BridgeBio Pharma (NASDAQ:BBIO) Stock Price Up 8.4% – Should You Buy?

BridgeBio Pharma, Inc. (NASDAQ:BBIO)’s share price shot up 8.4% during trading on Friday . The company traded as high as $29.19 and last traded at $28.91. 1,150,564 shares traded hands during mid-day trading, a decline of 40% from the average session volume of 1,908,967 shares. The stock had previously closed at $26.66.

Analyst Ratings Changes

A number of brokerages recently commented on BBIO. HC Wainwright boosted their target price on BridgeBio Pharma from $43.00 to $49.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Scotiabank lifted their price target on BridgeBio Pharma from $45.00 to $48.00 and gave the company a “sector outperform” rating in a research note on Monday, November 25th. Piper Sandler assumed coverage on BridgeBio Pharma in a research note on Wednesday, September 4th. They set an “overweight” rating and a $46.00 price target for the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $70.00 price target on shares of BridgeBio Pharma in a research note on Monday, September 16th. Finally, Oppenheimer assumed coverage on BridgeBio Pharma in a research note on Thursday, October 3rd. They set a “market perform” rating for the company. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $48.43.

BridgeBio Pharma Price Performance

The company has a market capitalization of $5.46 billion, a P/E ratio of -11.89 and a beta of 1.08. The stock’s 50 day moving average is $25.17 and its 200-day moving average is $26.12.

Insider Activity

In other news, CFO Brian C. Stephenson sold 4,156 shares of BridgeBio Pharma stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $22.41, for a total transaction of $93,135.96. Following the transaction, the chief financial officer now owns 93,758 shares in the company, valued at $2,101,116.78. This trade represents a 4.24 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Neil Kumar sold 27,389 shares of BridgeBio Pharma 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 transaction, the chief executive officer now owns 4,897,443 shares in the company, valued at $109,751,697.63. This represents a 0.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,831,545 shares of company stock worth $150,056,923 over the last 90 days. 24.66% of the stock is currently owned by insiders.

Institutional Trading of BridgeBio Pharma

Institutional investors and hedge funds have recently modified their holdings of the company. Janus Henderson Group PLC increased its holdings 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 valued at $122,658,000 after acquiring an additional 505,481 shares during the last quarter. Frazier Life Sciences Management L.P. increased its holdings in shares of 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 worth $95,741,000 after buying an additional 127,853 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of BridgeBio Pharma by 3.8% during the 3rd quarter. Geode Capital Management LLC now owns 3,413,949 shares of the company’s stock worth $86,936,000 after purchasing an additional 123,540 shares during the period. Ensign Peak Advisors Inc boosted its position in BridgeBio Pharma by 44.5% in the 2nd quarter. Ensign Peak Advisors Inc now owns 1,646,202 shares of the company’s stock valued at $41,698,000 after buying an additional 506,845 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in BridgeBio Pharma by 40.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,534,972 shares of the company’s stock valued at $38,881,000 after buying an additional 442,248 shares during the period. 99.85% of the stock is currently 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.