JPMorgan Chase & Co. Forecasts Strong Price Appreciation for BridgeBio Pharma (NASDAQ:BBIO) Stock

BridgeBio Pharma (NASDAQ:BBIO) had its price objective raised by JPMorgan Chase & Co. from $76.00 to $77.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 24.60% from the company’s previous close.

Several other research analysts also recently commented on BBIO. Truist Financial reaffirmed a “buy” rating and issued a $80.00 price objective (up previously from $66.00) on shares of BridgeBio Pharma in a research note on Thursday, October 30th. HC Wainwright restated a “buy” rating and set a $90.00 target price on shares of BridgeBio Pharma in a research note on Monday. The Goldman Sachs Group upped their price target on shares of BridgeBio Pharma from $55.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. Citigroup raised their price objective on shares of BridgeBio Pharma from $58.00 to $67.00 and gave the company a “buy” rating in a research report on Friday, July 11th. Finally, Cantor Fitzgerald upped their target price on shares of BridgeBio Pharma from $100.00 to $110.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Twenty research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $73.95.

BridgeBio Pharma Stock Performance

Shares of NASDAQ BBIO traded down $0.93 during midday trading on Friday, hitting $61.80. 2,325,930 shares of the stock traded hands, compared to its average volume of 2,862,729. The firm has a market capitalization of $11.91 billion, a P/E ratio of -14.78 and a beta of 1.39. BridgeBio Pharma has a one year low of $21.72 and a one year high of $69.48. The firm has a 50-day moving average of $54.92 and a two-hundred day moving average of $46.32.

BridgeBio Pharma (NASDAQ:BBIO) last announced its earnings results on Wednesday, October 29th. The company reported ($0.95) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.88) by ($0.07). The business had revenue of $108.11 million during the quarter, compared to analyst estimates of $107.71 million. During the same quarter last year, the firm earned ($0.86) earnings per share. The business’s revenue was up 4318.0% on a year-over-year basis. Equities analysts forecast that BridgeBio Pharma will post -3.67 earnings per share for the current fiscal year.

Insider Transactions at BridgeBio Pharma

In other news, CFO Thomas Trimarchi sold 42,237 shares of BridgeBio Pharma stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $49.48, for a total value of $2,089,886.76. Following the sale, the chief financial officer directly owned 421,081 shares of the company’s stock, valued at approximately $20,835,087.88. The trade was a 9.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Neil Kumar sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $54.78, for a total value of $2,191,200.00. Following the transaction, the chief executive officer owned 855,686 shares of the company’s stock, valued at $46,874,479.08. This represents a 4.47% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 489,746 shares of company stock worth $28,130,511. 18.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On BridgeBio Pharma

A number of institutional investors and hedge funds have recently made changes to their positions in BBIO. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in BridgeBio Pharma during the second quarter worth approximately $25,000. GAMMA Investing LLC increased its position in shares of BridgeBio Pharma by 71.0% during the 1st 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. Jones Financial Companies Lllp bought a new stake in BridgeBio Pharma in the first quarter worth $35,000. First Horizon Corp bought a new position in shares of BridgeBio Pharma during the third quarter valued at approximately $36,000. Finally, AlphaQuest LLC grew its position in BridgeBio Pharma by 254.3% in the 3rd quarter. AlphaQuest LLC now owns 815 shares of the company’s stock valued at $42,000 after acquiring an additional 585 shares during the last quarter. 99.85% of the stock is owned by hedge funds and other institutional investors.

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.