BridgeBio Pharma (NASDAQ:BBIO) Price Target Raised to $86.00

BridgeBio Pharma (NASDAQ:BBIO) had its price target raised by Leerink Partners from $75.00 to $86.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other analysts also recently commented on the stock. Raymond James Financial reaffirmed an “outperform” rating and set a $71.00 target price (up previously from $69.00) on shares of BridgeBio Pharma in a report on Thursday, October 30th. The Goldman Sachs Group boosted their price objective on BridgeBio Pharma from $55.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. JPMorgan Chase & Co. upped their target price on BridgeBio Pharma from $76.00 to $77.00 and gave the company an “overweight” rating in a research report on Friday, November 7th. TD Cowen increased their target price on BridgeBio Pharma from $60.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. Finally, Cowen restated a “positive” rating on shares of BridgeBio Pharma in a research note on Thursday, October 30th. Twenty-one analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $76.25.

BridgeBio Pharma Stock Performance

BridgeBio Pharma stock opened at $74.02 on Monday. The stock has a 50-day simple moving average of $65.30 and a 200 day simple moving average of $53.55. The stock has a market capitalization of $14.26 billion, a P/E ratio of -17.71 and a beta of 1.26. BridgeBio Pharma has a 52 week low of $25.34 and a 52 week high of $76.51.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings data on Wednesday, October 29th. The company reported ($0.95) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.88) by ($0.07). The business had revenue of $120.70 million during the quarter, compared to analysts’ expectations of $107.71 million. The firm’s revenue for the quarter was up 4318.0% on a year-over-year basis. During the same quarter last year, the company earned ($0.86) EPS. Research analysts forecast that BridgeBio Pharma will post -3.67 earnings per share for the current year.

Insiders Place Their Bets

In other BridgeBio Pharma news, Director Randal W. Scott sold 10,000 shares of BridgeBio Pharma stock in a transaction on Monday, November 17th. The stock was sold at an average price of $66.65, for a total value of $666,500.00. Following the completion of the transaction, the director directly owned 11,589 shares of the company’s stock, valued at $772,406.85. The trade was a 46.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Maricel Apuli sold 2,000 shares of the stock in a transaction on Monday, December 8th. The stock was sold at an average price of $74.26, for a total value of $148,520.00. Following the sale, the chief accounting officer directly owned 130,297 shares in the company, valued at approximately $9,675,855.22. This trade represents a 1.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 587,215 shares of company stock valued at $38,801,501 in the last quarter. Company insiders own 18.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank acquired a new stake in BridgeBio Pharma during the second quarter worth about $84,488,000. Driehaus Capital Management LLC acquired a new position in shares of BridgeBio Pharma in the 1st quarter valued at approximately $51,874,000. Invesco Ltd. lifted its holdings in shares of BridgeBio Pharma by 40.3% during the 3rd quarter. Invesco Ltd. now owns 3,928,657 shares of the company’s stock worth $204,054,000 after acquiring an additional 1,127,592 shares during the period. Polar Capital Holdings Plc bought a new stake in shares of BridgeBio Pharma during the 3rd quarter worth approximately $50,956,000. Finally, Wellington Management Group LLP boosted its position in shares of BridgeBio Pharma by 1,698.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,019,194 shares of the company’s stock worth $52,937,000 after acquiring an additional 962,525 shares in the last quarter. Institutional investors and hedge funds own 99.85% 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.