Bank of America Forecasts Strong Price Appreciation for BridgeBio Pharma (NASDAQ:BBIO) Stock

BridgeBio Pharma (NASDAQ:BBIO) had its price objective raised by Bank of America from $42.00 to $45.00 in a research report report published on Monday,Benzinga reports. The brokerage currently has a buy rating on the stock.

BBIO has been the subject of several other research reports. Cantor Fitzgerald restated an “overweight” rating and issued a $70.00 price target on shares of BridgeBio Pharma in a research report on Monday, September 16th. HC Wainwright increased their target price on BridgeBio Pharma from $43.00 to $49.00 and gave the company a “buy” rating in a report on Monday. Leerink Partners lowered their price target on BridgeBio Pharma from $47.00 to $46.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. Piper Sandler started coverage on BridgeBio Pharma in a research note on Wednesday, September 4th. They issued an “overweight” rating and a $46.00 price objective for the company. Finally, Evercore ISI lowered their target price on BridgeBio Pharma from $50.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $48.43.

BridgeBio Pharma Trading Up 16.1 %

NASDAQ BBIO opened at $27.19 on Monday. BridgeBio Pharma has a 1 year low of $21.62 and a 1 year high of $44.32. The company has a market cap of $5.14 billion, a PE ratio of -11.28 and a beta of 1.09. The stock’s 50-day moving average price is $24.98 and its two-hundred day moving average price is $26.23.

Insider Buying and Selling

In related news, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of BridgeBio Pharma stock in a transaction on Friday, September 13th. The shares were sold at an average price of $25.75, for a total value of $149,350,000.00. Following the completion of the sale, the insider now owns 25,260,971 shares of the company’s stock, valued at approximately $650,470,003.25. The trade was a 18.67 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brian C. Stephenson sold 4,156 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $22.41, for a total transaction of $93,135.96. Following the transaction, the chief financial officer now directly owns 93,758 shares in the company, valued at $2,101,116.78. The trade was a 4.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,831,545 shares of company stock worth $150,056,923. Insiders own 24.66% of the company’s stock.

Institutional Investors Weigh In On BridgeBio Pharma

Several institutional investors and hedge funds have recently added to or reduced their stakes in BBIO. Bfsg LLC lifted its stake in shares of BridgeBio Pharma by 175.6% in the second quarter. Bfsg LLC now owns 1,240 shares of the company’s stock worth $31,000 after buying an additional 790 shares during the last quarter. Headlands Technologies LLC bought a new position in BridgeBio Pharma in the 2nd quarter worth $48,000. Values First Advisors Inc. acquired a new position in BridgeBio Pharma during the 3rd quarter worth $57,000. CWM LLC boosted its holdings in BridgeBio Pharma by 132.9% during the third quarter. CWM LLC now owns 3,442 shares of the company’s stock valued at $88,000 after acquiring an additional 1,964 shares during the period. Finally, Advisors Asset Management Inc. grew its position in shares of BridgeBio Pharma by 56.1% in the third quarter. Advisors Asset Management Inc. now owns 4,576 shares of the company’s stock valued at $117,000 after purchasing an additional 1,645 shares during the last quarter. 99.85% of the stock is currently 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.