BridgeBio Pharma (NASDAQ:BBIO) Price Target Raised to $111.00

BridgeBio Pharma (NASDAQ:BBIO) had its price target upped by JPMorgan Chase & Co. from $100.00 to $111.00 in a research note released on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other research firms have also recently weighed in on BBIO. Piper Sandler upped their price target on BridgeBio Pharma from $111.00 to $115.00 and gave the stock an “overweight” rating in a report on Tuesday. Raymond James Financial downgraded shares of BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a research note on Tuesday, May 26th. Canaccord Genuity Group began coverage on shares of BridgeBio Pharma in a report on Wednesday, June 3rd. They set a “buy” rating and a $104.00 price target for the company. Bank of America lifted their target price on BridgeBio Pharma from $101.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Weiss Ratings restated a “sell (d)” rating on shares of BridgeBio Pharma in a research note on Friday, May 15th. Twenty investment 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 data from MarketBeat.com, BridgeBio Pharma currently has an average rating of “Moderate Buy” and a consensus price target of $100.79.

BridgeBio Pharma Trading Down 1.7%

Shares of BridgeBio Pharma stock opened at $79.86 on Wednesday. The stock has a market capitalization of $15.61 billion, a P/E ratio of -22.37 and a beta of 0.96. The business’s fifty day moving average price is $77.36 and its 200 day moving average price is $73.17. BridgeBio Pharma has a twelve month low of $46.81 and a twelve month high of $93.42.

BridgeBio Pharma (NASDAQ:BBIO) last posted 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 company had revenue of $243.68 million for the quarter, compared to analysts’ expectations of $220.91 million. During the same quarter last year, the firm earned ($0.95) EPS. The business’s revenue for the quarter was up 120.4% compared to the same quarter last year. As a group, sell-side analysts predict that BridgeBio Pharma will post -2.6 EPS for the current year.

Insider Transactions at BridgeBio Pharma

In other news, CEO Neil Kumar sold 40,000 shares of the company’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $67.46, for a total transaction of $2,698,400.00. Following the completion of the sale, the chief executive officer directly owned 535,686 shares of the company’s stock, valued at $36,137,377.56. This represents a 6.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 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 dated Monday, June 22nd. The stock was sold at an average price of $68.00, for a total value of $190,944.00. Following the completion of the transaction, the director directly owned 11,455 shares in the company, valued at $778,940. This represents a 19.69% decrease in their position. 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 a total of 382,117 shares of company stock valued at $29,263,200 in the last 90 days. 14.23% of the stock is owned by corporate insiders.

Institutional Trading of BridgeBio Pharma

Several hedge funds and other institutional investors have recently modified their holdings of the business. Silvant Capital Management LLC purchased a new stake in BridgeBio Pharma in the 2nd quarter worth approximately $28,000. Allworth Financial LP acquired a new stake in shares of BridgeBio Pharma in the 2nd quarter valued at $31,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of BridgeBio Pharma in the third quarter worth about $34,000. Jones Financial Companies Lllp acquired a new stake in shares of BridgeBio Pharma in the first quarter worth about $35,000. Finally, Farther Finance Advisors LLC boosted its stake in shares of BridgeBio Pharma by 91.4% during the 4th quarter. Farther Finance Advisors LLC now owns 513 shares of the company’s stock worth $39,000 after acquiring an additional 245 shares in the last quarter. Institutional investors and hedge funds own 99.85% of the company’s stock.

BridgeBio Pharma News Roundup

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

• Positive Sentiment: BridgeBio priced the oversubscribed sale of 5 million shares by KKR Genetic Disorder L.P. The company said the offering should diversify its institutional shareholder base and support greater long-term ownership. BridgeBio Pharma Announces Pricing of Oversubscribed Secondary Offering
• Positive Sentiment: Analyst sentiment remains broadly constructive. Truist raised its price target to $107, while TD Cowen lifted its target to $110; Canaccord Genuity, JPMorgan, Wells Fargo and Piper Sandler analysts also reportedly expect further appreciation. Truist Raises BridgeBio Price Target TD Cowen Raises BridgeBio Price Target
• Neutral Sentiment: KKR reportedly allocated nearly 60% of the offering to five firms, suggesting meaningful institutional demand and potentially reducing uncertainty around the resale. KKR Assigned BridgeBio Stock Sale to Five Firms
• Negative Sentiment: The 5 million-share secondary offering creates a near-term supply overhang, particularly because the company will not benefit financially from the sale. KKR’s decision to sell may also prompt investor concerns about shareholder support, even though the offering is not a new issuance by BridgeBio. BridgeBio Launches Secondary Offering
• Negative Sentiment: Morgan Stanley issued a pessimistic forecast, providing a counterweight to the otherwise favorable analyst commentary. Morgan Stanley BridgeBio Forecast

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.