Raymond James Financial Boosts BridgeBio Pharma (NASDAQ:BBIO) Price Target to $59.00

BridgeBio Pharma (NASDAQ:BBIO) had its price objective increased by stock analysts at Raymond James Financial from $56.00 to $59.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Raymond James Financial’s price objective would indicate a potential upside of 10.82% from the stock’s current price.

A number of other equities research analysts have also commented on BBIO. Oppenheimer upped their target price on BridgeBio Pharma from $60.00 to $61.00 and gave the company an “outperform” rating in a research report on Wednesday, August 6th. Wells Fargo & Company upped their target price on BridgeBio Pharma from $67.00 to $76.00 and gave the company an “overweight” rating in a research report on Monday, June 30th. Jefferies Financial Group assumed coverage on BridgeBio Pharma in a research report on Monday, July 14th. They issued a “buy” rating and a $70.00 target price on the stock. Scotiabank upped their target price 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. Finally, Truist Financial assumed coverage on BridgeBio Pharma in a research report on Monday, July 21st. They issued a “buy” rating and a $66.00 target price on the stock. Sixteen equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $65.25.

BridgeBio Pharma Stock Performance

Shares of BBIO stock opened at $53.24 on Tuesday. BridgeBio Pharma has a fifty-two week low of $21.72 and a fifty-two week high of $57.49. The firm has a market capitalization of $10.18 billion, a price-to-earnings ratio of -13.02 and a beta of 1.36. The stock’s 50-day simple moving average is $52.31 and its 200-day simple moving average is $44.04.

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

Insider Buying and Selling at BridgeBio Pharma

In other news, CEO Neil Kumar sold 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $54.78, for a total transaction of $2,191,200.00. Following the completion of the transaction, the chief executive officer directly owned 855,686 shares of the company’s stock, valued at $46,874,479.08. This represents a 4.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Andrea Ellis sold 17,167 shares of the stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $49.00, for a total value of $841,183.00. Following the completion of the transaction, the director directly owned 18,589 shares of the company’s stock, valued at approximately $910,861. This represents a 48.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 597,913 shares of company stock worth $29,034,227. 18.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in BridgeBio Pharma in the 2nd quarter valued at $25,000. GAMMA Investing LLC raised 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 purchasing an additional 382 shares in the last quarter. Jones Financial Companies Lllp acquired a new stake in BridgeBio Pharma in the 1st quarter valued at about $35,000. Steward Partners Investment Advisory LLC raised its position in BridgeBio Pharma by 22.3% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 1,250 shares of the company’s stock valued at $54,000 after purchasing an additional 228 shares in the last quarter. Finally, GF Fund Management CO. LTD. raised its position in BridgeBio Pharma by 22.0% in the 1st quarter. GF Fund Management CO. LTD. now owns 4,839 shares of the company’s stock valued at $167,000 after purchasing an additional 871 shares in the last quarter. 99.85% of the stock is owned by institutional investors and hedge funds.

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.