BridgeBio Pharma (NASDAQ:BBIO) Price Target Raised to $45.00 at Bank of America

BridgeBio Pharma (NASDAQ:BBIO) had its price target raised by analysts at Bank of America from $42.00 to $45.00 in a report released on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price objective points to a potential upside of 70.20% from the company’s current price.

Several other equities research analysts have also weighed in on the stock. HC Wainwright upped their target price on shares of BridgeBio Pharma from $43.00 to $49.00 and gave the stock a “buy” rating in a report on Monday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $70.00 price target on shares of BridgeBio Pharma in a report on Monday, September 16th. Piper Sandler assumed coverage on shares of BridgeBio Pharma in a research note on Wednesday, September 4th. They set an “overweight” rating and a $46.00 price target on the stock. Leerink Partners reduced 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, Scotiabank raised their price target on BridgeBio Pharma from $44.00 to $45.00 and gave the company a “sector outperform” rating in a report on Friday, November 15th. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $48.43.

BridgeBio Pharma Stock Performance

Shares of BridgeBio Pharma stock opened at $26.44 on Monday. The firm’s 50-day simple moving average is $24.97 and its 200-day simple moving average is $26.21. The firm has a market cap of $5.00 billion, a P/E ratio of -10.97 and a beta of 1.09. BridgeBio Pharma has a twelve month low of $21.62 and a twelve month high of $44.32.

Insider Activity at BridgeBio Pharma

In other BridgeBio Pharma news, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the stock in a transaction dated 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 in the company, valued at approximately $650,470,003.25. This represents a 18.67 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brian C. Stephenson sold 4,156 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $22.41, for a total value of $93,135.96. Following the transaction, the chief financial officer now 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 have sold 5,831,545 shares of company stock worth $150,056,923 in the last ninety days. Company insiders own 24.66% of the company’s stock.

Institutional Investors Weigh In On BridgeBio Pharma

Several institutional investors have recently bought and sold shares of BBIO. Janus Henderson Group PLC raised its holdings in shares of BridgeBio Pharma by 11.7% in the third 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 during the last quarter. Frazier Life Sciences Management L.P. grew its position in BridgeBio Pharma by 3.5% in the third 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 increased its stake in 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 buying an additional 123,540 shares during the last quarter. Ensign Peak Advisors Inc lifted its position in BridgeBio Pharma by 44.5% during the 2nd quarter. Ensign Peak Advisors Inc now owns 1,646,202 shares of the company’s stock worth $41,698,000 after buying an additional 506,845 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of BridgeBio Pharma by 40.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,534,972 shares of the company’s stock worth $38,881,000 after buying an additional 442,248 shares during the last quarter. Institutional investors own 99.85% of the company’s stock.

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.