BridgeBio Pharma (NASDAQ:BBIO) Price Target Raised to $68.00 at Piper Sandler

BridgeBio Pharma (NASDAQ:BBIO) had its price objective increased by analysts at Piper Sandler from $63.00 to $68.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price objective points to a potential upside of 44.77% from the stock’s previous close.

BBIO has been the subject of a number of other reports. HC Wainwright lifted their price objective on shares of BridgeBio Pharma from $53.00 to $56.00 and gave the stock a “buy” rating in a report on Monday, June 9th. Redburn Atlantic initiated coverage on BridgeBio Pharma in a report on Monday, March 31st. They set a “buy” rating and a $50.00 price target on the stock. Oppenheimer upgraded BridgeBio Pharma from a “market perform” rating to an “outperform” rating and set a $60.00 target price on the stock in a report on Wednesday, July 9th. UBS Group upped their target price on BridgeBio Pharma from $65.00 to $72.00 and gave the stock a “buy” rating in a report on Wednesday, April 30th. Finally, Wall Street Zen upgraded BridgeBio Pharma from a “sell” rating to a “hold” rating in a report on Saturday, June 7th. One research analyst has rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $61.20.

BridgeBio Pharma Stock Performance

NASDAQ:BBIO opened at $46.97 on Monday. The firm has a market cap of $8.92 billion, a price-to-earnings ratio of -13.31 and a beta of 1.15. BridgeBio Pharma has a 52 week low of $21.72 and a 52 week high of $48.68. The firm has a 50-day moving average price of $39.08 and a two-hundred day moving average price of $35.57.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings data on Tuesday, April 29th. The company reported ($0.88) EPS for the quarter, topping the consensus estimate of ($1.00) by $0.12. The business had revenue of $36.74 million during the quarter, compared to the consensus estimate of $57.14 million. The firm’s quarterly revenue was down 44.8% on a year-over-year basis. During the same period last year, the business posted ($0.20) earnings per share. As a group, sell-side analysts forecast that BridgeBio Pharma will post -3.67 earnings per share for the current year.

Insider Buying and Selling

In other BridgeBio Pharma news, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the firm’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $34.20, for a total transaction of $205,200,000.00. Following the sale, the insider directly owned 13,260,971 shares of the company’s stock, valued at $453,525,208.20. This trade represents a 31.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frank Mccormick sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $44.23, for a total value of $4,423,000.00. Following the sale, the director directly owned 879,979 shares in the company, valued at approximately $38,921,471.17. This represents a 10.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 9,926,181 shares of company stock worth $375,528,164 in the last quarter. Company insiders own 18.20% of the company’s stock.

Institutional Investors Weigh In On BridgeBio Pharma

A number of institutional investors and hedge funds have recently bought and sold shares of the business. First Bank & Trust raised its holdings in BridgeBio Pharma by 3.9% during the second quarter. First Bank & Trust now owns 8,822 shares of the company’s stock valued at $381,000 after acquiring an additional 329 shares during the period. GAMMA Investing LLC grew its position in shares of BridgeBio Pharma by 71.0% during the first quarter. GAMMA Investing LLC now owns 920 shares of the company’s stock valued at $32,000 after purchasing an additional 382 shares in the last quarter. Xponance Inc. grew its position in BridgeBio Pharma by 3.8% in the first quarter. Xponance Inc. now owns 10,474 shares of the company’s stock worth $362,000 after acquiring an additional 385 shares in the last quarter. Summit Investment Advisors Inc. grew its position in BridgeBio Pharma by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 14,706 shares of the company’s stock worth $404,000 after acquiring an additional 466 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC grew its position in BridgeBio Pharma by 85.8% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,022 shares of the company’s stock worth $28,000 after acquiring an additional 472 shares in the last quarter. 99.85% of the stock is owned by 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.