BridgeBio Pharma (NASDAQ:BBIO) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of BridgeBio Pharma (NASDAQ:BBIO) from a sell rating to a hold rating in a research report report published on Wednesday, Zacks.com reports.

According to Zacks, “BridgeBio Pharma Inc. discovers, develops and innovates drugs for genetic diseases. The Company’s product platform consists of Mendelian, Oncology and Gene therapy. Its product pipeline includes BBP-265, BBP-831, BBP-631 and BBP-454 which are in clinical stage. BridgeBio Pharma Inc. is based in CA, United States. “

Several other brokerages have also recently weighed in on BBIO. Bank of America began coverage on BridgeBio Pharma in a research note on Thursday, June 25th. They issued a neutral rating and a $38.00 price target on the stock. HC Wainwright reissued a buy rating and issued a $50.00 target price on shares of BridgeBio Pharma in a report on Thursday, June 11th. SVB Leerink decreased their price objective on BridgeBio Pharma from $41.00 to $39.00 and set an outperform rating on the stock in a research note on Thursday, May 14th. ValuEngine raised BridgeBio Pharma from a hold rating to a buy rating in a research note on Friday, May 1st. Finally, JPMorgan Chase & Co. raised their price target on BridgeBio Pharma from $38.00 to $43.00 and gave the company an overweight rating in a report on Tuesday, March 3rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the stock. The company currently has an average rating of Buy and an average target price of $43.58.

NASDAQ:BBIO traded down $0.24 during mid-day trading on Wednesday, reaching $30.10. The stock had a trading volume of 32,810 shares, compared to its average volume of 914,014. The firm has a 50 day moving average price of $31.80 and a two-hundred day moving average price of $31.66. The stock has a market capitalization of $3.96 billion and a P/E ratio of -12.25. BridgeBio Pharma has a one year low of $14.23 and a one year high of $48.36. The company has a debt-to-equity ratio of 1.03, a quick ratio of 14.25 and a current ratio of 14.25.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings data on Wednesday, May 13th. The company reported ($0.78) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.69) by ($0.09). Research analysts forecast that BridgeBio Pharma will post -3.09 earnings per share for the current year.

In other BridgeBio Pharma news, major shareholder Genetic Disorder L.P. Kkr sold 2,389,690 shares of the company’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $33.39, for a total value of $79,791,749.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Cameron Turtle sold 8,000 shares of the stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $27.04, for a total transaction of $216,320.00. Following the completion of the transaction, the insider now owns 17,823 shares of the company’s stock, valued at $481,933.92. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,497,619 shares of company stock valued at $83,076,336. 40.32% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in BBIO. New York State Common Retirement Fund grew its stake in BridgeBio Pharma by 13.0% in the 4th quarter. New York State Common Retirement Fund now owns 20,000 shares of the company’s stock valued at $701,000 after buying an additional 2,300 shares during the last quarter. Rhumbline Advisers lifted its holdings in shares of BridgeBio Pharma by 15.1% during the 4th quarter. Rhumbline Advisers now owns 28,228 shares of the company’s stock worth $989,000 after acquiring an additional 3,696 shares during the period. State Street Corp lifted its holdings in shares of BridgeBio Pharma by 129.9% during the 4th quarter. State Street Corp now owns 808,243 shares of the company’s stock worth $28,329,000 after acquiring an additional 456,605 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of BridgeBio Pharma by 5.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 133,031 shares of the company’s stock worth $4,663,000 after acquiring an additional 6,788 shares during the period. Finally, Tower Research Capital LLC TRC lifted its holdings in BridgeBio Pharma by 136.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,097 shares of the company’s stock valued at $38,000 after purchasing an additional 634 shares during the last quarter. Institutional investors own 92.88% of the company’s stock.

About BridgeBio Pharma

BridgeBio Pharma, Inc finds, develops, and delivers various medicines for genetic diseases. The company has a pipeline of 15 development programs that include product candidates ranging from early discovery to late-stage development in various therapeutic areas, including genetic dermatology, oncology, cardiology, neurology, endocrinology, renal disease, and ophthalmology.

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