Bank of America Issues Positive Forecast for BridgeBio Pharma (NASDAQ:BBIO) Stock Price

BridgeBio Pharma (NASDAQ:BBIO) had its target price upped by research analysts at Bank of America from $50.00 to $54.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s target price suggests a potential upside of 20.82% from the company’s current price.

BBIO has been the subject of a number of other reports. Piper Sandler raised their price target on shares of BridgeBio Pharma from $46.00 to $63.00 and gave the company an “overweight” rating in a report on Wednesday, April 30th. Wall Street Zen raised BridgeBio Pharma from a “sell” rating to a “hold” rating in a report on Saturday, June 7th. Wolfe Research initiated coverage on BridgeBio Pharma in a report on Tuesday, June 17th. They set an “outperform” rating and a $49.00 price objective on the stock. HC Wainwright upped their price target on shares of BridgeBio Pharma from $53.00 to $56.00 and gave the company a “buy” rating in a report on Monday, June 9th. Finally, JPMorgan Chase & Co. raised their price objective on shares of BridgeBio Pharma from $44.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, March 24th. Two research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $57.42.

BridgeBio Pharma Trading Up 0.6%

BBIO traded up $0.25 during trading on Wednesday, hitting $44.70. 319,681 shares of the company’s stock were exchanged, compared to its average volume of 2,473,842. The stock has a 50 day moving average price of $36.46 and a 200 day moving average price of $33.82. BridgeBio Pharma has a 1 year low of $21.72 and a 1 year high of $45.17. The firm has a market cap of $8.49 billion, a P/E ratio of -12.74 and a beta of 1.10.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings results on Tuesday, April 29th. The company reported ($0.88) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.00) by $0.12. The company had revenue of $36.74 million during the quarter, compared to analyst estimates of $57.14 million. The firm’s revenue for the quarter was down 44.8% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.20) earnings per share. Analysts forecast that BridgeBio Pharma will post -3.67 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of BridgeBio Pharma stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $34.20, for a total value of $205,200,000.00. Following the sale, the insider now directly owns 13,260,971 shares in the company, valued at $453,525,208.20. This trade represents a 31.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Maricel Apuli sold 1,026 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $38.51, for a total value of $39,511.26. Following the completion of the transaction, the chief accounting officer now directly owns 147,639 shares of the company’s stock, valued at $5,685,577.89. This trade represents a 0.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,321,474 shares of company stock worth $216,567,721 over the last quarter. 18.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Rhumbline Advisers increased its position in shares of BridgeBio Pharma by 0.5% during the 1st quarter. Rhumbline Advisers now owns 220,128 shares of the company’s stock valued at $7,610,000 after purchasing an additional 1,008 shares during the period. Strs Ohio acquired a new position in BridgeBio Pharma during the first quarter worth about $408,000. Wealth Management Associates Inc. raised its position in BridgeBio Pharma by 19.0% in the first quarter. Wealth Management Associates Inc. now owns 8,980 shares of the company’s stock worth $310,000 after acquiring an additional 1,435 shares in the last quarter. Intech Investment Management LLC lifted its holdings in BridgeBio Pharma by 12.0% in the 1st quarter. Intech Investment Management LLC now owns 73,524 shares of the company’s stock valued at $2,542,000 after acquiring an additional 7,877 shares during the last quarter. Finally, Zimmer Partners LP boosted its position in shares of BridgeBio Pharma by 67.1% during the 1st quarter. Zimmer Partners LP now owns 301,400 shares of the company’s stock valued at $10,419,000 after purchasing an additional 121,000 shares in the last quarter. 99.85% of the stock is currently 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.