BridgeBio Pharma (NASDAQ:BBIO) Stock Price Expected to Rise, Piper Sandler Analyst Says

BridgeBio Pharma (NASDAQ:BBIO) had its target price increased by research analysts at Piper Sandler from $63.00 to $68.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price target suggests a potential upside of 44.77% from the stock’s previous close.

Several other research analysts have also recently weighed in on the stock. Wolfe Research assumed coverage on shares of BridgeBio Pharma in a report on Tuesday, June 17th. They issued an “outperform” rating and a $49.00 price target on the stock. Scotiabank lifted their price target on shares of BridgeBio Pharma from $52.00 to $55.00 and gave the company a “sector outperform” rating in a research report on Wednesday, April 30th. Wells Fargo & Company lifted their price target on shares of BridgeBio Pharma from $67.00 to $76.00 and gave the company an “overweight” rating in a research report on Monday, June 30th. Citigroup lifted their price target on shares of BridgeBio Pharma from $58.00 to $67.00 and gave the company a “buy” rating in a research report on Friday, July 11th. Finally, Redburn Atlantic began coverage on shares of BridgeBio Pharma in a research report on Monday, March 31st. They issued a “buy” rating and a $50.00 price target for the company. One equities research analyst has rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, BridgeBio Pharma has a consensus rating of “Moderate Buy” and a consensus target price of $61.20.

BridgeBio Pharma Stock Down 1.5%

BridgeBio Pharma stock opened at $46.97 on Monday. The stock has a market cap of $8.92 billion, a P/E ratio of -13.31 and a beta of 1.15. BridgeBio Pharma has a twelve month low of $21.72 and a twelve month high of $48.68. The company’s 50-day moving average price is $39.08 and its two-hundred day moving average price is $35.57.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings results on Tuesday, April 29th. The company reported ($0.88) earnings per share 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 the consensus estimate of $57.14 million. The firm’s revenue was down 44.8% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.20) earnings per share. Equities analysts anticipate that BridgeBio Pharma will post -3.67 earnings per share for the current fiscal year.

Insider Buying and Selling at BridgeBio Pharma

In other BridgeBio Pharma news, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the company’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $34.20, for a total transaction of $205,200,000.00. Following the sale, the insider owned 13,260,971 shares of the company’s stock, valued at approximately $453,525,208.20. This represents a 31.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Frank Mccormick sold 100,000 shares of the stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $44.23, for a total transaction of $4,423,000.00. Following the transaction, the director directly owned 879,979 shares in the company, valued at $38,921,471.17. This trade represents a 10.20% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,926,181 shares of company stock valued at $375,528,164. 18.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On BridgeBio Pharma

Institutional investors and hedge funds have recently made changes to their positions in the stock. Capital Research Global Investors boosted its position in shares of BridgeBio Pharma by 34.9% during the 4th quarter. Capital Research Global Investors now owns 3,526,747 shares of the company’s stock worth $96,774,000 after purchasing an additional 912,439 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in BridgeBio Pharma by 29.4% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 30,802 shares of the company’s stock valued at $1,065,000 after acquiring an additional 6,997 shares in the last quarter. GAMMA Investing LLC lifted its position in BridgeBio Pharma by 71.0% in the 1st quarter. GAMMA Investing LLC now owns 920 shares of the company’s stock valued at $32,000 after acquiring an additional 382 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in BridgeBio Pharma in the 1st quarter valued at about $251,000. Finally, Teacher Retirement System of Texas lifted its position in BridgeBio Pharma by 28.6% in the 4th quarter. Teacher Retirement System of Texas now owns 36,208 shares of the company’s stock valued at $994,000 after acquiring an additional 8,048 shares in the last quarter. Institutional investors own 99.85% of the company’s stock.

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.