BridgeBio Pharma (NASDAQ:BBIO) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

BridgeBio Pharma (NASDAQ:BBIO) had its price target boosted by analysts at JPMorgan Chase & Co. from $55.00 to $70.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 35.06% from the stock’s current price.

A number of other research firms have also weighed in on BBIO. Piper Sandler lifted their price objective on BridgeBio Pharma from $63.00 to $68.00 and gave the company an “overweight” rating in a research note on Monday, July 14th. Scotiabank lifted their price target on BridgeBio Pharma from $55.00 to $57.00 and gave the company a “sector outperform” rating in a research report on Wednesday, August 6th. Raymond James Financial initiated coverage on BridgeBio Pharma in a research report on Wednesday, July 30th. They issued an “outperform” rating and a $56.00 price objective on the stock. Wolfe Research started coverage on shares of BridgeBio Pharma in a research note on Tuesday, June 17th. They set an “outperform” rating and a $49.00 price objective on the stock. Finally, Jefferies Financial Group started coverage on shares of BridgeBio Pharma in a research note on Monday, July 14th. They issued a “buy” rating and a $70.00 target price for the company. Seventeen research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, BridgeBio Pharma has an average rating of “Buy” and an average price target of $63.35.

BridgeBio Pharma Trading Down 0.0%

BBIO opened at $51.83 on Wednesday. BridgeBio Pharma has a 12-month low of $21.72 and a 12-month high of $52.85. The firm has a 50 day moving average of $47.40 and a two-hundred day moving average of $39.57. The firm has a market capitalization of $9.91 billion, a PE ratio of -12.67 and a beta of 1.25.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings data on Tuesday, August 5th. The company reported ($0.95) EPS for the quarter, missing the consensus estimate of ($0.83) by ($0.12). The firm had revenue of $110.57 million for the quarter, compared to analyst estimates of $98.46 million. BridgeBio Pharma’s revenue was up 4999.9% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.39) earnings per share. As a group, analysts predict that BridgeBio Pharma will post -3.67 EPS for the current fiscal year.

Insider Activity

In other news, CEO Neil Kumar sold 40,000 shares of the business’s stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $45.45, for a total transaction of $1,818,000.00. Following the transaction, the chief executive officer directly owned 935,686 shares in the company, valued at $42,526,928.70. The trade was a 4.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Global Investors Lp Viking sold 3,500,000 shares of the company’s stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $44.00, for a total value of $154,000,000.00. Following the completion of the sale, the insider owned 18,555,375 shares of the company’s stock, valued at $816,436,500. This trade represents a 15.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,092,912 shares of company stock valued at $181,359,210 in the last ninety days. 18.20% of the stock is currently owned by corporate insiders.

Institutional Trading of BridgeBio Pharma

Large investors have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. boosted its position in shares of BridgeBio Pharma by 218.3% during the 2nd quarter. Osaic Holdings Inc. now owns 4,167 shares of the company’s stock valued at $179,000 after acquiring an additional 2,858 shares during the last quarter. Marex Group plc purchased a new position in BridgeBio Pharma during the second quarter worth about $273,000. Tower Research Capital LLC TRC boosted its holdings in BridgeBio Pharma by 71.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 12,876 shares of the company’s stock valued at $556,000 after purchasing an additional 5,373 shares during the last quarter. Corient Private Wealth LLC purchased a new stake in shares of BridgeBio Pharma in the 2nd quarter valued at approximately $647,000. Finally, E Fund Management Co. Ltd. increased its holdings in shares of BridgeBio Pharma by 16.3% during the 2nd quarter. E Fund Management Co. Ltd. now owns 21,965 shares of the company’s stock worth $948,000 after buying an additional 3,075 shares during the last quarter. 99.85% of the stock is currently owned by hedge funds and other 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.