BridgeBio Pharma (NASDAQ:BBIO) Stock Price Target Raised at Morgan Stanley

BridgeBio Pharma (NASDAQ:BBIO) had its price target raised by Morgan Stanley from $88.00 to $91.00 in a research report released on Friday,Benzinga reports. They currently have an overweight rating on the stock.

Other analysts also recently issued reports about the stock. Canaccord Genuity Group lifted their price objective on shares of BridgeBio Pharma from $106.00 to $108.00 and gave the stock a “buy” rating in a report on Monday, November 2nd. Bank of America increased their target price on BridgeBio Pharma from $101.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, August 11th. Cantor Fitzgerald reissued an “overweight” rating on shares of BridgeBio Pharma in a research note on Monday, October 5th. Piper Sandler raised their price target on BridgeBio Pharma from $115.00 to $120.00 and gave the company an “overweight” rating in a research report on Monday, October 19th. Finally, Jefferies Financial Group restated a “buy” rating on shares of BridgeBio Pharma in a research report on Monday, October 5th. Nineteen analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, BridgeBio Pharma presently has a consensus rating of “Moderate Buy” and an average price target of $104.42.

BridgeBio Pharma Trading Up 0.2%

Shares of BridgeBio Pharma stock opened at $78.30 on Friday. BridgeBio Pharma has a 1 year low of $62.50 and a 1 year high of $93.42. The company has a 50 day simple moving average of $69.98 and a two-hundred day simple moving average of $72.79.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings results on Thursday, October 29th. The company reported ($0.42) EPS for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.12. The company had revenue of $353.17 million during the quarter, compared to analysts’ expectations of $293.47 million. BridgeBio Pharma’s quarterly revenue was up 192.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.95) EPS. As a group, equities research analysts expect that BridgeBio Pharma will post -2.55 EPS for the current year.

Insider Buying and Selling

In other BridgeBio Pharma news, CEO Neil Kumar sold 34,980 shares of the stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $82.53, for a total transaction of $2,886,899.40. Following the transaction, the chief executive officer directly owned 243,327 shares in the company, valued at $20,081,777.31. This trade represents a 12.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Maricel Apuli sold 2,000 shares of BridgeBio Pharma stock in a transaction that occurred on Friday, October 30th. The stock was sold at an average price of $72.85, for a total transaction of $145,700.00. Following the transaction, the chief accounting officer directly owned 120,687 shares in the company, valued at $8,792,047.95. This trade represents a 1.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 56,980 shares of company stock worth $4,563,699 over the last quarter. Company insiders own 14.23% of the company’s stock.

Hedge Funds Weigh In On BridgeBio Pharma

Institutional investors and hedge funds have recently made changes to their positions in the business. Silvant Capital Management LLC bought a new stake in BridgeBio Pharma in the second quarter worth $28,000. Root Financial Partners LLC purchased a new stake in BridgeBio Pharma during the third quarter valued at about $28,000. SBI Securities Co. Ltd. boosted its position in BridgeBio Pharma by 55.3% during the third quarter. SBI Securities Co. Ltd. now owns 441 shares of the company’s stock valued at $29,000 after buying an additional 157 shares during the period. Allworth Financial LP bought a new position in shares of BridgeBio Pharma during the second quarter valued at about $31,000. Finally, Heritage Family Offices LLP bought a new position in shares of BridgeBio Pharma during the third quarter valued at about $39,000. Institutional investors own 99.85% of the company’s stock.

About BridgeBio Pharma

BridgeBio Pharma is a biopharmaceutical company that discovers, develops and commercializes medicines for genetic diseases and cancers. Founded in 2015, the company advances programs through a network of research and development subsidiaries focused on specific conditions and therapeutic areas. Its products include Attruby (acoramidis), an FDA-approved treatment for adults with transthyretin amyloid cardiomyopathy. BridgeBio also develops a pipeline of investigational therapies aimed at diseases with well-understood genetic causes, including rare and inherited conditions.