Evercore ISI Forecasts Strong Price Appreciation for BridgeBio Pharma (NASDAQ:BBIO) Stock

BridgeBio Pharma (NASDAQ:BBIO) had its target price hoisted by equities researchers at Evercore ISI from $45.00 to $50.00 in a report released on Monday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Evercore ISI’s price objective indicates a potential upside of 75.25% from the stock’s previous close.

Several other equities research analysts also recently commented on the company. Leerink Partners dropped their target price on BridgeBio Pharma from $47.00 to $46.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. Scotiabank upped their price target on BridgeBio Pharma from $45.00 to $48.00 and gave the company a “sector outperform” rating in a report on Monday, November 25th. HC Wainwright restated a “buy” rating and issued a $49.00 target price on shares of BridgeBio Pharma in a report on Monday, December 16th. Oppenheimer initiated coverage on BridgeBio Pharma in a report on Thursday, October 3rd. They set a “market perform” rating on the stock. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $70.00 price objective on shares of BridgeBio Pharma in a report on Monday, September 16th. Two analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $48.08.

BridgeBio Pharma Stock Performance

BBIO stock opened at $28.53 on Monday. The firm has a 50 day moving average price of $25.83 and a 200-day moving average price of $26.06. BridgeBio Pharma has a 52-week low of $21.62 and a 52-week high of $44.32. The firm has a market capitalization of $5.39 billion, a price-to-earnings ratio of -11.84 and a beta of 1.08.

Insider Activity

In related news, CEO Neil Kumar sold 27,389 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $22.41, for a total transaction of $613,787.49. Following the transaction, the chief executive officer now directly owns 4,897,443 shares in the company, valued at approximately $109,751,697.63. This represents a 0.56 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Brian C. Stephenson sold 4,156 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $22.41, for a total transaction of $93,135.96. Following the completion of the transaction, the chief financial officer now directly owns 93,758 shares in the company, valued at $2,101,116.78. This represents a 4.24 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 24.66% of the company’s stock.

Hedge Funds Weigh In On BridgeBio Pharma

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. raised its position in shares of BridgeBio Pharma by 1.8% in the 3rd quarter. Principal Financial Group Inc. now owns 1,145,123 shares of the company’s stock valued at $29,155,000 after purchasing an additional 19,978 shares during the last quarter. Exome Asset Management LLC boosted its position in BridgeBio Pharma by 167.4% in the third quarter. Exome Asset Management LLC now owns 211,000 shares of the company’s stock valued at $5,372,000 after buying an additional 132,093 shares during the last quarter. Geode Capital Management LLC boosted its position in BridgeBio Pharma by 3.8% in the third quarter. Geode Capital Management LLC now owns 3,413,949 shares of the company’s stock valued at $86,936,000 after buying an additional 123,540 shares during the last quarter. Frazier Life Sciences Management L.P. increased its holdings in BridgeBio Pharma by 3.5% in the 3rd quarter. Frazier Life Sciences Management L.P. now owns 3,760,457 shares of the company’s stock worth $95,741,000 after buying an additional 127,853 shares during the period. Finally, Barclays PLC lifted its stake in BridgeBio Pharma by 31.9% during the 3rd quarter. Barclays PLC now owns 545,008 shares of the company’s stock valued at $13,876,000 after acquiring an additional 131,743 shares during the period. Hedge funds and other 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.