BridgeBio Pharma (NASDAQ:BBIO) Stock Price Expected to Rise, Scotiabank Analyst Says

BridgeBio Pharma (NASDAQ:BBIO - Free Report) had its price target upped by Scotiabank from $48.00 to $49.00 in a research note released on Wednesday,Benzinga reports. The brokerage currently has a sector outperform rating on the stock.

Other equities analysts also recently issued reports about the company. Evercore ISI raised their price target on BridgeBio Pharma from $45.00 to $50.00 and gave the company an "outperform" rating in a report on Monday, December 23rd. HC Wainwright restated a "buy" rating and set a $49.00 price objective on shares of BridgeBio Pharma in a research note on Monday, December 16th. Bank of America upped their target price on shares of BridgeBio Pharma from $42.00 to $45.00 and gave the stock a "buy" rating in a research note on Monday, November 25th. Finally, Leerink Partners cut their price target on shares of BridgeBio Pharma from $47.00 to $46.00 and set an "outperform" rating on the stock in a report on Thursday, October 17th. One research 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 has an average rating of "Moderate Buy" and a consensus target price of $49.08.

BridgeBio Pharma Price Performance

BBIO stock traded up $3.34 during midday trading on Wednesday, hitting $34.90. The stock had a trading volume of 3,372,917 shares, compared to its average volume of 3,171,595. The business has a 50-day moving average of $31.15 and a two-hundred day moving average of $27.59. BridgeBio Pharma has a 52-week low of $21.62 and a 52-week high of $41.04.

Insider Activity at BridgeBio Pharma

In related news, CEO Neil Kumar sold 27,389 shares of the business's stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 4,897,443 shares in the company, valued at approximately $109,751,697.63. The trade was a 0.56 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Brian C. Stephenson sold 4,156 shares of the firm's stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $22.41, for a total transaction of $93,135.96. Following the sale, the chief financial officer now owns 93,758 shares in the company, valued at approximately $2,101,116.78. The trade was a 4.24 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,492,093 shares of company stock worth $122,029,004. 24.66% of the stock is owned by company insiders.

Institutional Investors Weigh In On BridgeBio Pharma

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in BridgeBio Pharma by 6.2% in the 4th quarter. Vanguard Group Inc. now owns 15,077,915 shares of the company's stock worth $413,738,000 after purchasing an additional 879,059 shares during the period. Janus Henderson Group PLC lifted its stake in BridgeBio Pharma by 11.7% in the 3rd quarter. Janus Henderson Group PLC now owns 4,818,012 shares of the company's stock worth $122,658,000 after purchasing an additional 505,481 shares in the last quarter. Frazier Life Sciences Management L.P. boosted its stake in BridgeBio Pharma by 3.5% during the third quarter. Frazier Life Sciences Management L.P. now owns 3,760,457 shares of the company's stock valued at $95,741,000 after buying an additional 127,853 shares during the last quarter. Capital Research Global Investors grew its holdings 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 purchasing an additional 912,439 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in BridgeBio Pharma by 3.8% in the third quarter. Geode Capital Management LLC now owns 3,413,949 shares of the company's stock worth $86,936,000 after acquiring an additional 123,540 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.