BridgeBio Pharma (NASDAQ:BBIO) Price Target Raised to $48.00

BridgeBio Pharma (NASDAQ:BBIO) had its price target hoisted by Scotiabank from $45.00 to $48.00 in a research report released on Monday,Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

BBIO has been the topic of several other reports. Evercore ISI cut their target price on shares of BridgeBio Pharma from $50.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Cantor Fitzgerald reiterated an “overweight” rating and set a $70.00 price target on shares of BridgeBio Pharma in a report on Monday, September 16th. Bank of America increased their price objective on BridgeBio Pharma from $42.00 to $45.00 and gave the company a “buy” rating in a report on Monday. Oppenheimer assumed coverage on BridgeBio Pharma in a report on Thursday, October 3rd. They set a “market perform” rating on the stock. Finally, HC Wainwright increased their price target on BridgeBio Pharma from $43.00 to $49.00 and gave the company a “buy” rating in a research note on Monday. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $48.43.

BridgeBio Pharma Trading Up 4.0 %

BridgeBio Pharma stock opened at $27.49 on Monday. The company has a market capitalization of $5.20 billion, a PE ratio of -11.41 and a beta of 1.09. The stock has a 50-day moving average price of $25.01 and a two-hundred day moving average price of $26.22. BridgeBio Pharma has a 12 month low of $21.62 and a 12 month high of $44.32.

Insider Buying and Selling

In other news, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $25.75, for a total transaction of $149,350,000.00. Following the transaction, the insider now directly owns 25,260,971 shares of the company’s stock, valued at $650,470,003.25. This represents a 18.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Neil Kumar sold 27,389 shares of BridgeBio Pharma stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $22.41, for a total transaction of $613,787.49. Following the completion of the sale, the chief executive officer now directly owns 4,897,443 shares of the company’s stock, valued at approximately $109,751,697.63. The trade was a 0.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,831,545 shares of company stock valued at $150,056,923 over the last ninety days. 24.66% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Janus Henderson Group PLC raised its holdings in shares of BridgeBio Pharma by 189.7% in the 1st quarter. Janus Henderson Group PLC now owns 3,312,706 shares of the company’s stock worth $102,402,000 after acquiring an additional 2,169,143 shares during the last quarter. Ensign Peak Advisors Inc lifted its holdings in shares of BridgeBio Pharma by 44.5% in the second quarter. Ensign Peak Advisors Inc now owns 1,646,202 shares of the company’s stock valued at $41,698,000 after purchasing an additional 506,845 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of BridgeBio Pharma by 40.5% during the second quarter. The Manufacturers Life Insurance Company now owns 1,534,972 shares of the company’s stock valued at $38,881,000 after buying an additional 442,248 shares during the last quarter. Emerald Advisers LLC grew its holdings in BridgeBio Pharma by 65.6% during the third quarter. Emerald Advisers LLC now owns 1,103,508 shares of the company’s stock worth $28,095,000 after buying an additional 437,164 shares in the last quarter. Finally, First Turn Management LLC purchased a new stake in BridgeBio Pharma in the 3rd quarter valued at $10,178,000. 99.85% of the stock is owned by institutional investors.

BridgeBio Pharma Company Profile

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.