BridgeBio Pharma (NASDAQ:BBIO) Price Target Raised to $59.00 at Raymond James Financial

BridgeBio Pharma (NASDAQ:BBIO) had its price objective lifted by Raymond James Financial from $56.00 to $59.00 in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

BBIO has been the topic of a number of other reports. JPMorgan Chase & Co. raised their target price on BridgeBio Pharma from $55.00 to $70.00 and gave the company an “overweight” rating in a research note on Wednesday, September 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of BridgeBio Pharma in a research report on Wednesday, October 8th. Piper Sandler upped their target price on shares of BridgeBio Pharma from $63.00 to $68.00 and gave the stock an “overweight” rating in a research report on Monday, July 14th. HC Wainwright restated a “buy” rating and issued a $70.00 price target on shares of BridgeBio Pharma in a research note on Monday, September 15th. Finally, Jefferies Financial Group initiated coverage on BridgeBio Pharma in a research report on Monday, July 14th. They set a “buy” rating and a $70.00 price objective for the company. Sixteen equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $65.25.

BridgeBio Pharma Stock Down 3.4%

Shares of NASDAQ BBIO opened at $54.36 on Tuesday. The firm’s 50-day moving average price is $52.25 and its two-hundred day moving average price is $43.98. BridgeBio Pharma has a 52-week low of $21.72 and a 52-week high of $57.49. The stock has a market capitalization of $10.39 billion, a P/E ratio of -13.29 and a beta of 1.36.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($0.95) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.83) by ($0.12). The firm had revenue of $110.57 million during the quarter, compared to analyst estimates of $98.46 million. The company’s revenue for the quarter was up 4999.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.39) EPS. As a group, equities research analysts expect that BridgeBio Pharma will post -3.67 earnings per share for the current year.

Insider Activity

In other BridgeBio Pharma news, CEO Neil Kumar sold 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $54.78, for a total value of $2,191,200.00. Following the completion of the sale, the chief executive officer directly owned 855,686 shares in the company, valued at $46,874,479.08. This represents a 4.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Charles J. Homcy sold 50,000 shares of BridgeBio Pharma stock in a transaction on Monday, August 11th. The shares were sold at an average price of $48.00, for a total value of $2,400,000.00. Following the transaction, the director owned 916,674 shares in the company, valued at approximately $44,000,352. This trade represents a 5.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 597,913 shares of company stock valued at $29,034,227 over the last 90 days. Corporate insiders own 18.20% of the company’s stock.

Hedge Funds Weigh In On BridgeBio Pharma

Several large investors have recently made changes to their positions in BBIO. GAMMA Investing LLC lifted its stake in BridgeBio Pharma by 71.0% during the first quarter. GAMMA Investing LLC now owns 920 shares of the company’s stock valued at $32,000 after purchasing an additional 382 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its position in shares of BridgeBio Pharma by 29.4% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 30,802 shares of the company’s stock worth $1,065,000 after purchasing an additional 6,997 shares during the period. Diversified Trust Co boosted its position in shares of BridgeBio Pharma by 25.3% in the 1st quarter. Diversified Trust Co now owns 34,866 shares of the company’s stock valued at $1,205,000 after purchasing an additional 7,039 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in shares of BridgeBio Pharma in the 1st quarter valued at $251,000. Finally, First Bank & Trust increased its stake in BridgeBio Pharma by 13.7% in the 1st quarter. First Bank & Trust now owns 8,493 shares of the company’s stock worth $294,000 after purchasing an additional 1,022 shares in the last quarter. Institutional investors own 99.85% of the company’s stock.

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.