Scotiabank Begins Coverage on BridgeBio Pharma (NASDAQ:BBIO)

Equities research analysts at Scotiabank began coverage on shares of BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) in a research report issued on Wednesday, MarketBeat reports. The firm set a "sector outperform" rating and a $44.00 price target on the stock. Scotiabank's price objective indicates a potential upside of 67.05% from the company's previous close.

Several other analysts have also issued reports on BBIO. JPMorgan Chase & Co. dropped their price objective on BridgeBio Pharma from $46.00 to $43.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 7th. Evercore ISI dropped 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. HC Wainwright reaffirmed a "buy" rating and set a $43.00 price objective on shares of BridgeBio Pharma in a research report on Monday, September 30th. Cantor Fitzgerald reissued an "overweight" rating and issued a $70.00 price objective on shares of BridgeBio Pharma in a research report on Monday, September 16th. Finally, Oppenheimer began coverage on shares of BridgeBio Pharma in a research note on Thursday, October 3rd. They set a "market perform" rating for the company. Two equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat.com, BridgeBio Pharma presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.62.

BridgeBio Pharma Stock Up 3.8 %

Shares of NASDAQ:BBIO traded up $0.96 during midday trading on Wednesday, hitting $26.34. The stock had a trading volume of 1,837,200 shares, compared to its average volume of 1,881,260. The company has a market cap of $4.93 billion, a P/E ratio of -7.88 and a beta of 1.08. BridgeBio Pharma has a 12 month low of $21.62 and a 12 month high of $44.32. The business's 50-day simple moving average is $25.96 and its 200-day simple moving average is $26.67.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last announced its quarterly earnings data on Thursday, August 1st. The company reported ($0.39) EPS for the quarter, beating analysts' consensus estimates of ($1.00) by $0.61. The firm had revenue of $2.17 million during the quarter, compared to the consensus estimate of $3.96 million. The business's revenue was up 32.1% on a year-over-year basis. During the same period last year, the business earned ($0.98) EPS. As a group, equities analysts predict that BridgeBio Pharma will post -2.56 earnings per share for the current year.

Insider Activity at BridgeBio Pharma

In other BridgeBio Pharma news, CFO Brian C. Stephenson sold 4,155 shares of BridgeBio Pharma stock in a transaction on Monday, August 19th. The stock was sold at an average price of $24.69, for a total value of $102,586.95. Following the completion of the transaction, the chief financial officer now directly owns 85,192 shares of the company's stock, valued at $2,103,390.48. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other BridgeBio Pharma news, CFO Brian C. Stephenson sold 4,155 shares of the firm's stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $24.69, for a total value of $102,586.95. Following the transaction, the chief financial officer now directly owns 85,192 shares of the company's stock, valued at $2,103,390.48. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the company's stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $25.75, for a total transaction of $149,350,000.00. Following the sale, the insider now directly owns 25,260,971 shares of the company's stock, valued at approximately $650,470,003.25. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,831,544 shares of company stock worth $150,128,821. Company insiders own 24.66% of the company's stock.

Hedge Funds Weigh In On BridgeBio Pharma

Several hedge funds and other institutional investors have recently modified their holdings of the business. Bfsg LLC grew its position in BridgeBio Pharma by 175.6% in the second quarter. Bfsg LLC now owns 1,240 shares of the company's stock valued at $31,000 after acquiring an additional 790 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of BridgeBio Pharma in the 2nd quarter valued at $48,000. CWM LLC boosted its holdings in shares of 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 acquiring an additional 1,964 shares in the last quarter. EntryPoint Capital LLC bought a new stake in BridgeBio Pharma during the 1st quarter worth $117,000. Finally, Amalgamated Bank increased its holdings in BridgeBio Pharma by 24.7% in the 2nd quarter. Amalgamated Bank now owns 4,863 shares of the company's stock worth $123,000 after purchasing an additional 962 shares in the last quarter. Institutional investors own 99.85% of the company's stock.

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.