Scotiabank Issues Positive Forecast for BridgeBio Pharma (NASDAQ:BBIO) Stock Price

BridgeBio Pharma (NASDAQ:BBIO) had its price objective hoisted by investment analysts at Scotiabank from $44.00 to $45.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s target price would suggest a potential upside of 92.72% from the company’s previous close.

Several other brokerages have also recently issued reports on BBIO. Leerink Partners dropped their price target on BridgeBio Pharma from $47.00 to $46.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. JPMorgan Chase & Co. lowered their price objective on shares of BridgeBio Pharma from $46.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Evercore ISI cut their price objective on shares of BridgeBio Pharma from $50.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Oppenheimer started coverage on shares of BridgeBio Pharma in a report on Thursday, October 3rd. They issued a “market perform” rating on the stock. Finally, Bank of America reissued a “buy” rating and set a $42.00 price target on shares of BridgeBio Pharma in a report on Wednesday, September 11th. Two investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $47.57.

BridgeBio Pharma Stock Performance

BridgeBio Pharma stock traded down $0.76 during midday trading on Friday, hitting $23.35. 755,808 shares of the company’s stock were exchanged, compared to its average volume of 1,838,081. The firm’s 50 day simple moving average is $25.64 and its 200 day simple moving average is $26.42. BridgeBio Pharma has a 12-month low of $21.62 and a 12-month high of $44.32. The stock has a market cap of $4.41 billion, a price-to-earnings ratio of -9.63 and a beta of 1.09.

Insider Activity

In related news, CFO Brian C. Stephenson sold 4,155 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $24.69, for a total value of $102,586.95. Following the sale, the chief financial officer now owns 85,192 shares of the company’s stock, valued at approximately $2,103,390.48. This represents a 4.65 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $25.75, for a total value of $149,350,000.00. Following the sale, the insider now owns 25,260,971 shares in the company, valued at approximately $650,470,003.25. This trade represents a 18.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,831,544 shares of company stock worth $150,128,821 over the last 90 days. 24.66% of the stock is currently owned by corporate insiders.

Institutional Trading of BridgeBio Pharma

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Bfsg LLC increased its stake in shares of BridgeBio Pharma by 175.6% during the 2nd quarter. Bfsg LLC now owns 1,240 shares of the company’s stock valued at $31,000 after acquiring an additional 790 shares during the last quarter. Headlands Technologies LLC purchased a new position in BridgeBio Pharma during the second quarter worth approximately $48,000. Values First Advisors Inc. acquired a new position in shares of BridgeBio Pharma in the 3rd quarter valued at $57,000. CWM LLC increased its holdings in shares of BridgeBio Pharma by 132.9% during the 3rd quarter. CWM LLC now owns 3,442 shares of the company’s stock worth $88,000 after buying an additional 1,964 shares during the last quarter. Finally, EntryPoint Capital LLC purchased a new position in shares of BridgeBio Pharma in the 1st quarter worth $117,000. 99.85% of the stock is owned by hedge funds and other 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.