JPMorgan Chase & Co. Boosts BridgeBio Pharma (NASDAQ:BBIO) Price Target to $77.00

BridgeBio Pharma (NASDAQ:BBIO) had its price target boosted by analysts at JPMorgan Chase & Co. from $76.00 to $77.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 24.60% from the company’s current price.

Several other research firms have also commented on BBIO. Weiss Ratings restated a “sell (d-)” rating on shares of BridgeBio Pharma in a report on Wednesday, October 8th. Piper Sandler upped their target price on BridgeBio Pharma from $93.00 to $98.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Leerink Partners set a $68.00 price target on BridgeBio Pharma and gave the company an “outperform” rating in a report on Monday, October 27th. Wall Street Zen raised BridgeBio Pharma from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Finally, Cowen reiterated a “positive” rating on shares of BridgeBio Pharma in a research note on Thursday, October 30th. Twenty research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $73.95.

BridgeBio Pharma Stock Performance

BBIO traded down $0.93 during trading on Friday, hitting $61.80. 2,325,930 shares of the stock were exchanged, compared to its average volume of 2,862,729. The firm has a 50 day simple moving average of $54.92 and a 200 day simple moving average of $46.32. The firm has a market cap of $11.91 billion, a price-to-earnings ratio of -14.78 and a beta of 1.39. BridgeBio Pharma has a 1 year low of $21.72 and a 1 year high of $69.48.

BridgeBio Pharma (NASDAQ:BBIO) last issued its earnings results on Wednesday, October 29th. The company reported ($0.95) earnings per share for the quarter, missing the consensus estimate of ($0.88) by ($0.07). The business had revenue of $108.11 million during the quarter, compared to analyst estimates of $107.71 million. The company’s revenue for the quarter was up 4318.0% on a year-over-year basis. During the same period last year, the company earned ($0.86) EPS. As a group, equities analysts anticipate that BridgeBio Pharma will post -3.67 earnings per share for the current fiscal year.

Insider Activity at BridgeBio Pharma

In related news, Director Charles J. Homcy sold 50,000 shares of BridgeBio Pharma stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $48.00, for a total value of $2,400,000.00. Following the completion of the sale, the director directly owned 916,674 shares in the company, valued at $44,000,352. This trade represents a 5.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Neil Kumar sold 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $54.78, for a total transaction of $2,191,200.00. Following the transaction, the chief executive officer owned 855,686 shares in the company, valued at $46,874,479.08. The trade was a 4.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 489,746 shares of company stock valued at $28,130,511. Company insiders own 18.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BBIO. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of BridgeBio Pharma in the second quarter worth about $25,000. GAMMA Investing LLC lifted its holdings in BridgeBio Pharma by 71.0% in the first quarter. GAMMA Investing LLC now owns 920 shares of the company’s stock valued at $32,000 after acquiring an additional 382 shares during the period. Jones Financial Companies Lllp purchased a new stake in BridgeBio Pharma in the 1st quarter worth approximately $35,000. First Horizon Corp acquired a new stake in shares of BridgeBio Pharma during the 3rd quarter worth approximately $36,000. Finally, AlphaQuest LLC grew its stake in shares of BridgeBio Pharma by 254.3% during the 3rd quarter. AlphaQuest LLC now owns 815 shares of the company’s stock worth $42,000 after purchasing an additional 585 shares during the period. 99.85% of the stock is currently owned by institutional investors and hedge funds.

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.