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

BridgeBio Pharma (NASDAQ:BBIO) had its price objective raised by analysts at Bank of America from $42.00 to $45.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price target would indicate a potential upside of 92.14% from the stock’s current price.

Several other brokerages have also weighed in on BBIO. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $70.00 target price on shares of BridgeBio Pharma in a research report on Monday, September 16th. Evercore ISI cut their price objective on BridgeBio Pharma from $50.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. JPMorgan Chase & Co. decreased their target price on BridgeBio Pharma from $46.00 to $43.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. Oppenheimer initiated coverage on shares of BridgeBio Pharma in a research report on Thursday, October 3rd. They set a “market perform” rating for the company. Finally, 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 price objective for the company. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, BridgeBio Pharma has a consensus rating of “Moderate Buy” and a consensus price target of $48.21.

BridgeBio Pharma Trading Up 0.8 %

NASDAQ BBIO opened at $23.42 on Monday. The company has a market capitalization of $4.43 billion, a PE ratio of -9.72 and a beta of 1.09. BridgeBio Pharma has a twelve month low of $21.62 and a twelve month high of $44.32. The business’s 50-day moving average price is $24.96 and its 200 day moving average price is $26.24.

Insider Transactions at BridgeBio Pharma

In other BridgeBio Pharma news, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of BridgeBio Pharma stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $25.75, for a total value of $149,350,000.00. Following the completion of the transaction, the insider now directly owns 25,260,971 shares in the company, valued at $650,470,003.25. The trade was a 18.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Neil Kumar sold 27,389 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $22.41, for a total value of $613,787.49. Following the completion of the sale, the chief executive officer now directly owns 4,897,443 shares in the company, valued at $109,751,697.63. This represents a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,831,545 shares of company stock worth $150,056,923. 24.66% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On BridgeBio Pharma

Several institutional investors have recently modified their holdings of the company. Janus Henderson Group PLC boosted its stake in BridgeBio Pharma by 189.7% during the 1st quarter. Janus Henderson Group PLC now owns 3,312,706 shares of the company’s stock valued at $102,402,000 after purchasing an additional 2,169,143 shares during the period. Ensign Peak Advisors Inc boosted its position in shares of 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 buying an additional 506,845 shares during the period. The Manufacturers Life Insurance Company grew its holdings in BridgeBio Pharma by 40.5% in 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 in the last quarter. Emerald Advisers LLC increased its position in BridgeBio Pharma by 65.6% in the 3rd quarter. Emerald Advisers LLC now owns 1,103,508 shares of the company’s stock valued at $28,095,000 after acquiring an additional 437,164 shares during the period. Finally, First Turn Management LLC bought a new stake in BridgeBio Pharma during the 3rd quarter valued at $10,178,000. 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.