Leerink Partnrs Has Negative Outlook of BBIO FY2024 Earnings

BridgeBio Pharma, Inc. (NASDAQ:BBIO) – Analysts at Leerink Partnrs reduced their FY2024 EPS estimates for BridgeBio Pharma in a note issued to investors on Tuesday, November 12th. Leerink Partnrs analyst M. Foroohar now anticipates that the company will post earnings of ($2.49) per share for the year, down from their previous estimate of ($2.28). The consensus estimate for BridgeBio Pharma’s current full-year earnings is ($2.59) per share. Leerink Partnrs also issued estimates for BridgeBio Pharma’s Q4 2024 earnings at ($1.02) EPS, FY2025 earnings at ($2.85) EPS, FY2026 earnings at ($1.61) EPS and FY2027 earnings at $1.31 EPS.

A number of other brokerages have also weighed in on BBIO. Scotiabank increased their price objective on BridgeBio Pharma from $44.00 to $45.00 and gave the company a “sector outperform” rating in a report on Friday. Bank of America reiterated a “buy” rating and issued a $42.00 price target on shares of BridgeBio Pharma in a report on Wednesday, September 11th. Leerink Partners reduced their price target on shares of BridgeBio Pharma from $47.00 to $46.00 and set an “outperform” rating for the company in a research report on Thursday, October 17th. Piper Sandler assumed coverage on shares of BridgeBio Pharma in a report on Wednesday, September 4th. They issued an “overweight” rating and a $46.00 price objective on the stock. Finally, Oppenheimer initiated coverage on shares of BridgeBio Pharma in a report on Thursday, October 3rd. They set a “market perform” rating for the company. Two investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.57.

BridgeBio Pharma Price Performance

NASDAQ BBIO opened at $23.72 on Friday. The stock’s fifty day moving average price is $25.50 and its 200 day moving average price is $26.41. BridgeBio Pharma has a 1 year low of $21.62 and a 1 year high of $44.32. The company has a market cap of $4.48 billion, a price-to-earnings ratio of -9.84 and a beta of 1.09.

Institutional Trading of BridgeBio Pharma

Institutional investors and hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD boosted its holdings in BridgeBio Pharma by 22.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 803,956 shares of the company’s stock worth $24,859,000 after buying an additional 145,594 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of BridgeBio Pharma by 3.3% in the first quarter. Vanguard Group Inc. now owns 13,222,126 shares of the company’s stock valued at $408,828,000 after acquiring an additional 421,832 shares in the last quarter. Comerica Bank lifted its position in shares of BridgeBio Pharma by 3,013.5% in the first quarter. Comerica Bank now owns 38,514 shares of the company’s stock valued at $1,191,000 after acquiring an additional 37,277 shares in the last quarter. Swiss National Bank boosted its stake in shares of BridgeBio Pharma by 17.0% in the first quarter. Swiss National Bank now owns 206,000 shares of the company’s stock worth $6,370,000 after acquiring an additional 29,900 shares during the last quarter. Finally, Frazier Life Sciences Management L.P. increased its position in shares of BridgeBio Pharma by 6.4% during the second quarter. Frazier Life Sciences Management L.P. now owns 3,632,604 shares of the company’s stock worth $92,014,000 after purchasing an additional 217,000 shares in the last quarter. Hedge funds and other institutional investors own 99.85% of the company’s stock.

Insider Buying and Selling at BridgeBio Pharma

In other news, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $25.75, for a total transaction of $149,350,000.00. Following the completion of the transaction, the insider now directly owns 25,260,971 shares of the company’s stock, valued at $650,470,003.25. This represents a 18.67 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Brian C. Stephenson sold 4,155 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $24.69, for a total value of $102,586.95. Following the transaction, the chief financial officer now owns 85,192 shares in the company, valued at $2,103,390.48. This trade represents a 4.65 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,831,544 shares of company stock valued at $150,128,821. Corporate insiders own 24.66% of the company’s stock.

BridgeBio Pharma Company Profile

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.