BridgeBio Pharma (NASDAQ:BBIO) Stock Price Expected to Rise, Bank of America Analyst Says

BridgeBio Pharma (NASDAQ:BBIO) had its price target boosted by equities research analysts at Bank of America from $42.00 to $45.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price target points to a potential upside of 92.14% from the stock’s current price.

A number of other analysts also recently commented on BBIO. Cantor Fitzgerald reissued an “overweight” rating and issued a $70.00 price objective on shares of BridgeBio Pharma in a research note on Monday, September 16th. Evercore ISI dropped their price target on shares of BridgeBio Pharma from $50.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Oppenheimer initiated coverage on shares of BridgeBio Pharma in a research report on Thursday, October 3rd. They set a “market perform” rating for the company. JPMorgan Chase & Co. dropped their target price on shares of BridgeBio Pharma from $46.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Finally, Piper Sandler started coverage on shares of BridgeBio Pharma in a research note on Wednesday, September 4th. They set an “overweight” rating and a $46.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, BridgeBio Pharma has an average rating of “Moderate Buy” and a consensus target price of $48.21.

BridgeBio Pharma Price Performance

NASDAQ BBIO opened at $23.42 on Monday. BridgeBio Pharma has a 12 month low of $21.62 and a 12 month high of $44.32. The firm has a market capitalization of $4.43 billion, a PE ratio of -9.72 and a beta of 1.09. The company’s 50 day simple moving average is $24.96 and its 200 day simple moving average is $26.24.

Insider Buying and Selling at BridgeBio Pharma

In other BridgeBio Pharma news, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $25.75, for a total value of $149,350,000.00. Following the transaction, the insider now owns 25,260,971 shares in the company, valued at $650,470,003.25. The trade was a 18.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Neil Kumar sold 27,389 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $22.41, for a total value of $613,787.49. Following the sale, the chief executive officer now directly owns 4,897,443 shares of the company’s stock, valued at $109,751,697.63. This trade represents a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,831,545 shares of company stock worth $150,056,923. 24.66% of the stock is currently owned by company insiders.

Institutional Trading of BridgeBio Pharma

Several large investors have recently added to or reduced their stakes in BBIO. Janus Henderson Group PLC lifted its stake in shares of BridgeBio Pharma by 11.7% in the 3rd quarter. Janus Henderson Group PLC now owns 4,818,012 shares of the company’s stock valued at $122,658,000 after purchasing an additional 505,481 shares during the last quarter. Frazier Life Sciences Management L.P. raised its holdings in BridgeBio Pharma by 3.5% during the third quarter. Frazier Life Sciences Management L.P. now owns 3,760,457 shares of the company’s stock valued at $95,741,000 after buying an additional 127,853 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of BridgeBio Pharma by 3.8% in the third quarter. Geode Capital Management LLC now owns 3,413,949 shares of the company’s stock worth $86,936,000 after buying an additional 123,540 shares during the last quarter. Ensign Peak Advisors Inc boosted its stake in shares of BridgeBio Pharma by 44.5% during the 2nd quarter. Ensign Peak Advisors Inc now owns 1,646,202 shares of the company’s stock worth $41,698,000 after acquiring an additional 506,845 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of BridgeBio Pharma by 40.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,534,972 shares of the company’s stock worth $38,881,000 after acquiring an additional 442,248 shares in the last quarter. 99.85% of the stock is owned by institutional investors.

About BridgeBio Pharma

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.