Bank of America Forecasts Strong Price Appreciation for BridgeBio Pharma (NASDAQ:BBIO) Stock

BridgeBio Pharma (NASDAQ:BBIO) had its price objective lifted by Bank of America from $42.00 to $45.00 in a research note released on Monday,Benzinga reports. The firm currently has a buy rating on the stock.

Other research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. reduced their price objective on BridgeBio Pharma from $46.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Leerink Partners cut 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. Oppenheimer assumed coverage on BridgeBio Pharma in a research report on Thursday, October 3rd. They issued a “market perform” rating for the company. Evercore ISI cut their target price on shares of BridgeBio Pharma from $50.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Finally, Scotiabank boosted their price target on shares of BridgeBio Pharma from $44.00 to $45.00 and gave the stock a “sector outperform” rating in a research note on Friday, November 15th. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, BridgeBio Pharma has an average rating of “Moderate Buy” and a consensus target price of $48.43.

BridgeBio Pharma Trading Up 4.0 %

Shares of NASDAQ BBIO opened at $27.49 on Monday. BridgeBio Pharma has a 1-year low of $21.62 and a 1-year high of $44.32. The company has a 50-day moving average of $25.01 and a two-hundred day moving average of $26.22. The company has a market cap of $5.20 billion, a PE ratio of -11.41 and a beta of 1.09.

Insider Buying and Selling

In other news, CEO Neil Kumar sold 27,389 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $22.41, for a total value of $613,787.49. Following the completion of 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brian C. Stephenson sold 4,156 shares of the firm’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 $93,135.96. Following the sale, the chief financial officer now owns 93,758 shares in the company, valued at approximately $2,101,116.78. The trade was a 4.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,831,545 shares of company stock valued at $150,056,923. 24.66% of the stock is owned by company insiders.

Hedge Funds Weigh In On BridgeBio Pharma

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. American International Group Inc. lifted its holdings in shares of BridgeBio Pharma by 1.0% in the first quarter. American International Group Inc. now owns 57,491 shares of the company’s stock valued at $1,778,000 after purchasing an additional 565 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in BridgeBio Pharma by 22.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 803,956 shares of the company’s stock worth $24,859,000 after acquiring an additional 145,594 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of BridgeBio Pharma by 189.7% during the 1st quarter. Janus Henderson Group PLC now owns 3,312,706 shares of the company’s stock worth $102,402,000 after acquiring an additional 2,169,143 shares in the last quarter. California State Teachers Retirement System grew its stake in shares of BridgeBio Pharma by 7.3% during the 1st quarter. California State Teachers Retirement System now owns 105,596 shares of the company’s stock worth $3,265,000 after acquiring an additional 7,153 shares in the last quarter. Finally, Comerica Bank raised its holdings in shares of BridgeBio Pharma by 3,013.5% in the first quarter. Comerica Bank now owns 38,514 shares of the company’s stock valued at $1,191,000 after purchasing an additional 37,277 shares during the last quarter. 99.85% of the stock is 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.