BridgeBio Pharma (NASDAQ:BBIO) Shares Gap Up on Analyst Upgrade

BridgeBio Pharma, Inc. (NASDAQ:BBIO) gapped up before the market opened on Monday after Scotiabank raised their price target on the stock from $45.00 to $48.00. The stock had previously closed at $23.42, but opened at $28.81. Scotiabank currently has a sector outperform rating on the stock. BridgeBio Pharma shares last traded at $29.75, with a volume of 4,720,741 shares.

A number of other equities analysts have also issued reports on BBIO. Bank of America raised their price target on BridgeBio Pharma from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Monday. Piper Sandler initiated coverage on BridgeBio Pharma in a report on Wednesday, September 4th. They issued an “overweight” rating and a $46.00 price objective on the stock. HC Wainwright lifted their price objective on BridgeBio Pharma from $43.00 to $49.00 and gave the company a “buy” rating in a report on Monday. Leerink Partners lowered their price objective on BridgeBio Pharma from $47.00 to $46.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. Finally, 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. Two analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.43.

Insider Transactions at BridgeBio Pharma

In related news, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $25.75, for a total transaction of $149,350,000.00. Following the completion of the sale, the insider now directly owns 25,260,971 shares of the company’s stock, valued at approximately $650,470,003.25. This represents a 18.67 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brian C. Stephenson sold 4,156 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 $93,135.96. Following the completion of the transaction, the chief financial officer now directly owns 93,758 shares of the company’s stock, valued at approximately $2,101,116.78. The trade was a 4.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,831,545 shares of company stock worth $150,056,923 in the last ninety days. Insiders own 24.66% of the company’s stock.

Institutional Investors Weigh In On BridgeBio Pharma

A number of institutional investors have recently modified their holdings of the stock. Janus Henderson Group PLC raised its stake in shares of BridgeBio Pharma by 11.7% in the 3rd quarter. Janus Henderson Group PLC now owns 4,818,012 shares of the company’s stock valued at $122,658,000 after purchasing an additional 505,481 shares in the last quarter. Frazier Life Sciences Management L.P. raised its stake in shares of 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 valued at $95,741,000 after purchasing an additional 127,853 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of BridgeBio Pharma by 3.8% in the 3rd quarter. Geode Capital Management LLC now owns 3,413,949 shares of the company’s stock valued at $86,936,000 after purchasing an additional 123,540 shares in the last quarter. Ensign Peak Advisors Inc raised its stake in BridgeBio Pharma by 44.5% during the second quarter. Ensign Peak Advisors Inc now owns 1,646,202 shares of the company’s stock worth $41,698,000 after acquiring an additional 506,845 shares during the period. Finally, The Manufacturers Life Insurance Company raised its stake in BridgeBio Pharma by 40.5% during the second quarter. The Manufacturers Life Insurance Company now owns 1,534,972 shares of the company’s stock worth $38,881,000 after acquiring an additional 442,248 shares during the period. Institutional investors and hedge funds own 99.85% of the company’s stock.

BridgeBio Pharma Stock Up 16.1 %

The stock has a market cap of $5.14 billion, a price-to-earnings ratio of -11.28 and a beta of 1.09. The firm’s 50 day moving average is $24.98 and its two-hundred day moving average is $26.23.

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.