Wells Fargo & Company Forecasts Strong Price Appreciation for BridgeBio Pharma (NASDAQ:BBIO) Stock

BridgeBio Pharma (NASDAQ:BBIO) had its price target raised by research analysts at Wells Fargo & Company from $76.00 to $84.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 26.85% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. Truist Financial reaffirmed a “buy” rating and set a $80.00 target price (up previously from $66.00) on shares of BridgeBio Pharma in a research report on Thursday, October 30th. JPMorgan Chase & Co. lifted their price objective on shares of BridgeBio Pharma from $76.00 to $77.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. UBS Group upped their target price on shares of BridgeBio Pharma from $72.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, September 12th. Wall Street Zen raised shares of BridgeBio Pharma from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Finally, Evercore ISI restated an “outperform” rating on shares of BridgeBio Pharma in a report on Monday, October 27th. Twenty investment 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, BridgeBio Pharma presently has a consensus rating of “Moderate Buy” and a consensus target price of $74.37.

BridgeBio Pharma Price Performance

Shares of NASDAQ BBIO opened at $66.22 on Tuesday. The company has a 50-day moving average price of $55.96 and a 200-day moving average price of $47.22. The stock has a market capitalization of $12.76 billion, a P/E ratio of -15.84 and a beta of 1.39. BridgeBio Pharma has a 1 year low of $21.72 and a 1 year high of $69.48.

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

Insider Transactions at BridgeBio Pharma

In other news, Director Frank Mccormick sold 198,359 shares of the company’s stock in a transaction 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 transaction, the director owned 679,979 shares of the company’s stock, valued at $45,273,001.82. This represents a 22.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ronald J. Daniels sold 61,031 shares of the stock in a transaction 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 transaction, the director owned 16,991 shares of the company’s stock, valued at $1,082,666.52. The trade was a 78.22% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 540,777 shares of company stock valued at $32,145,406. Corporate insiders own 18.20% of the company’s stock.

Institutional Trading of BridgeBio Pharma

Hedge funds and other institutional investors have recently modified their holdings of the business. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in BridgeBio Pharma in the 2nd quarter worth approximately $25,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of BridgeBio Pharma during the third quarter worth $31,000. Jones Financial Companies Lllp purchased a new stake in shares of BridgeBio Pharma during the first quarter worth $35,000. First Horizon Corp bought a new position in shares of BridgeBio Pharma in the third quarter worth $36,000. Finally, Huntington National Bank grew its position in shares of BridgeBio Pharma by 111.7% in the third quarter. Huntington National Bank now owns 743 shares of the company’s stock valued at $39,000 after purchasing an additional 392 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.