BridgeBio Pharma (NASDAQ:BBIO) Shares Up 8.9% Following Analyst Upgrade

BridgeBio Pharma, Inc. (NASDAQ:BBIO)’s stock price rose 8.9% during mid-day trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $44.00 to $50.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. BridgeBio Pharma traded as high as $37.59 and last traded at $37.87. Approximately 2,474,155 shares traded hands during trading, an increase of 16% from the average daily volume of 2,129,295 shares. The stock had previously closed at $34.77.

Several other equities analysts also recently weighed in on BBIO. Bank of America raised their target price on BridgeBio Pharma from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Scotiabank raised their target price on shares of BridgeBio Pharma from $49.00 to $52.00 and gave the stock a “sector outperform” rating in a research note on Friday, February 21st. Evercore ISI boosted their price objective on BridgeBio Pharma from $45.00 to $50.00 and gave the stock an “outperform” rating in a research note on Monday, December 23rd. HC Wainwright restated a “buy” rating and issued a $49.00 target price on shares of BridgeBio Pharma in a report on Thursday, February 13th. Finally, Citigroup lifted their price target on BridgeBio Pharma from $45.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, February 21st. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $52.90.

Insider Buying and Selling at BridgeBio Pharma

In related news, CFO Brian C. Stephenson sold 68,000 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $36.29, for a total value of $2,467,720.00. Following the sale, the chief financial officer now owns 93,758 shares in the company, valued at approximately $3,402,477.82. The trade was a 42.04 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Neil Kumar sold 326,932 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $36.29, for a total value of $11,864,362.28. Following the transaction, the chief executive officer now owns 5,371,515 shares of the company’s stock, valued at $194,932,279.35. This trade represents a 5.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,579,739 shares of company stock valued at $323,171,901 over the last 90 days. 24.66% of the stock is owned by insiders.

Institutional Trading of BridgeBio Pharma

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Steward Partners Investment Advisory LLC grew its holdings in shares of BridgeBio Pharma by 85.8% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,022 shares of the company’s stock valued at $28,000 after purchasing an additional 472 shares in the last quarter. Itau Unibanco Holding S.A. purchased a new position in BridgeBio Pharma in the 4th quarter valued at approximately $41,000. Sterling Capital Management LLC grew its stake in shares of BridgeBio Pharma by 554.6% in the fourth quarter. Sterling Capital Management LLC now owns 1,787 shares of the company’s stock worth $49,000 after acquiring an additional 1,514 shares in the last quarter. GF Fund Management CO. LTD. purchased a new stake in shares of BridgeBio Pharma during the fourth quarter worth $109,000. Finally, Advisors Asset Management Inc. raised its stake 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 acquiring an additional 1,645 shares in the last quarter. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

BridgeBio Pharma Stock Down 1.3 %

The stock has a market capitalization of $6.99 billion, a PE ratio of -12.89 and a beta of 1.07. The stock has a fifty day moving average of $34.17 and a 200-day moving average of $29.16.

BridgeBio Pharma (NASDAQ:BBIO) last posted its quarterly earnings results on Thursday, February 20th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.09) by ($0.22). The business had revenue of $5.88 million during the quarter, compared to the consensus estimate of $4.04 million. Equities research analysts expect that BridgeBio Pharma, Inc. will post -3.67 EPS for the current year.

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.