BridgeBio Pharma (NASDAQ:BBIO) Shares Up 8.9% Following Analyst Upgrade

BridgeBio Pharma, Inc. (NASDAQ:BBIO - Get Free Report) shares were up 8.9% on Monday after JPMorgan Chase & Co. raised their price target on the stock from $44.00 to $50.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. BridgeBio Pharma traded as high as $37.59 and last traded at $37.87. Approximately 2,474,155 shares were traded during mid-day trading, an increase of 16% from the average daily volume of 2,129,295 shares. The stock had previously closed at $34.77.

Several other research firms have also weighed in on BBIO. Bank of America lifted their target price on shares of BridgeBio Pharma from $42.00 to $45.00 and gave the company a "buy" rating in a report on Monday, November 25th. Citigroup increased their target price on BridgeBio Pharma from $45.00 to $49.00 and gave the company a "buy" rating in a research note on Friday, February 21st. Cantor Fitzgerald reissued an "overweight" rating and set a $95.00 price target on shares of BridgeBio Pharma in a research report on Friday, February 21st. Evercore ISI increased their price objective on shares of 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 reissued 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 ten have issued a buy rating to the company. Based on data from MarketBeat, BridgeBio Pharma currently has an average rating of "Moderate Buy" and a consensus price target of $52.90.

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Insider Buying and Selling

In related news, CFO Brian C. Stephenson sold 68,000 shares of BridgeBio Pharma stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $36.29, for a total transaction of $2,467,720.00. Following the sale, the chief financial officer now directly owns 93,758 shares in the company, valued at $3,402,477.82. The trade was a 42.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Neil Kumar sold 326,932 shares of the company's stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 5,371,515 shares of the company's stock, valued at $194,932,279.35. The trade was a 5.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,654,739 shares of company stock worth $325,937,151 over the last ninety days. 24.66% of the stock is owned by insiders.

Institutional Trading of BridgeBio Pharma

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Steward Partners Investment Advisory LLC lifted its holdings in shares of BridgeBio Pharma by 85.8% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,022 shares of the company's stock valued at $28,000 after purchasing an additional 472 shares during the last quarter. Itau Unibanco Holding S.A. purchased a new stake in BridgeBio Pharma during the fourth quarter valued at about $41,000. Sterling Capital Management LLC lifted its stake in BridgeBio Pharma by 554.6% during the fourth quarter. Sterling Capital Management LLC now owns 1,787 shares of the company's stock valued at $49,000 after buying an additional 1,514 shares in the last quarter. GF Fund Management CO. LTD. acquired a new position in shares of BridgeBio Pharma in the fourth quarter worth about $109,000. Finally, Advisors Asset Management Inc. increased its position in shares of BridgeBio Pharma by 56.1% in the third quarter. Advisors Asset Management Inc. now owns 4,576 shares of the company's stock worth $117,000 after acquiring an additional 1,645 shares in the last quarter. 99.85% of the stock is currently owned by institutional investors.

BridgeBio Pharma Trading Down 3.6 %

The stock has a market capitalization of $6.67 billion, a PE ratio of -12.27 and a beta of 1.07. The firm's 50-day simple moving average is $34.24 and its two-hundred day simple moving average is $29.26.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.09) by ($0.22). The firm had revenue of $5.88 million for the quarter, compared to analyst estimates of $4.04 million. As a group, research analysts expect that BridgeBio Pharma, Inc. will post -3.67 earnings per share for the current year.

About BridgeBio Pharma

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.