HC Wainwright Boosts BridgeBio Pharma (NASDAQ:BBIO) Price Target to $80.00

BridgeBio Pharma (NASDAQ:BBIO) had its target price increased by equities researchers at HC Wainwright from $70.00 to $80.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price objective would suggest a potential upside of 24.03% from the company’s previous close.

Several other research firms have also recently issued reports on BBIO. Piper Sandler upped their target price on shares of BridgeBio Pharma from $63.00 to $68.00 and gave the company an “overweight” rating in a research note on Monday, July 14th. UBS Group upped their target price on shares of BridgeBio Pharma from $72.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, September 12th. Wells Fargo & Company upped 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. Oppenheimer upped their price target on shares of BridgeBio Pharma from $60.00 to $61.00 and gave the company an “outperform” rating in a research report on Wednesday, August 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BridgeBio Pharma in a research report on Wednesday, October 8th. Seventeen investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $66.00.

BridgeBio Pharma Price Performance

Shares of BridgeBio Pharma stock opened at $64.50 on Monday. BridgeBio Pharma has a 1 year low of $21.72 and a 1 year high of $65.00. The firm’s 50-day moving average is $53.02 and its 200 day moving average is $44.99. The stock has a market cap of $12.33 billion, a price-to-earnings ratio of -15.77 and a beta of 1.36.

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

Insider Buying and Selling

In related news, Director Charles J. Homcy sold 50,000 shares of the stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $48.00, for a total value of $2,400,000.00. Following the completion of the sale, the director directly owned 916,674 shares of the company’s stock, valued at approximately $44,000,352. This represents a 5.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Thomas Trimarchi sold 42,237 shares of the stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $49.48, for a total transaction of $2,089,886.76. Following the completion of the sale, the chief financial officer directly owned 421,081 shares of the company’s stock, valued at $20,835,087.88. This represents a 9.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 597,913 shares of company stock worth $29,034,227 in the last ninety days. Corporate insiders own 18.20% of the company’s stock.

Institutional Investors Weigh In On BridgeBio Pharma

Hedge funds and other institutional investors 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 worth approximately $25,000. First Horizon Corp purchased a new stake in BridgeBio Pharma in the 3rd quarter worth approximately $36,000. GAMMA Investing LLC boosted its stake in BridgeBio Pharma by 71.0% in the 1st quarter. GAMMA Investing LLC now owns 920 shares of the company’s stock worth $32,000 after purchasing an additional 382 shares during the period. Jones Financial Companies Lllp bought a new position in BridgeBio Pharma in the 1st quarter worth approximately $35,000. Finally, Steward Partners Investment Advisory LLC boosted its stake 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 worth $54,000 after purchasing an additional 228 shares during the period. 99.85% of the stock is 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.