.41. Following the transaction, the chief executive officer now directly owns 4,897,443 shares in the company, valued at approximately $120,917,867.67. The disclosure for this sale can be found here. Insiders have sold a total of 5,831,544 shares of company stock valued at $150,128,821 over the last 90 days. 24.66% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BBIO. Bfsg LLC grew its holdings in BridgeBio Pharma by 175.6% during the second quarter. Bfsg LLC now owns 1,240 shares of the company’s stock worth $31,000 after acquiring an additional 790 shares during the period. YHB Investment Advisors Inc. acquired a new stake in shares of BridgeBio Pharma in the first quarter valued at approximately $34,000. Headlands Technologies LLC purchased a new stake in shares of BridgeBio Pharma in the second quarter valued at about $48,000. Quarry LP acquired a new stake in BridgeBio Pharma during the fourth quarter worth $50,000. Finally, EntryPoint Capital LLC acquired a new stake in shares of BridgeBio Pharma during the 1st quarter worth about $117,000. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

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.