BridgeBio Pharma (NASDAQ:BBIO) Price Target Raised to $45.00

BridgeBio Pharma (NASDAQ:BBIO) had its target price upped by Scotiabank from $44.00 to $45.00 in a research note published on Friday,Benzinga reports. The brokerage currently has a sector outperform rating on the stock.

BBIO has been the subject of a number of other research reports. JPMorgan Chase & Co. cut their price objective on shares of BridgeBio Pharma from $46.00 to $43.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Bank of America restated a “buy” rating and issued a $42.00 price objective on shares of BridgeBio Pharma in a research report on Wednesday, September 11th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $70.00 price objective on shares of BridgeBio Pharma in a report on Monday, September 16th. Evercore ISI reduced their price target on BridgeBio Pharma from $50.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Finally, Oppenheimer started coverage on BridgeBio Pharma in a research note on Thursday, October 3rd. They issued a “market perform” rating on the stock. Two analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $47.57.

BridgeBio Pharma Trading Down 1.6 %

NASDAQ:BBIO opened at $23.72 on Friday. BridgeBio Pharma has a 12-month low of $21.62 and a 12-month high of $44.32. The stock’s 50 day simple moving average is $25.50 and its 200-day simple moving average is $26.41. The firm has a market cap of $4.48 billion, a P/E ratio of -9.84 and a beta of 1.09.

Insider Buying and Selling at BridgeBio Pharma

In other BridgeBio Pharma news, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $25.75, for a total transaction of $149,350,000.00. Following the completion of the transaction, the insider now owns 25,260,971 shares of the company’s stock, valued at approximately $650,470,003.25. This trade represents a 18.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 24.66% of the stock is currently owned by insiders.

Institutional Investors Weigh In On BridgeBio Pharma

Several hedge funds have recently modified their holdings of BBIO. Price T Rowe Associates Inc. MD lifted its stake in shares of BridgeBio Pharma by 22.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 803,956 shares of the company’s stock worth $24,859,000 after purchasing an additional 145,594 shares during the period. Vanguard Group Inc. grew its holdings in BridgeBio Pharma by 3.3% in the 1st quarter. Vanguard Group Inc. now owns 13,222,126 shares of the company’s stock valued at $408,828,000 after buying an additional 421,832 shares during the period. Comerica Bank grew its holdings in BridgeBio Pharma by 3,013.5% in the 1st quarter. Comerica Bank now owns 38,514 shares of the company’s stock valued at $1,191,000 after buying an additional 37,277 shares during the period. Swiss National Bank increased its stake in shares of BridgeBio Pharma by 17.0% during the 1st quarter. Swiss National Bank now owns 206,000 shares of the company’s stock valued at $6,370,000 after acquiring an additional 29,900 shares during the last quarter. Finally, Frazier Life Sciences Management L.P. lifted its holdings in shares of BridgeBio Pharma by 6.4% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 3,632,604 shares of the company’s stock worth $92,014,000 after acquiring an additional 217,000 shares during the period. 99.85% of the stock is owned by institutional investors and hedge funds.

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.