Scotiabank Raises BridgeBio Pharma (NASDAQ:BBIO) Price Target to $52.00

BridgeBio Pharma (NASDAQ:BBIO) had its target price increased by Scotiabank from $49.00 to $52.00 in a report released on Friday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

BBIO has been the subject of a number of other research reports. Bank of America raised their price objective on BridgeBio Pharma from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Evercore ISI lifted their target price on BridgeBio Pharma from $45.00 to $50.00 and gave the company an “outperform” rating in a research report on Monday, December 23rd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $49.00 target price on shares of BridgeBio Pharma in a research report on Thursday, February 13th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $51.67.

BridgeBio Pharma Stock Performance

Shares of BridgeBio Pharma stock opened at $36.85 on Friday. BridgeBio Pharma has a 52 week low of $21.62 and a 52 week high of $39.47. The stock has a 50 day moving average price of $31.90 and a two-hundred day moving average price of $27.98. The stock has a market capitalization of $6.96 billion, a PE ratio of -12.93 and a beta of 1.07.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings data 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 analysts’ expectations of $4.04 million. Research analysts forecast that BridgeBio Pharma will post -3.66 EPS for the current year.

Insider Buying and Selling

In related news, CEO Neil Kumar sold 326,932 shares of BridgeBio Pharma stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $36.29, for a total transaction of $11,864,362.28. Following the sale, the chief executive officer now directly owns 5,371,515 shares in the company, valued at approximately $194,932,279.35. This trade represents a 5.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Brian C. Stephenson sold 68,000 shares of the business’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $36.29, for a total value of $2,467,720.00. Following the completion of the sale, the chief financial officer now owns 93,758 shares in the company, valued at approximately $3,402,477.82. The trade was a 42.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,496,239 shares of company stock worth $122,612,036. 24.66% of the stock is owned by company insiders.

Institutional Trading of BridgeBio Pharma

Several hedge funds have recently made changes to their positions in BBIO. Farallon Capital Management LLC raised its stake in shares of BridgeBio Pharma by 140.1% in 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. Woodline Partners LP raised its stake in shares of BridgeBio Pharma by 132.9% in the fourth quarter. Woodline Partners LP now owns 2,211,521 shares of the company’s stock valued at $60,684,000 after buying an additional 1,261,772 shares during the period. Norges Bank bought a new stake in shares of BridgeBio Pharma in the fourth quarter valued at $29,237,000. Alyeska Investment Group L.P. bought a new stake in shares of BridgeBio Pharma in the fourth quarter valued at $25,805,000. Finally, Capital Research Global Investors raised its stake in shares of BridgeBio Pharma by 34.9% in 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 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.