BridgeBio Pharma (NASDAQ:BBIO) Given New $42.00 Price Target at Bank of America

BridgeBio Pharma (NASDAQ:BBIOGet Free Report) had its price target cut by Bank of America from $50.00 to $42.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price objective suggests a potential upside of 77.51% from the company’s current price.

A number of other analysts have also commented on the company. HC Wainwright reissued a “buy” rating and set a $43.00 price objective on shares of BridgeBio Pharma in a report on Thursday, June 20th. Cantor Fitzgerald reissued an “overweight” rating and set a $70.00 price objective on shares of BridgeBio Pharma in a report on Tuesday, May 28th. Evercore ISI initiated coverage on BridgeBio Pharma in a report on Tuesday, May 14th. They issued an “outperform” rating and a $50.00 target price for the company. JPMorgan Chase & Co. upped their target price on BridgeBio Pharma from $35.00 to $45.00 and gave the company an “overweight” rating in a report on Wednesday, March 20th. Finally, Mizuho reduced their target price on BridgeBio Pharma from $60.00 to $53.00 and set a “buy” rating for the company in a report on Tuesday, March 5th. Two research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, BridgeBio Pharma presently has a consensus rating of “Moderate Buy” and an average target price of $47.21.

Read Our Latest Stock Report on BBIO

BridgeBio Pharma Trading Up 2.9 %

BridgeBio Pharma stock traded up $0.66 during midday trading on Tuesday, reaching $23.66. The stock had a trading volume of 2,079,810 shares, compared to its average volume of 1,816,936. BridgeBio Pharma has a 12 month low of $15.35 and a 12 month high of $44.32. The company has a market capitalization of $4.43 billion, a P/E ratio of -7.35 and a beta of 1.08. The company has a fifty day moving average price of $27.43 and a two-hundred day moving average price of $31.81.

BridgeBio Pharma (NASDAQ:BBIOGet Free Report) last issued its quarterly earnings data on Thursday, May 2nd. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.35. The company had revenue of $211.12 million for the quarter, compared to the consensus estimate of $140.06 million. On average, equities research analysts predict that BridgeBio Pharma will post -3.2 earnings per share for the current fiscal year.

Insider Transactions at BridgeBio Pharma

In other news, Director Randal W. Scott sold 1,000 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $28.84, for a total transaction of $28,840.00. Following the completion of the sale, the director now directly owns 5,500 shares in the company, valued at $158,620. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 24.66% of the stock is currently owned by company insiders.

Institutional Trading of BridgeBio Pharma

Several institutional investors and hedge funds have recently bought and sold shares of BBIO. Janus Henderson Group PLC lifted its holdings in BridgeBio Pharma by 189.7% in the first quarter. Janus Henderson Group PLC now owns 3,312,706 shares of the company’s stock worth $102,402,000 after buying an additional 2,169,143 shares during the period. Vanguard Group Inc. lifted its holdings in BridgeBio Pharma by 13.5% in the fourth quarter. Vanguard Group Inc. now owns 12,800,294 shares of the company’s stock worth $516,748,000 after buying an additional 1,524,313 shares during the period. Wellington Management Group LLP purchased a new stake in BridgeBio Pharma in the third quarter worth about $37,434,000. Norges Bank purchased a new stake in BridgeBio Pharma in the fourth quarter worth about $46,843,000. Finally, Capital Research Global Investors lifted its holdings in BridgeBio Pharma by 101.1% in the first quarter. Capital Research Global Investors now owns 2,212,085 shares of the company’s stock worth $68,398,000 after buying an additional 1,111,975 shares during the period. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

About BridgeBio Pharma

(Get Free Report)

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.

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