BridgeBio Pharma (NASDAQ:BBIO) Price Target Raised to $57.00

BridgeBio Pharma (NASDAQ:BBIO) had its price target lifted by Scotiabank from $55.00 to $57.00 in a research note released on Wednesday morning,Benzinga reports. They currently have a sector outperform rating on the stock.

A number of other equities analysts have also commented on BBIO. Raymond James Financial started coverage on BridgeBio Pharma in a research note on Wednesday, July 30th. They issued an “outperform” rating and a $56.00 price objective on the stock. Wells Fargo & Company lifted their price objective on BridgeBio Pharma from $67.00 to $76.00 and gave the stock an “overweight” rating in a research note on Monday, June 30th. HC Wainwright lifted their price objective on BridgeBio Pharma from $53.00 to $56.00 and gave the stock a “buy” rating in a research note on Monday, June 9th. Wall Street Zen lowered BridgeBio Pharma from a “hold” rating to a “sell” rating in a research note on Saturday, July 26th. Finally, Citigroup lifted their price objective on BridgeBio Pharma from $58.00 to $67.00 and gave the stock a “buy” rating in a research note on Friday, July 11th. One equities research analyst has rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $61.35.

BridgeBio Pharma Price Performance

Shares of NASDAQ:BBIO opened at $46.58 on Wednesday. BridgeBio Pharma has a fifty-two week low of $21.72 and a fifty-two week high of $49.77. The business has a 50-day moving average of $43.66 and a two-hundred day moving average of $37.47. The stock has a market capitalization of $8.90 billion, a P/E ratio of -11.39 and a beta of 1.23.

BridgeBio Pharma (NASDAQ:BBIO) last posted its quarterly earnings data on Tuesday, August 5th. The company reported ($0.95) EPS for the quarter, missing analysts’ consensus estimates of ($0.83) by ($0.12). The firm had revenue of $110.57 million during the quarter, compared to analyst estimates of $98.46 million. The business’s revenue for the quarter was up 4999.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.39) EPS. As a group, research analysts expect that BridgeBio Pharma will post -3.67 EPS for the current fiscal year.

Insider Activity at BridgeBio Pharma

In other BridgeBio Pharma news, major shareholder Global Investors Lp Viking sold 3,500,000 shares of BridgeBio Pharma stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $44.00, for a total transaction of $154,000,000.00. Following the sale, the insider directly owned 18,555,375 shares of the company’s stock, valued at approximately $816,436,500. The trade was a 15.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Neil Kumar sold 40,000 shares of BridgeBio Pharma stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $42.54, for a total value of $1,701,600.00. Following the sale, the chief executive officer directly owned 975,686 shares in the company, valued at $41,505,682.44. The trade was a 3.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,767,322 shares of company stock valued at $369,921,586. Corporate insiders own 18.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Rockefeller Capital Management L.P. boosted its holdings in shares of BridgeBio Pharma by 124.9% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 38,766 shares of the company’s stock worth $1,674,000 after acquiring an additional 21,531 shares in the last quarter. Intech Investment Management LLC boosted its holdings in shares of BridgeBio Pharma by 19.5% in the 2nd quarter. Intech Investment Management LLC now owns 87,880 shares of the company’s stock worth $3,795,000 after acquiring an additional 14,356 shares in the last quarter. Cetera Investment Advisers boosted its holdings in shares of BridgeBio Pharma by 60.6% in the 2nd quarter. Cetera Investment Advisers now owns 82,810 shares of the company’s stock worth $3,576,000 after acquiring an additional 31,251 shares in the last quarter. Creative Planning boosted its holdings in shares of BridgeBio Pharma by 22.7% in the 2nd quarter. Creative Planning now owns 75,288 shares of the company’s stock worth $3,251,000 after acquiring an additional 13,924 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey boosted its holdings in shares of BridgeBio Pharma by 15.6% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 35,457 shares of the company’s stock worth $1,531,000 after acquiring an additional 4,794 shares in the last quarter. 99.85% of the stock is owned by institutional investors and hedge funds.

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.