BridgeBio Pharma (NASDAQ:BBIO) Given New $45.00 Price Target at Bank of America

BridgeBio Pharma (NASDAQ:BBIO) had its target price increased by Bank of America from $42.00 to $45.00 in a report released on Monday,Benzinga reports. Bank of America currently has a buy rating on the stock.

Several other equities research analysts also recently weighed in on BBIO. Piper Sandler started coverage on shares of BridgeBio Pharma in a research report on Wednesday, September 4th. They issued an “overweight” rating and a $46.00 target price for the company. HC Wainwright boosted their price objective on BridgeBio Pharma from $43.00 to $49.00 and gave the company a “buy” rating in a report on Monday. Evercore ISI reduced their target price on BridgeBio Pharma from $50.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Leerink Partners lowered their price target on BridgeBio Pharma from $47.00 to $46.00 and set an “outperform” rating for the company in a report on Thursday, October 17th. Finally, JPMorgan Chase & Co. dropped their price target on BridgeBio Pharma from $46.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $48.43.

BridgeBio Pharma Trading Up 16.1 %

BridgeBio Pharma stock opened at $27.19 on Monday. The stock has a 50 day moving average of $24.98 and a 200-day moving average of $26.23. The stock has a market cap of $5.14 billion, a P/E ratio of -11.28 and a beta of 1.09. BridgeBio Pharma has a 52 week low of $21.62 and a 52 week high of $44.32.

Insider Activity at BridgeBio Pharma

In related news, CFO Brian C. Stephenson sold 4,156 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $22.41, for a total value of $93,135.96. Following the completion of the transaction, the chief financial officer now owns 93,758 shares in the company, valued at $2,101,116.78. This represents a 4.24 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Neil Kumar sold 27,389 shares of the business’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 $613,787.49. Following the sale, the chief executive officer now owns 4,897,443 shares in the company, valued at $109,751,697.63. This trade represents a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,831,545 shares of company stock worth $150,056,923 in the last three months. 24.66% of the stock is owned by company insiders.

Hedge Funds Weigh In On BridgeBio Pharma

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BBIO. Price T Rowe Associates Inc. MD lifted its holdings in shares of BridgeBio Pharma by 22.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 803,956 shares of the company’s stock valued at $24,859,000 after buying an additional 145,594 shares during the period. First Turn Management LLC acquired a new stake in BridgeBio Pharma in the 3rd quarter valued at about $10,178,000. Jennison Associates LLC bought a new position in shares of BridgeBio Pharma during the 3rd quarter valued at about $767,000. Comerica Bank grew its stake in shares of BridgeBio Pharma by 3,013.5% in the 1st quarter. Comerica Bank now owns 38,514 shares of the company’s stock worth $1,191,000 after purchasing an additional 37,277 shares during the last quarter. Finally, Frazier Life Sciences Management L.P. raised its holdings in shares of BridgeBio Pharma by 6.4% in 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 purchasing an additional 217,000 shares in the last quarter. 99.85% of the stock is owned by institutional investors.

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.