Leerink Partnrs Cuts Earnings Estimates for BridgeBio Pharma

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.

Several other equities research analysts have also weighed in on the company. Bank of America lifted their price objective on BridgeBio Pharma from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Monday. Evercore ISI lowered their price target on shares of BridgeBio Pharma from $50.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Oppenheimer began coverage on shares of BridgeBio Pharma in a report on Thursday, October 3rd. They issued a “market perform” rating for the company. Scotiabank boosted their target price on shares of BridgeBio Pharma from $45.00 to $48.00 and gave the company a “sector outperform” rating in a report on Monday. Finally, JPMorgan Chase & Co. cut their price target on BridgeBio Pharma from $46.00 to $43.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, BridgeBio Pharma has an average rating of “Moderate Buy” and an average target price of $48.43.

BridgeBio Pharma Price Performance

NASDAQ:BBIO opened at $26.44 on Wednesday. The company has a market capitalization of $5.00 billion, a P/E ratio of -10.97 and a beta of 1.09. The business has a fifty day simple moving average of $24.97 and a two-hundred day simple moving average of $26.21. BridgeBio Pharma has a 1 year low of $21.62 and a 1 year high of $44.32.

Institutional Trading of BridgeBio Pharma

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Ensign Peak Advisors Inc raised its stake 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 acquiring an additional 506,845 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of BridgeBio Pharma by 11.7% during the third quarter. Janus Henderson Group PLC now owns 4,818,012 shares of the company’s stock valued at $122,658,000 after buying an additional 505,481 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of BridgeBio Pharma by 40.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,534,972 shares of the company’s stock worth $38,881,000 after acquiring an additional 442,248 shares in the last quarter. Emerald Advisers LLC lifted its position in BridgeBio Pharma by 65.6% during the third quarter. Emerald Advisers LLC now owns 1,103,508 shares of the company’s stock valued at $28,095,000 after buying an additional 437,164 shares during the period. Finally, First Turn Management LLC purchased a new position in BridgeBio Pharma during the 3rd quarter valued at about $10,178,000. Institutional investors own 99.85% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $25.75, for a total value of $149,350,000.00. Following the completion of the transaction, the insider now directly owns 25,260,971 shares in the company, valued at approximately $650,470,003.25. The trade was a 18.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brian C. Stephenson sold 4,156 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $22.41, for a total value of $93,135.96. Following the sale, the chief financial officer now owns 93,758 shares in the company, valued at $2,101,116.78. The trade was a 4.24 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,831,545 shares of company stock worth $150,056,923. 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.