Bank of America Issues Positive Forecast for BridgeBio Pharma (NASDAQ:BBIO) Stock Price

BridgeBio Pharma (NASDAQ:BBIO) had its price objective upped by Bank of America from $50.00 to $54.00 in a research note published on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

BBIO has been the subject of a number of other reports. Wolfe Research initiated coverage on shares of BridgeBio Pharma in a research report on Tuesday, June 17th. They set an “outperform” rating and a $49.00 price target for the company. Scotiabank boosted their price target on shares of BridgeBio Pharma from $52.00 to $55.00 and gave the company a “sector outperform” rating in a research report on Wednesday, April 30th. Redburn Atlantic initiated coverage on shares of BridgeBio Pharma in a research report on Monday, March 31st. They set a “buy” rating and a $50.00 price target for the company. UBS Group boosted their price target on shares of BridgeBio Pharma from $65.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. boosted their price target on shares of BridgeBio Pharma from $44.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, March 24th. Two analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, BridgeBio Pharma has a consensus rating of “Moderate Buy” and an average target price of $57.42.

BridgeBio Pharma Trading Down 0.2%

BridgeBio Pharma stock opened at $44.38 on Wednesday. BridgeBio Pharma has a 1-year low of $21.72 and a 1-year high of $45.18. The firm has a market capitalization of $8.43 billion, a price-to-earnings ratio of -12.57 and a beta of 1.10. The firm has a 50 day simple moving average of $36.67 and a 200 day simple moving average of $33.89.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings results on Tuesday, April 29th. The company reported ($0.88) EPS for the quarter, beating analysts’ consensus estimates of ($1.00) by $0.12. The firm had revenue of $36.74 million for the quarter, compared to analysts’ expectations of $57.14 million. The firm’s revenue for the quarter was down 44.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.20) earnings per share. On average, equities research analysts forecast that BridgeBio Pharma will post -3.67 EPS for the current year.

Insider Buying and Selling

In other BridgeBio Pharma news, Director Andrea Ellis sold 30,000 shares of the company’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $34.05, for a total transaction of $1,021,500.00. Following the completion of the sale, the director now directly owns 12,000 shares in the company, valued at $408,600. This represents a 71.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Neil Kumar sold 26,156 shares of the company’s stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $33.33, for a total transaction of $871,779.48. Following the sale, the chief executive officer now owns 217,404 shares of the company’s stock, valued at approximately $7,246,075.32. The trade was a 10.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,321,474 shares of company stock worth $216,567,721. Corporate insiders own 18.20% of the company’s stock.

Institutional Trading of BridgeBio Pharma

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in BridgeBio Pharma by 6.2% during the fourth quarter. Vanguard Group Inc. now owns 15,077,915 shares of the company’s stock valued at $413,738,000 after buying an additional 879,059 shares during the period. Janus Henderson Group PLC boosted its position in BridgeBio Pharma by 1.9% during the fourth quarter. Janus Henderson Group PLC now owns 4,907,533 shares of the company’s stock valued at $134,672,000 after buying an additional 89,521 shares during the period. Farallon Capital Management LLC boosted its position in BridgeBio Pharma by 140.1% during the fourth quarter. Farallon Capital Management LLC now owns 4,195,000 shares of the company’s stock valued at $115,111,000 after buying an additional 2,448,000 shares during the period. Frazier Life Sciences Management L.P. boosted its position in BridgeBio Pharma by 1.1% during the fourth quarter. Frazier Life Sciences Management L.P. now owns 3,800,457 shares of the company’s stock valued at $104,285,000 after buying an additional 40,000 shares during the period. Finally, Capital Research Global Investors boosted its position in BridgeBio Pharma by 34.9% during the fourth quarter. Capital Research Global Investors now owns 3,526,747 shares of the company’s stock valued at $96,774,000 after buying an additional 912,439 shares during the period. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

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.