Citigroup Issues Positive Forecast for BridgeBio Pharma (NASDAQ:BBIO) Stock Price

BridgeBio Pharma (NASDAQ:BBIO) had its target price raised by investment analysts at Citigroup from $45.00 to $49.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s target price indicates a potential upside of 32.97% from the company’s previous close.

BBIO has been the subject of a number of other research reports. Evercore ISI lifted their price target on BridgeBio Pharma from $45.00 to $50.00 and gave the stock an “outperform” rating in a research report on Monday, December 23rd. Bank of America boosted their price objective on BridgeBio Pharma from $42.00 to $45.00 and gave the company a “buy” rating in a report on Monday, November 25th. Cantor Fitzgerald reissued an “overweight” rating and issued a $95.00 price objective on shares of BridgeBio Pharma in a report on Friday. HC Wainwright reissued a “buy” rating and issued a $49.00 price objective on shares of BridgeBio Pharma in a report on Thursday, February 13th. Finally, Scotiabank boosted their price objective on BridgeBio Pharma from $49.00 to $52.00 and gave the company a “sector outperform” rating in a report on Friday. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.67.

BridgeBio Pharma Stock Performance

Shares of BBIO opened at $36.85 on Friday. The stock has a 50-day moving average of $31.90 and a two-hundred day moving average of $27.95. BridgeBio Pharma has a one year low of $21.62 and a one year high of $39.47. The stock has a market cap of $6.96 billion, a P/E ratio of -12.93 and a beta of 1.07.

BridgeBio Pharma (NASDAQ:BBIO) last issued its quarterly earnings results on Thursday, February 20th. The company reported ($1.31) EPS for the quarter, missing analysts’ consensus estimates of ($1.09) by ($0.22). The business had revenue of $5.88 million during the quarter, compared to the consensus estimate of $4.04 million. Analysts predict that BridgeBio Pharma will post -3.66 EPS for the current fiscal year.

Insider Activity at BridgeBio Pharma

In related news, CFO Brian C. Stephenson sold 68,000 shares of BridgeBio Pharma stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $36.29, for a total value of $2,467,720.00. Following the completion of the transaction, the chief financial officer now owns 93,758 shares in the company, valued at $3,402,477.82. The trade was a 42.04 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Neil Kumar sold 31,543 shares of BridgeBio Pharma stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $36.14, for a total value of $1,139,964.02. Following the completion of the transaction, the chief executive officer now owns 211,718 shares of the company’s stock, valued at approximately $7,651,488.52. This represents a 12.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,496,239 shares of company stock worth $122,612,036 in the last 90 days. Corporate insiders own 24.66% of the company’s stock.

Hedge Funds Weigh In On BridgeBio Pharma

Institutional investors and hedge funds have recently modified their holdings of the business. Polar Asset Management Partners Inc. purchased a new stake in BridgeBio Pharma during the 3rd quarter worth approximately $1,286,000. First Turn Management LLC purchased a new stake in BridgeBio Pharma during the 3rd quarter worth approximately $10,178,000. Janus Henderson Group PLC increased its stake in BridgeBio Pharma by 11.7% during the 3rd quarter. Janus Henderson Group PLC now owns 4,818,012 shares of the company’s stock worth $122,658,000 after buying an additional 505,481 shares in the last quarter. Intech Investment Management LLC purchased a new stake in BridgeBio Pharma during the 3rd quarter worth approximately $1,136,000. Finally, Principal Financial Group Inc. increased its stake in BridgeBio Pharma by 1.8% during the 3rd quarter. Principal Financial Group Inc. now owns 1,145,123 shares of the company’s stock worth $29,155,000 after buying an additional 19,978 shares in the last quarter. Hedge funds and other institutional investors 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.