BridgeBio Pharma (NASDAQ:BBIO) Price Target Raised to $104.00

BridgeBio Pharma (NASDAQ:BBIO) had its target price raised by Bank of America from $101.00 to $104.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Bank of America currently has a buy rating on the stock.

Several other equities research analysts also recently commented on BBIO. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $110.00 target price on shares of BridgeBio Pharma in a research note on Tuesday. Wells Fargo & Company boosted their price target on shares of BridgeBio Pharma from $98.00 to $102.00 and gave the company an “overweight” rating in a report on Tuesday. Piper Sandler upped their price objective on shares of BridgeBio Pharma from $111.00 to $115.00 and gave the company an “overweight” rating in a research report on Tuesday. Morgan Stanley lowered their price objective on shares of BridgeBio Pharma from $98.00 to $97.00 and set an “overweight” rating for the company in a research report on Tuesday. Finally, Raymond James Financial lowered BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 26th. Twenty analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $100.79.

BridgeBio Pharma Price Performance

Shares of BBIO stock opened at $81.21 on Tuesday. The stock has a market cap of $15.88 billion, a PE ratio of -22.75 and a beta of 0.96. The stock has a 50-day moving average of $77.11 and a 200-day moving average of $73.12. BridgeBio Pharma has a one year low of $46.81 and a one year high of $93.42.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.78) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.58) by ($0.20). The company had revenue of $243.68 million for the quarter, compared to analyst estimates of $220.91 million. During the same quarter last year, the company earned ($0.95) EPS. BridgeBio Pharma’s revenue for the quarter was up 120.4% compared to the same quarter last year. As a group, research analysts anticipate that BridgeBio Pharma will post -2.54 earnings per share for the current year.

Insider Activity

In other news, Director Jennifer E. Cook sold 148,589 shares of the stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $88.54, for a total transaction of $13,156,070.06. Following the completion of the sale, the director owned 8,383 shares of the company’s stock, valued at $742,230.82. This represents a 94.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Hannah Valantine sold 2,196 shares of the stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $68.57, for a total transaction of $150,579.72. Following the sale, the director directly owned 9,259 shares of the company’s stock, valued at $634,889.63. This represents a 19.17% 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 382,117 shares of company stock worth $29,263,200. Corporate insiders own 14.23% of the company’s stock.

Hedge Funds Weigh In On BridgeBio Pharma

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Silvant Capital Management LLC bought a new position in BridgeBio Pharma during the 2nd quarter worth about $28,000. Allworth Financial LP acquired a new stake in shares of BridgeBio Pharma in the 2nd quarter valued at about $31,000. Global Retirement Partners LLC lifted its holdings in shares of BridgeBio Pharma by 271.5% in the fourth quarter. Global Retirement Partners LLC now owns 509 shares of the company’s stock valued at $39,000 after purchasing an additional 372 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of BridgeBio Pharma by 91.4% in the fourth quarter. Farther Finance Advisors LLC now owns 513 shares of the company’s stock valued at $39,000 after purchasing an additional 245 shares in the last quarter. Finally, Kemnay Advisory Services Inc. acquired a new position in shares of BridgeBio Pharma during the fourth quarter worth about $41,000. 99.85% of the stock is owned by institutional investors and hedge funds.

More BridgeBio Pharma News

Here are the key news stories impacting BridgeBio Pharma this week:

• Positive Sentiment: Analysts continued to raise their valuation expectations. JPMorgan increased its price target to $111 from $100 and maintained an “overweight” rating; TD Cowen lifted its target to $110; Truist raised its target to $107 and Canaccord Genuity increased its target to $106, with both firms maintaining “buy” ratings. Benzinga analyst updates
• Positive Sentiment: Wells Fargo and Piper Sandler analysts reportedly expect BBIO shares to rise, reinforcing the constructive Wall Street view. Wells Fargo forecast Piper Sandler forecast
• Positive Sentiment: Q2 earnings-call highlights pointed to strong commercial momentum for Attruby, with sales reportedly surging 211%, while BridgeBio continues advancing its development pipeline. BridgeBio Q2 earnings call highlights
• Neutral Sentiment: Morgan Stanley issued a more pessimistic forecast, providing a counterpoint to the cluster of bullish analyst target increases. Morgan Stanley forecast
• Negative Sentiment: KKR Genetic Disorder L.P. launched a secondary offering of 5 million BBIO shares. BridgeBio is not selling stock and will receive no proceeds, so the transaction is not directly dilutive; however, the additional shares available for trading may weigh on the stock through increased supply and investor concerns about insider or sponsor selling. BridgeBio secondary offering announcement

BridgeBio Pharma Company Profile

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.