BridgeBio Pharma (NASDAQ:BBIO) Trading 8.9% Higher Following Analyst Upgrade

Shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) shot up 8.9% during 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. 2,474,155 shares changed hands during trading, an increase of 16% from the average session volume of 2,129,295 shares. The stock had previously closed at $34.77.

Several other research analysts have also recently issued reports on BBIO. Evercore ISI upped their price objective on BridgeBio Pharma from $45.00 to $50.00 and gave the stock an “outperform” rating in a research report on Monday, December 23rd. Scotiabank upped their price target on BridgeBio Pharma from $49.00 to $52.00 and gave the company a “sector outperform” rating in a report on Friday, February 21st. Cantor Fitzgerald reiterated an “overweight” rating and issued a $95.00 price target on shares of BridgeBio Pharma in a research note on Friday, February 21st. Bank of America boosted their price objective on shares of BridgeBio Pharma from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $49.00 target price on shares of BridgeBio Pharma in a research report on Thursday, February 13th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $52.90.

Insider Activity

In other BridgeBio Pharma news, CEO Neil Kumar sold 75,000 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $33.57, for a total transaction of $2,517,750.00. Following the completion of the sale, the chief executive officer now directly owns 5,023,447 shares of the company’s stock, valued at approximately $168,637,115.79. This trade represents a 1.47 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $32.96, for a total value of $197,760,000.00. Following the completion of the transaction, the insider now directly owns 19,260,971 shares in the company, valued at approximately $634,841,604.16. The trade was a 23.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,579,739 shares of company stock valued at $323,171,901 in the last ninety days. 24.66% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On BridgeBio Pharma

A number of hedge funds and other institutional investors have recently bought and sold shares of BBIO. Vanguard Group Inc. raised its position in BridgeBio Pharma by 6.2% during the 4th quarter. Vanguard Group Inc. now owns 15,077,915 shares of the company’s stock worth $413,738,000 after buying an additional 879,059 shares during the last quarter. Janus Henderson Group PLC increased its stake in shares of BridgeBio Pharma by 1.9% during the fourth quarter. Janus Henderson Group PLC now owns 4,907,533 shares of the company’s stock worth $134,672,000 after acquiring an additional 89,521 shares during the period. Farallon Capital Management LLC raised its holdings in BridgeBio Pharma by 140.1% during the fourth quarter. Farallon Capital Management LLC now owns 4,195,000 shares of the company’s stock worth $115,111,000 after purchasing an additional 2,448,000 shares in the last quarter. Frazier Life Sciences Management L.P. lifted its position in BridgeBio Pharma by 1.1% in the fourth quarter. Frazier Life Sciences Management L.P. now owns 3,800,457 shares of the company’s stock valued at $104,285,000 after purchasing an additional 40,000 shares during the period. Finally, Capital Research Global Investors lifted its position in BridgeBio Pharma by 34.9% in the fourth quarter. Capital Research Global Investors now owns 3,526,747 shares of the company’s stock valued at $96,774,000 after purchasing an additional 912,439 shares during the period. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

BridgeBio Pharma Trading Down 1.3 %

The stock has a fifty day simple moving average of $34.17 and a two-hundred day simple moving average of $29.16. The company has a market cap of $6.99 billion, a PE ratio of -12.89 and a beta of 1.07.

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