BridgeBio Pharma (NASDAQ:BBIO) Price Target Raised to $77.00

BridgeBio Pharma (NASDAQ:BBIO) had its price objective lifted by JPMorgan Chase & Co. from $76.00 to $77.00 in a research report report published on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other research firms have also recently weighed in on BBIO. Raymond James Financial reaffirmed an “outperform” rating and set a $71.00 price objective (up from $69.00) on shares of BridgeBio Pharma in a research report on Thursday, October 30th. TD Cowen upped their price target on BridgeBio Pharma from $60.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. Citigroup lifted their price objective 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. Leerink Partners set a $68.00 price objective on shares of BridgeBio Pharma and gave the company an “outperform” rating in a research note on Monday, October 27th. Finally, UBS Group upped their price objective on shares of BridgeBio Pharma from $72.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, September 12th. Twenty research 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 company presently has a consensus rating of “Moderate Buy” and a consensus price target of $73.95.

BridgeBio Pharma Price Performance

Shares of NASDAQ:BBIO opened at $61.80 on Friday. BridgeBio Pharma has a 1-year low of $21.72 and a 1-year high of $69.48. The stock has a market cap of $11.91 billion, a P/E ratio of -14.78 and a beta of 1.39. The firm has a fifty day moving average price of $55.12 and a 200 day moving average price of $46.68.

BridgeBio Pharma (NASDAQ:BBIO) last announced its earnings results on Wednesday, October 29th. The company reported ($0.95) EPS for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.07). The firm had revenue of $108.11 million for the quarter, compared to analyst estimates of $107.71 million. During the same period last year, the firm earned ($0.86) earnings per share. The business’s revenue was up 4318.0% on a year-over-year basis. Sell-side analysts expect that BridgeBio Pharma will post -3.67 EPS for the current fiscal year.

Insider Activity at BridgeBio Pharma

In other news, Director Frank Mccormick sold 198,359 shares of the business’s stock in a transaction that occurred on Wednesday, October 29th. The stock was sold at an average price of $66.58, for a total transaction of $13,206,742.22. Following the sale, the director owned 679,979 shares of the company’s stock, valued at $45,273,001.82. The trade was a 22.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ronald J. Daniels sold 61,031 shares of the company’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $63.72, for a total value of $3,888,895.32. Following the completion of the sale, the director owned 16,991 shares in the company, valued at approximately $1,082,666.52. This represents a 78.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 500,777 shares of company stock valued at $29,619,406. 18.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in BBIO. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in BridgeBio Pharma in the 2nd quarter valued at about $25,000. GAMMA Investing LLC lifted its holdings in shares of BridgeBio Pharma by 71.0% in the first 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 shares of BridgeBio Pharma in the first quarter valued at approximately $35,000. First Horizon Corp purchased a new position in shares of BridgeBio Pharma during the 3rd quarter worth approximately $36,000. Finally, AlphaQuest LLC increased its stake in shares of BridgeBio Pharma by 254.3% during the 3rd quarter. AlphaQuest LLC now owns 815 shares of the company’s stock worth $42,000 after purchasing an additional 585 shares in the last quarter. Institutional investors and hedge funds own 99.85% of the company’s stock.

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.