Leerink Partnrs Has Negative Outlook of BBIO FY2024 Earnings

BridgeBio Pharma, Inc. (NASDAQ:BBIO) – Analysts at Leerink Partnrs lowered their FY2024 EPS estimates for shares of BridgeBio Pharma in a research report issued to clients and investors on Sunday, November 24th. Leerink Partnrs analyst M. Foroohar now forecasts that the company will post earnings of ($2.54) per share for the year, down from their prior estimate of ($2.49). The consensus estimate for BridgeBio Pharma’s current full-year earnings is ($2.56) per share. Leerink Partnrs also issued estimates for BridgeBio Pharma’s Q4 2024 earnings at ($1.06) EPS, FY2025 earnings at ($2.99) EPS, FY2026 earnings at ($1.71) EPS and FY2028 earnings at $4.73 EPS.

A number of other equities research analysts have also recently issued reports on BBIO. HC Wainwright boosted their target price on shares of BridgeBio Pharma from $43.00 to $49.00 and gave the company a “buy” rating in a report on Monday. Oppenheimer initiated coverage on shares of BridgeBio Pharma in a report on Thursday, October 3rd. They set a “market perform” rating on the stock. Leerink Partners lowered their target price on shares of BridgeBio Pharma from $47.00 to $46.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. JPMorgan Chase & Co. decreased their price target on shares of BridgeBio Pharma from $46.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $70.00 price target on shares of BridgeBio Pharma in a report on Monday, September 16th. Two investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $48.43.

BridgeBio Pharma Price Performance

Shares of BBIO stock opened at $27.49 on Wednesday. The company’s fifty day simple moving average is $25.00 and its two-hundred day simple moving average is $26.22. BridgeBio Pharma has a 1 year low of $21.62 and a 1 year high of $44.32. The stock has a market capitalization of $5.20 billion, a price-to-earnings ratio of -11.41 and a beta of 1.09.

Institutional Investors Weigh In On BridgeBio Pharma

A number of institutional investors have recently made changes to their positions in BBIO. Ensign Peak Advisors Inc grew its holdings in shares of BridgeBio Pharma by 44.5% during the second quarter. Ensign Peak Advisors Inc now owns 1,646,202 shares of the company’s stock valued at $41,698,000 after buying an additional 506,845 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in BridgeBio Pharma by 11.7% in the third quarter. Janus Henderson Group PLC now owns 4,818,012 shares of the company’s stock worth $122,658,000 after purchasing an additional 505,481 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in BridgeBio Pharma by 40.5% in the second quarter. The Manufacturers Life Insurance Company now owns 1,534,972 shares of the company’s stock worth $38,881,000 after purchasing an additional 442,248 shares during the last quarter. Emerald Advisers LLC boosted its holdings in BridgeBio Pharma by 65.6% in the third quarter. Emerald Advisers LLC now owns 1,103,508 shares of the company’s stock worth $28,095,000 after purchasing an additional 437,164 shares during the last quarter. Finally, First Turn Management LLC purchased a new stake in BridgeBio Pharma in the third quarter worth approximately $10,178,000. 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 stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $25.75, for a total transaction of $149,350,000.00. Following the sale, the insider now owns 25,260,971 shares in the company, valued at $650,470,003.25. This represents a 18.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Neil Kumar sold 27,389 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $22.41, for a total transaction of $613,787.49. Following the sale, the chief executive officer now owns 4,897,443 shares in the company, valued at approximately $109,751,697.63. The trade was a 0.56 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,831,545 shares of company stock valued at $150,056,923. Corporate insiders own 24.66% of the company’s stock.

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.