BridgeBio Pharma (NASDAQ:BBIO) Hits New 52-Week High – Here’s What Happened

BridgeBio Pharma, Inc. (NASDAQ:BBIO) hit a new 52-week high during trading on Thursday . The stock traded as high as $39.47 and last traded at $38.04, with a volume of 636210 shares. The stock had previously closed at $36.29.

Analyst Upgrades and Downgrades

BBIO has been the subject of several analyst reports. Cantor Fitzgerald restated an “overweight” rating and issued a $95.00 target price on shares of BridgeBio Pharma in a research note on Friday. Evercore ISI lifted their price target on BridgeBio Pharma from $45.00 to $50.00 and gave the stock an “outperform” rating in a research note on Monday, December 23rd. Bank of America lifted their price target on BridgeBio Pharma from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. HC Wainwright reaffirmed a “buy” rating and issued a $49.00 price target on shares of BridgeBio Pharma in a research note on Thursday, February 13th. Finally, Scotiabank lifted their price objective on BridgeBio Pharma from $49.00 to $52.00 and gave the stock a “sector outperform” rating in a research report on Friday. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, BridgeBio Pharma presently has an average rating of “Moderate Buy” and a consensus price target of $51.67.

BridgeBio Pharma Price Performance

The firm has a 50-day simple moving average of $31.90 and a 200-day simple moving average of $27.93.

BridgeBio Pharma (NASDAQ:BBIO) last posted its quarterly earnings data on Thursday, February 20th. The company reported ($1.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.09) by ($0.22). The firm had revenue of $5.88 million during the quarter, compared to analysts’ expectations of $4.04 million. As a group, equities analysts anticipate that BridgeBio Pharma, Inc. will post -3.66 EPS for the current fiscal year.

Insider Activity

In other BridgeBio Pharma news, major shareholder Global Investors Lp Viking sold 3,065,616 shares of BridgeBio Pharma stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $34.90, for a total value of $106,989,998.40. Following the sale, the insider now owns 22,055,375 shares of the company’s stock, valued at $769,732,587.50. The trade was a 12.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Neil Kumar sold 326,932 shares of BridgeBio Pharma stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $36.29, for a total value of $11,864,362.28. Following the completion of the transaction, the chief executive officer now owns 5,371,515 shares of the company’s stock, valued at approximately $194,932,279.35. This trade represents a 5.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,496,239 shares of company stock valued at $122,612,036 in the last ninety days. Corporate insiders own 24.66% of the company’s stock.

Institutional Investors Weigh In On BridgeBio Pharma

Several hedge funds have recently made changes to their positions in BBIO. CWM LLC increased its position in BridgeBio Pharma by 132.9% during the 3rd quarter. CWM LLC now owns 3,442 shares of the company’s stock valued at $88,000 after buying an additional 1,964 shares in the last quarter. Creative Planning acquired a new position in BridgeBio Pharma during the 3rd quarter valued at about $772,000. Allspring Global Investments Holdings LLC increased its position in BridgeBio Pharma by 17.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,322 shares of the company’s stock valued at $135,000 after buying an additional 801 shares in the last quarter. Values First Advisors Inc. acquired a new position in BridgeBio Pharma during the 3rd quarter valued at about $57,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in BridgeBio Pharma by 21.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,801 shares of the company’s stock valued at $170,000 after buying an additional 1,214 shares in the last quarter. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

BridgeBio Pharma Company Profile

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.