Wells Fargo & Company Issues Positive Forecast for BridgeBio Pharma (NASDAQ:BBIO) Stock Price

BridgeBio Pharma (NASDAQ:BBIO) had its price objective lifted by research analysts at Wells Fargo & Company from $98.00 to $102.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 20.47% from the stock’s previous close.

A number of other research analysts also recently commented on BBIO. Mizuho dropped their target price on shares of BridgeBio Pharma from $106.00 to $96.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 16th. Canaccord Genuity Group initiated coverage on shares of BridgeBio Pharma in a research note on Wednesday, June 3rd. They issued a “buy” rating and a $104.00 price objective for the company. Piper Sandler increased their target price on shares of BridgeBio Pharma from $111.00 to $115.00 and gave the company an “overweight” rating in a report on Tuesday. Morgan Stanley boosted their price target on BridgeBio Pharma from $94.00 to $98.00 and gave the stock an “overweight” rating in a research note on Thursday, May 28th. Finally, Raymond James Financial lowered shares of BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 26th. Nineteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $98.50.

BridgeBio Pharma Stock Performance

Shares of BridgeBio Pharma stock opened at $84.67 on Tuesday. BridgeBio Pharma has a fifty-two week low of $46.28 and a fifty-two week high of $93.42. The stock has a 50 day moving average of $76.07 and a 200 day moving average of $73.03. The firm has a market capitalization of $16.55 billion, a price-to-earnings ratio of -22.64 and a beta of 0.96.

BridgeBio Pharma (NASDAQ:BBIO) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.58) by ($0.20). The company had revenue of $243.68 million during the quarter, compared to analysts’ expectations of $220.91 million. During the same quarter in the previous year, the company earned ($0.95) EPS. The company’s revenue for the quarter was up 120.4% on a year-over-year basis. Analysts forecast that BridgeBio Pharma will post -2.31 EPS for the current year.

Insiders Place Their Bets

In related news, Director Andrea Ellis sold 17,167 shares of the business’s stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $84.00, for a total transaction of $1,442,028.00. Following the completion of the sale, the director owned 22,579 shares of the company’s stock, valued at $1,896,636. This represents a 43.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Neil Kumar sold 40,000 shares of the business’s stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $67.46, for a total transaction of $2,698,400.00. Following the transaction, the chief executive officer directly owned 535,686 shares of the company’s stock, valued at approximately $36,137,377.56. This trade represents a 6.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 392,117 shares of company stock worth $29,934,700. Company insiders own 14.23% of the company’s stock.

Institutional Investors Weigh In On BridgeBio Pharma

A number of hedge funds and other institutional investors have recently modified their holdings of BBIO. Hsbc Holdings PLC boosted its stake in BridgeBio Pharma by 139.4% in the 1st quarter. Hsbc Holdings PLC now owns 32,708 shares of the company’s stock worth $2,431,000 after purchasing an additional 19,043 shares during the period. Geode Capital Management LLC boosted its position in shares of BridgeBio Pharma by 12.9% in the fourth quarter. Geode Capital Management LLC now owns 4,412,523 shares of the company’s stock worth $344,689,000 after buying an additional 502,582 shares during the period. Nan Fung Trinity HK Ltd. purchased a new position in shares of BridgeBio Pharma during the fourth quarter valued at $8,422,000. Assetmark Inc. raised its position in BridgeBio Pharma by 423.7% during the first quarter. Assetmark Inc. now owns 20,790 shares of the company’s stock valued at $1,544,000 after buying an additional 16,820 shares during the period. Finally, Thrivent Financial for Lutherans acquired a new position in shares of BridgeBio Pharma in the 4th quarter valued at about $4,567,000. 99.85% of the stock is currently owned by institutional investors.

About BridgeBio Pharma

BridgeBio Pharma, Inc is a clinical-stage biopharmaceutical company headquartered in Palo Alto, California. Founded in 2015 by Neil Kumar, the company is dedicated to discovering, developing and delivering transformative medicines for patients with genetic diseases and cancers. BridgeBio operates an integrated model that spans target identification, preclinical research, clinical development and commercialization, aiming to streamline the process from bench to bedside.

BridgeBio’s pipeline comprises multiple therapeutic modalities, including small molecules, biologics and genetic therapies.