Bank of America Raises BridgeBio Pharma (NASDAQ:BBIO) Price Target to $45.00

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) had its price objective boosted by research analysts at Bank of America from $42.00 to $45.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Bank of America's price target points to a potential upside of 65.50% from the company's current price.

A number of other equities analysts have also weighed in on the stock. Evercore ISI cut their target price on shares of BridgeBio Pharma from $50.00 to $45.00 and set an "outperform" rating for the company in a research report on Wednesday, August 7th. Scotiabank upped their price target on shares of BridgeBio Pharma from $44.00 to $45.00 and gave the company a "sector outperform" rating in a research note on Friday, November 15th. Cantor Fitzgerald reissued an "overweight" rating and set a $70.00 target price on shares of BridgeBio Pharma in a report on Monday, September 16th. HC Wainwright raised their price target on BridgeBio Pharma from $43.00 to $49.00 and gave the stock a "buy" rating in a report on Monday. Finally, Leerink Partners decreased their price objective on BridgeBio Pharma from $47.00 to $46.00 and set an "outperform" rating on the stock in a research note on Thursday, October 17th. Two analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $48.21.

BridgeBio Pharma Stock Performance

NASDAQ BBIO traded up $3.77 on Monday, hitting $27.19. 14,336,148 shares of the stock traded hands, compared to its average volume of 1,909,497. The firm has a market capitalization of $5.14 billion, a price-to-earnings ratio of -12.34 and a beta of 1.09. The business's fifty day moving average is $24.96 and its two-hundred day moving average is $26.24. BridgeBio Pharma has a 12 month low of $21.62 and a 12 month high of $44.32.

Insider Activity

In related news, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of BridgeBio Pharma stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $25.75, for a total transaction of $149,350,000.00. Following the completion of the transaction, the insider now directly owns 25,260,971 shares of the company's stock, valued at $650,470,003.25. This trade represents a 18.67 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Neil Kumar sold 27,389 shares of the company's stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $22.41, for a total transaction of $613,787.49. Following the completion of the sale, the chief executive officer now owns 4,897,443 shares in the company, valued at approximately $109,751,697.63. This trade represents a 0.56 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,831,545 shares of company stock valued at $150,056,923. 24.66% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in BBIO. Bfsg LLC increased its stake in shares of BridgeBio Pharma by 175.6% in the 2nd quarter. Bfsg LLC now owns 1,240 shares of the company's stock worth $31,000 after purchasing an additional 790 shares in the last quarter. Headlands Technologies LLC purchased a new stake in BridgeBio Pharma in the 2nd quarter worth $48,000. Values First Advisors Inc. bought a new position in shares of BridgeBio Pharma in the third quarter worth about $57,000. CWM LLC raised its stake in BridgeBio Pharma by 132.9% during the 3rd quarter. CWM LLC now owns 3,442 shares of the company's stock valued at $88,000 after purchasing an additional 1,964 shares during the period. Finally, Advisors Asset Management Inc. lifted its holdings in BridgeBio Pharma by 56.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 4,576 shares of the company's stock worth $117,000 after purchasing an additional 1,645 shares in the last quarter. 99.85% of the stock is 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.