BridgeBio Pharma (NASDAQ:BBIO) Stock Crosses Above Fifty Day Moving Average – Should You Sell?
by Michael Walen · The Markets DailyBridgeBio Pharma, Inc. (NASDAQ:BBIO – Get Free Report)’s share price crossed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $70.70 and traded as high as $71.18. BridgeBio Pharma shares last traded at $70.82, with a volume of 3,111,392 shares.
Key Stories Impacting BridgeBio Pharma
Here are the key news stories impacting BridgeBio Pharma this week:
- Positive Sentiment: Strong Q3 performance: BridgeBio reported third-quarter revenue of $353.2 million, well above the $293.5 million consensus estimate. The company’s loss of $0.42 per share was also narrower than expectations for a $0.54 loss and improved substantially from a $0.95 loss a year earlier. BridgeBio Pharma Q3 earnings report
- Positive Sentiment: Attruby sales accelerated: U.S. Attruby net product revenue reached $253.2 million, increasing approximately $31 million sequentially and $145 million year over year. Revenue also benefited from a one-time $75 million BEYONTTRA sales milestone from Bayer. BridgeBio third-quarter financial results
- Positive Sentiment: Solid financial flexibility: BridgeBio ended September with $1.5 billion in cash, cash equivalents and marketable securities, which management said fully funds all three launches and expansion indications. BridgeBio corporate update
- Positive Sentiment: Morgan Stanley raised its target: The firm increased its price target from $87 to $88 and maintained an “overweight” rating, signaling continued confidence in BBIO’s outlook. Morgan Stanley recommendations
- Negative Sentiment: TD Cowen reduced its target: Although the firm maintained a “buy” rating and still sees substantial upside, it lowered its price target from $110 to $100, tempering the overall analyst optimism. TD Cowen recommendations
Analysts Set New Price Targets
Several equities analysts have recently commented on BBIO shares. Cantor Fitzgerald restated an “overweight” rating on shares of BridgeBio Pharma in a research report on Monday, October 5th. Morgan Stanley increased their price target on shares of BridgeBio Pharma from $87.00 to $88.00 and gave the stock an “overweight” rating in a research report on Friday. HC Wainwright reissued a “buy” rating on shares of BridgeBio Pharma in a research note on Tuesday, October 6th. JPMorgan Chase & Co. upped their target price on BridgeBio Pharma from $100.00 to $111.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 12th. Finally, TD Cowen reduced their target price on BridgeBio Pharma from $110.00 to $100.00 and set a “buy” rating on the stock in a report on Friday. Nineteen analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $104.16.
Get Our Latest Analysis on BridgeBio Pharma
BridgeBio Pharma Trading Up 6.0%
The company has a 50-day moving average of $70.27 and a 200-day moving average of $72.84.
BridgeBio Pharma (NASDAQ:BBIO – Get Free Report) last released its quarterly earnings results on Thursday, October 29th. The company reported ($0.42) EPS for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.12. The company had revenue of $353.17 million during the quarter, compared to the consensus estimate of $293.47 million. During the same quarter last year, the firm posted ($0.95) EPS. The company’s quarterly revenue was up 192.6% on a year-over-year basis. On average, equities research analysts anticipate that BridgeBio Pharma, Inc. will post -2.65 earnings per share for the current year.
Insider Buying and Selling
In other BridgeBio Pharma news, CEO Neil Kumar sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $69.08, for a total transaction of $690,800.00. Following the completion of the sale, the chief executive officer owned 495,686 shares of the company’s stock, valued at approximately $34,241,988.88. This represents a 1.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 54,980 shares of company stock valued at $4,417,999 in the last quarter. Corporate insiders own 14.23% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently modified their holdings of the company. Provenance Wealth Advisors LLC bought a new stake in shares of BridgeBio Pharma in the 3rd quarter valued at $189,000. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of BridgeBio Pharma by 31.4% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,029 shares of the company’s stock worth $265,000 after purchasing an additional 962 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of BridgeBio Pharma in the 3rd quarter valued at about $1,328,000. Profund Advisors LLC grew its stake in shares of BridgeBio Pharma by 42.8% in the 3rd quarter. Profund Advisors LLC now owns 28,452 shares of the company’s stock valued at $1,872,000 after buying an additional 8,523 shares during the period. Finally, ProShare Advisors LLC grew its stake in shares of BridgeBio Pharma by 8.3% in the 3rd quarter. ProShare Advisors LLC now owns 6,953 shares of the company’s stock valued at $458,000 after buying an additional 532 shares during the period. Institutional investors and hedge funds own 99.85% of the company’s stock.
BridgeBio Pharma Company Profile
BridgeBio Pharma, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for genetically driven diseases. The company operates through a portfolio of subsidiary and affiliated biotechnology businesses, with research programs spanning rare diseases, oncology, cardiology and other conditions linked to underlying genetic or molecular causes.
BridgeBio’s portfolio includes therapies designed to address the root mechanisms of disease rather than primarily treating symptoms.