BridgeBio Pharma (NASDAQ:BBIO) Stock Gets Price Target Bump from Canaccord Genuity Group

BridgeBio Pharma (NASDAQ:BBIO) had its target price upped by analysts at Canaccord Genuity Group from $106.00 to $108.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group‘s price target would suggest a potential upside of 44.10% from the stock’s previous close.

A number of other equities research analysts have also issued reports on BBIO. Mizuho lifted their target price on BridgeBio Pharma from $96.00 to $110.00 and gave the company an “outperform” rating in a research report on Tuesday, September 1st. Piper Sandler raised their price target on shares of BridgeBio Pharma from $115.00 to $120.00 and gave the stock an “overweight” rating in a research note on Monday, October 19th. UBS Group reiterated a “buy” rating on shares of BridgeBio Pharma in a report on Friday. Morgan Stanley boosted their price objective on shares of BridgeBio Pharma from $87.00 to $88.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Wells Fargo & Company increased their target price on shares of BridgeBio Pharma from $98.00 to $102.00 and gave the stock an “overweight” rating in a report on Tuesday, August 11th. Nineteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, BridgeBio Pharma presently has an average rating of “Moderate Buy” and a consensus price target of $104.26.

BridgeBio Pharma Stock Performance

Shares of NASDAQ BBIO opened at $74.95 on Monday. The company has a fifty day moving average price of $70.27 and a 200 day moving average price of $72.84. The firm has a market cap of $14.60 billion, a PE ratio of -24.65 and a beta of 0.97. BridgeBio Pharma has a 1-year low of $60.22 and a 1-year high of $93.42.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings results on Thursday, October 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $0.12. The firm had revenue of $353.17 million during the quarter, compared to analyst estimates of $293.47 million. The business’s revenue for the quarter was up 192.6% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.95) EPS. Equities research analysts forecast that BridgeBio Pharma will post -2.65 EPS for the current year.

Insider Activity

In other news, CEO Neil Kumar sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 17th. The stock was sold at an average price of $69.08, for a total value 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 filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 54,980 shares of company stock worth $4,417,999. Corporate insiders own 14.23% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Jupiter Topco LLC acquired a new position in BridgeBio Pharma during the second quarter worth approximately $1,050,762,000. Janus Henderson Group PLC lifted its position in shares of BridgeBio Pharma by 19.8% in the first quarter. Janus Henderson Group PLC now owns 13,179,013 shares of the company’s stock valued at $978,608,000 after buying an additional 2,178,556 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of BridgeBio Pharma in the second quarter valued at approximately $145,663,000. Principal Financial Group Inc. boosted its stake in shares of BridgeBio Pharma by 1.2% during the 1st quarter. Principal Financial Group Inc. now owns 1,330,415 shares of the company’s stock worth $98,797,000 after acquiring an additional 16,112 shares during the period. Finally, Squarepoint Ops LLC increased its holdings in shares of BridgeBio Pharma by 114.2% during the 2nd quarter. Squarepoint Ops LLC now owns 1,191,732 shares of the company’s stock worth $88,760,000 after acquiring an additional 635,408 shares during the last quarter. 99.85% of the stock is currently owned by institutional investors and hedge funds.

About BridgeBio Pharma

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.