HC Wainwright Issues Positive Forecast for BridgeBio Pharma (NASDAQ:BBIO) Stock Price

BridgeBio Pharma (NASDAQ:BBIO) had its price target increased by HC Wainwright from $49.00 to $53.00 in a research note issued to investors on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages also recently commented on BBIO. JPMorgan Chase & Co. upped their target price on BridgeBio Pharma from $44.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, March 24th. Redburn Atlantic began coverage on shares of BridgeBio Pharma in a report on Monday, March 31st. They issued a “buy” rating and a $50.00 price objective for the company. Evercore ISI lifted their target price on shares of BridgeBio Pharma from $45.00 to $50.00 and gave the company an “outperform” rating in a research note on Monday, December 23rd. Cantor Fitzgerald reissued an “overweight” rating and issued a $95.00 price target on shares of BridgeBio Pharma in a research note on Friday, February 21st. Finally, Citigroup lifted their price objective on BridgeBio Pharma from $45.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, February 21st. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $53.00.

BridgeBio Pharma Stock Down 1.8 %

Shares of BridgeBio Pharma stock opened at $34.24 on Tuesday. The company’s fifty day simple moving average is $33.65 and its two-hundred day simple moving average is $29.93. BridgeBio Pharma has a 12-month low of $21.62 and a 12-month high of $39.47. The firm has a market cap of $6.51 billion, a PE ratio of -12.01 and a beta of 1.08.

BridgeBio Pharma (NASDAQ:BBIO) last posted its earnings results on Thursday, February 20th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.09) by ($0.22). The company had revenue of $5.88 million during the quarter, compared to the consensus estimate of $4.04 million. As a group, sell-side analysts expect that BridgeBio Pharma will post -3.67 earnings per share for the current fiscal year.

Insider Activity at BridgeBio Pharma

In related news, CFO Brian C. Stephenson sold 4,148 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $36.16, for a total value of $149,991.68. Following the completion of the transaction, the chief financial officer now directly owns 102,464 shares in the company, valued at $3,705,098.24. The trade was a 3.89 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $32.96, for a total value of $197,760,000.00. Following the sale, the insider now owns 19,260,971 shares in the company, valued at approximately $634,841,604.16. This represents a 23.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,684,739 shares of company stock valued at $326,958,651. 24.66% of the stock is owned by insiders.

Hedge Funds Weigh In On BridgeBio Pharma

Several hedge funds and other institutional investors have recently bought and sold shares of BBIO. Y Intercept Hong Kong Ltd purchased a new position in shares of BridgeBio Pharma during the third quarter valued at approximately $338,000. Barclays PLC grew its stake in shares of BridgeBio Pharma by 31.9% during the 3rd quarter. Barclays PLC now owns 545,008 shares of the company’s stock valued at $13,876,000 after purchasing an additional 131,743 shares during the period. Geode Capital Management LLC increased its position 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 valued at $86,936,000 after purchasing an additional 123,540 shares during the last quarter. Exome Asset Management LLC lifted its stake in shares of BridgeBio Pharma by 167.4% in the 3rd quarter. Exome Asset Management LLC now owns 211,000 shares of the company’s stock worth $5,372,000 after purchasing an additional 132,093 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in shares of BridgeBio Pharma by 1.8% in the third quarter. Principal Financial Group Inc. now owns 1,145,123 shares of the company’s stock worth $29,155,000 after buying an additional 19,978 shares during the last quarter. Institutional investors own 99.85% of the company’s stock.

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.