BridgeBio Pharma (NASDAQ:BBIO) Price Target Raised to $49.00

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) had its target price raised by investment analysts at HC Wainwright from $43.00 to $49.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. HC Wainwright's target price would suggest a potential upside of 80.01% from the stock's previous close.

Several other brokerages have also commented on BBIO. Leerink Partners decreased their price target 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. Cantor Fitzgerald reissued an "overweight" rating and set a $70.00 price target on shares of BridgeBio Pharma in a research note on Monday, September 16th. Evercore ISI decreased their price target on BridgeBio Pharma from $50.00 to $45.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 7th. Oppenheimer assumed coverage on BridgeBio Pharma in a research note on Thursday, October 3rd. They set a "market perform" rating on the stock. Finally, Scotiabank upped their target price on BridgeBio Pharma from $44.00 to $45.00 and gave the company a "sector outperform" rating in a research note on Friday, November 15th. Two investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, BridgeBio Pharma presently has an average rating of "Moderate Buy" and an average target price of $48.21.

BridgeBio Pharma Price Performance

NASDAQ BBIO traded up $3.80 on Monday, hitting $27.22. 12,546,353 shares of the company's stock were exchanged, compared to its average volume of 1,901,647. The firm's 50-day moving average price is $24.96 and its two-hundred day moving average price is $26.24. BridgeBio Pharma has a fifty-two week low of $21.62 and a fifty-two week high of $44.32. The firm has a market cap of $5.14 billion, a price-to-earnings ratio of -12.34 and a beta of 1.09.

Insiders Place Their Bets

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

Institutional Trading of BridgeBio Pharma

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC increased its holdings in BridgeBio Pharma by 3.8% in the 3rd quarter. Geode Capital Management LLC now owns 3,413,949 shares of the company's stock valued at $86,936,000 after purchasing an additional 123,540 shares in the last quarter. Frazier Life Sciences Management L.P. increased its holdings in BridgeBio Pharma by 3.5% in the 3rd quarter. Frazier Life Sciences Management L.P. now owns 3,760,457 shares of the company's stock valued at $95,741,000 after purchasing an additional 127,853 shares in the last quarter. Barclays PLC increased its holdings in BridgeBio Pharma by 31.9% in the 3rd quarter. Barclays PLC now owns 545,008 shares of the company's stock valued at $13,876,000 after purchasing an additional 131,743 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in BridgeBio Pharma in the 3rd quarter valued at $338,000. Finally, Quarry LP increased its holdings in BridgeBio Pharma by 33.3% in the 3rd quarter. Quarry LP now owns 10,000 shares of the company's stock valued at $255,000 after purchasing an additional 2,500 shares in the last quarter. 99.85% of the stock is currently owned by institutional investors and hedge funds.

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.