BridgeBio Pharma (NASDAQ:BBIO) Trading 8.9% Higher After Analyst Upgrade

BridgeBio Pharma, Inc. (NASDAQ:BBIO) shares were up 8.9% during mid-day trading 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 traded hands 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.

BBIO has been the topic of a number of other research reports. Evercore ISI lifted their price objective on BridgeBio Pharma from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Monday, December 23rd. HC Wainwright reiterated a “buy” rating and set a $49.00 price target on shares of BridgeBio Pharma in a research note on Thursday, February 13th. Bank of America raised their target price on shares of BridgeBio Pharma from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Citigroup increased their price objective on shares of BridgeBio Pharma from $45.00 to $49.00 and gave the company a “buy” rating in a report on Friday, February 21st. Finally, Scotiabank raised their price target on BridgeBio Pharma from $49.00 to $52.00 and gave the company a “sector outperform” rating in a report on Friday, February 21st. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $52.90.

Insider Buying and Selling

In other BridgeBio Pharma news, CEO Neil Kumar sold 326,932 shares of the company’s stock in a transaction on 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 owns 5,371,515 shares in the company, valued at $194,932,279.35. This represents a 5.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian C. Stephenson sold 68,000 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $36.29, for a total value of $2,467,720.00. Following the sale, the chief financial officer now directly owns 93,758 shares in the company, valued at approximately $3,402,477.82. The trade was a 42.04 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 9,579,739 shares of company stock valued at $323,171,901. Insiders own 24.66% of the company’s stock.

Hedge Funds Weigh In On BridgeBio Pharma

Several institutional investors and hedge funds have recently bought and sold shares of the company. Swiss National Bank raised its holdings in shares of BridgeBio Pharma by 1.1% in the third quarter. Swiss National Bank now owns 219,300 shares of the company’s stock worth $5,583,000 after buying an additional 2,400 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in BridgeBio Pharma during the 3rd quarter valued at about $932,000. Jennison Associates LLC acquired a new position in shares of BridgeBio Pharma in the third quarter valued at about $767,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of BridgeBio Pharma in the third quarter worth about $309,000. Finally, Advisors Asset Management Inc. lifted its holdings in shares of BridgeBio Pharma by 56.1% during the third quarter. Advisors Asset Management Inc. now owns 4,576 shares of the company’s stock worth $117,000 after purchasing an additional 1,645 shares during the period. 99.85% of the stock is owned by hedge funds and other institutional investors.

BridgeBio Pharma Stock Up 8.8 %

The company has a market capitalization of $7.19 billion, a PE ratio of -13.25 and a beta of 1.07. The firm has a 50-day moving average of $34.08 and a two-hundred day moving average of $29.07.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings data on Thursday, February 20th. The company reported ($1.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.09) by ($0.22). The business had revenue of $5.88 million during the quarter, compared to the consensus estimate of $4.04 million. Equities analysts predict that BridgeBio Pharma, Inc. will post -3.67 EPS for the current fiscal year.

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.