BridgeBio Pharma (NASDAQ:BBIO) Stock Price Expected to Rise, Truist Financial Analyst Says

BridgeBio Pharma (NASDAQ:BBIO) had its target price hoisted by investment analysts at Truist Financial from $80.00 to $86.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target would suggest a potential upside of 15.63% from the company’s previous close.

Other equities analysts also recently issued research reports about the stock. JPMorgan Chase & Co. lifted their price target on shares of BridgeBio Pharma from $76.00 to $77.00 and gave the company an “overweight” rating in a report on Friday, November 7th. Cantor Fitzgerald lifted their target price on shares of BridgeBio Pharma from $100.00 to $110.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. The Goldman Sachs Group upped their target price on shares of BridgeBio Pharma from $55.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. Wells Fargo & Company raised their price target on BridgeBio Pharma from $76.00 to $84.00 and gave the company an “overweight” rating in a report on Tuesday, November 11th. Finally, Raymond James Financial restated an “outperform” rating and issued a $71.00 price objective (up from $69.00) on shares of BridgeBio Pharma in a research report on Thursday, October 30th. Twenty-two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, BridgeBio Pharma currently has a consensus rating of “Moderate Buy” and a consensus price target of $78.85.

BridgeBio Pharma Stock Performance

Shares of BridgeBio Pharma stock traded up $0.11 on Thursday, hitting $74.38. 507,650 shares of the company’s stock were exchanged, compared to its average volume of 2,313,896. The stock has a market capitalization of $14.33 billion, a PE ratio of -17.79 and a beta of 1.17. The company has a 50-day simple moving average of $70.95 and a 200-day simple moving average of $57.40. BridgeBio Pharma has a 1 year low of $28.10 and a 1 year high of $78.58.

BridgeBio Pharma (NASDAQ:BBIO) last issued its quarterly earnings results on Wednesday, October 29th. The company reported ($0.95) EPS for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.07). The business had revenue of $120.70 million during the quarter, compared to analyst estimates of $107.71 million. During the same period last year, the firm posted ($0.86) EPS. The firm’s quarterly revenue was up 4318.0% on a year-over-year basis. On average, analysts expect that BridgeBio Pharma will post -3.67 EPS for the current fiscal year.

Insider Transactions at BridgeBio Pharma

In other BridgeBio Pharma news, Director Randal W. Scott sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $66.65, for a total transaction of $666,500.00. Following the sale, the director directly owned 11,589 shares in the company, valued at $772,406.85. This represents a 46.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Andrew Lo sold 55,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $65.69, for a total value of $3,612,950.00. Following the completion of the sale, the director directly owned 50,583 shares of the company’s stock, valued at $3,322,797.27. The trade was a 52.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 547,215 shares of company stock worth $36,610,301. 18.20% of the stock is currently owned by corporate insiders.

Institutional Trading of BridgeBio Pharma

Several institutional investors and hedge funds have recently made changes to their positions in BBIO. Norges Bank purchased a new position in shares of BridgeBio Pharma during the second quarter valued at $84,488,000. Invesco Ltd. lifted its position in shares of BridgeBio Pharma by 40.3% in the 3rd quarter. Invesco Ltd. now owns 3,928,657 shares of the company’s stock worth $204,054,000 after purchasing an additional 1,127,592 shares during the period. Polar Capital Holdings Plc bought a new position in shares of BridgeBio Pharma during the third quarter valued at approximately $50,956,000. Wellington Management Group LLP increased its holdings in BridgeBio Pharma by 1,698.5% during the third quarter. Wellington Management Group LLP now owns 1,019,194 shares of the company’s stock valued at $52,937,000 after buying an additional 962,525 shares during the period. Finally, Franklin Resources Inc. lifted its holdings in BridgeBio Pharma by 75.8% during the third quarter. Franklin Resources Inc. now owns 1,444,023 shares of the company’s stock worth $75,003,000 after buying an additional 622,618 shares during the period. 99.85% of the stock is currently owned by institutional investors.

About BridgeBio Pharma

BridgeBio Pharma, Inc is a clinical-stage biopharmaceutical company headquartered in Palo Alto, California. Founded in 2015 by Neil Kumar, the company is dedicated to discovering, developing and delivering transformative medicines for patients with genetic diseases and cancers. BridgeBio operates an integrated model that spans target identification, preclinical research, clinical development and commercialization, aiming to streamline the process from bench to bedside.

BridgeBio’s pipeline comprises multiple therapeutic modalities, including small molecules, biologics and genetic therapies.