BridgeBio Pharma (NASDAQ:BBIO) Price Target Raised to $115.00

BridgeBio Pharma (NASDAQ:BBIO) had its price target lifted by Piper Sandler from $111.00 to $115.00 in a research note published on Tuesday,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other research firms have also recently commented on BBIO. Raymond James Financial cut shares of BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 26th. Citigroup lifted their price target on shares of BridgeBio Pharma from $82.00 to $93.00 and gave the company a “neutral” rating in a research report on Thursday, July 16th. HC Wainwright boosted their price target on shares of BridgeBio Pharma from $110.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Morgan Stanley upped their price objective on shares of BridgeBio Pharma from $94.00 to $98.00 and gave the stock an “overweight” rating in a report on Thursday, May 28th. Finally, Truist Financial increased their price objective on shares of BridgeBio Pharma from $95.00 to $102.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Twenty research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $100.79.

BridgeBio Pharma Stock Down 3.1%

NASDAQ:BBIO opened at $81.21 on Tuesday. BridgeBio Pharma has a 52 week low of $46.81 and a 52 week high of $93.42. The company has a market capitalization of $15.88 billion, a P/E ratio of -22.75 and a beta of 0.96. The stock’s fifty day moving average is $77.11 and its two-hundred day moving average is $73.12.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.78) EPS for the quarter, missing the consensus estimate of ($0.58) by ($0.20). The firm had revenue of $243.68 million during the quarter, compared to analyst estimates of $220.91 million. The firm’s revenue was up 120.4% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.95) earnings per share. Sell-side analysts anticipate that BridgeBio Pharma will post -2.54 earnings per share for the current fiscal year.

Insider Buying and Selling at BridgeBio Pharma

In related news, Director Jennifer E. Cook sold 148,589 shares of the firm’s stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $88.54, for a total value of $13,156,070.06. Following the sale, the director owned 8,383 shares of the company’s stock, valued at $742,230.82. This trade represents a 94.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Hannah Valantine sold 2,808 shares of BridgeBio Pharma stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $68.00, for a total transaction of $190,944.00. Following the completion of the transaction, the director owned 11,455 shares of the company’s stock, valued at $778,940. This represents a 19.69% 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 90 days, insiders sold 382,117 shares of company stock valued at $29,263,200. 14.23% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On BridgeBio Pharma

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Silvant Capital Management LLC acquired a new position in shares of BridgeBio Pharma during the second quarter worth $28,000. Allworth Financial LP purchased a new position in BridgeBio Pharma in the second quarter valued at $31,000. Global Retirement Partners LLC raised its stake in BridgeBio Pharma by 271.5% in the fourth quarter. Global Retirement Partners LLC now owns 509 shares of the company’s stock valued at $39,000 after buying an additional 372 shares in the last quarter. Farther Finance Advisors LLC raised its stake in BridgeBio Pharma by 91.4% in the fourth quarter. Farther Finance Advisors LLC now owns 513 shares of the company’s stock valued at $39,000 after buying an additional 245 shares in the last quarter. Finally, Kemnay Advisory Services Inc. purchased a new stake in BridgeBio Pharma during the 4th quarter worth about $41,000. 99.85% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting BridgeBio Pharma

Here are the key news stories impacting BridgeBio Pharma this week:

• Positive Sentiment: Analysts continued to raise their valuation expectations. JPMorgan increased its price target to $111 from $100 and maintained an “overweight” rating; TD Cowen lifted its target to $110; Truist raised its target to $107 and Canaccord Genuity increased its target to $106, with both firms maintaining “buy” ratings. Benzinga analyst updates
• Positive Sentiment: Wells Fargo and Piper Sandler analysts reportedly expect BBIO shares to rise, reinforcing the constructive Wall Street view. Wells Fargo forecast Piper Sandler forecast
• Positive Sentiment: Q2 earnings-call highlights pointed to strong commercial momentum for Attruby, with sales reportedly surging 211%, while BridgeBio continues advancing its development pipeline. BridgeBio Q2 earnings call highlights
• Neutral Sentiment: Morgan Stanley issued a more pessimistic forecast, providing a counterpoint to the cluster of bullish analyst target increases. Morgan Stanley forecast
• Negative Sentiment: KKR Genetic Disorder L.P. launched a secondary offering of 5 million BBIO shares. BridgeBio is not selling stock and will receive no proceeds, so the transaction is not directly dilutive; however, the additional shares available for trading may weigh on the stock through increased supply and investor concerns about insider or sponsor selling. BridgeBio secondary offering announcement

BridgeBio Pharma Company Profile

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.