HC Wainwright Raises BridgeBio Pharma (NASDAQ:BBIO) Price Target to $120.00

BridgeBio Pharma (NASDAQ:BBIO) had its price target upped by HC Wainwright from $110.00 to $120.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s price objective would suggest a potential upside of 39.71% from the company’s current price.

BBIO has been the topic of several other reports. Mizuho reduced their target price on BridgeBio Pharma from $106.00 to $96.00 and set an “outperform” rating on the stock in a report on Tuesday, June 16th. Canaccord Genuity Group assumed coverage on BridgeBio Pharma in a report on Wednesday, June 3rd. They issued a “buy” rating and a $104.00 price target for the company. Truist Financial raised their price target on BridgeBio Pharma from $95.00 to $102.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Raymond James Financial cut BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 26th. Finally, Royal Bank Of Canada began coverage on shares of BridgeBio Pharma in a report on Thursday, April 9th. They set an “outperform” rating and a $100.00 target price on the stock. Twenty-one analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $93.40.

BridgeBio Pharma Stock Performance

Shares of NASDAQ BBIO opened at $85.89 on Monday. BridgeBio Pharma has a 52-week low of $42.09 and a 52-week high of $93.42. The stock has a market cap of $16.82 billion, a P/E ratio of -22.97 and a beta of 0.95. The firm has a 50 day moving average price of $69.76 and a 200 day moving average price of $72.09.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.84) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.14). The firm had revenue of $194.51 million for the quarter, compared to the consensus estimate of $178.07 million. During the same quarter last year, the company posted ($0.88) earnings per share. The firm’s quarterly revenue was up 66.8% on a year-over-year basis. Analysts predict that BridgeBio Pharma will post -2.3 earnings per share for the current fiscal year.

Insider Transactions at BridgeBio Pharma

In other BridgeBio Pharma news, CFO Thomas Trimarchi sold 13,651 shares of the business’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $65.08, for a total transaction of $888,407.08. Following the sale, the chief financial officer directly owned 359,194 shares of the company’s stock, valued at $23,376,345.52. The trade was a 3.66% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Randal W. Scott sold 10,000 shares of the company’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $67.15, for a total value of $671,500.00. Following the sale, the director owned 11,589 shares in the company, valued at $778,201.35. The trade was a 46.32% 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 ninety days, insiders sold 266,361 shares of company stock worth $18,035,642. 14.23% of the stock is owned by insiders.

Institutional Investors Weigh In On BridgeBio Pharma

Several hedge funds have recently bought and sold shares of the company. HighVista Strategies LLC lifted its holdings in BridgeBio Pharma by 21.4% during the 3rd quarter. HighVista Strategies LLC now owns 81,959 shares of the company’s stock valued at $4,257,000 after purchasing an additional 14,460 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of BridgeBio Pharma by 14,211.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 994,220 shares of the company’s stock valued at $77,783,000 after purchasing an additional 987,273 shares during the last quarter. Central Pacific Bank Trust Division bought a new stake in BridgeBio Pharma in the 4th quarter valued at $789,000. Geode Capital Management LLC increased its position in BridgeBio Pharma by 12.9% during the 4th 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. Finally, Nan Fung Trinity HK Ltd. acquired a new position in shares of BridgeBio Pharma in the fourth quarter valued at about $8,422,000. 99.85% of the stock is currently owned by institutional investors and hedge funds.

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.