Scotiabank Increases BridgeBio Pharma (NASDAQ:BBIO) Price Target to $45.00

BridgeBio Pharma (NASDAQ:BBIO) had its target price hoisted by Scotiabank from $44.00 to $45.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “sector outperform” rating on the stock. Scotiabank’s price target suggests a potential upside of 92.72% from the stock’s previous close.

BBIO has been the topic of several other reports. JPMorgan Chase & Co. cut their price objective on BridgeBio Pharma from $46.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Leerink Partners dropped their target price on BridgeBio Pharma from $47.00 to $46.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. Cantor Fitzgerald restated an “overweight” rating and issued a $70.00 price target on shares of BridgeBio Pharma in a report on Monday, September 16th. Evercore ISI lowered their price objective on shares of BridgeBio Pharma from $50.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Finally, Bank of America reissued a “buy” rating and set a $42.00 target price on shares of BridgeBio Pharma in a research report on Wednesday, September 11th. Two analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $47.57.

BridgeBio Pharma Stock Down 3.2 %

Shares of BBIO stock traded down $0.76 during mid-day trading on Friday, reaching $23.35. The company’s stock had a trading volume of 755,808 shares, compared to its average volume of 1,838,081. The firm has a market capitalization of $4.41 billion, a PE ratio of -9.63 and a beta of 1.09. The company’s 50 day simple moving average is $25.64 and its 200-day simple moving average is $26.42. BridgeBio Pharma has a 12-month low of $21.62 and a 12-month high of $44.32.

Insider Buying and Selling

In related news, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the firm’s stock in a transaction on 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 transaction, the insider now directly owns 25,260,971 shares in the company, valued at $650,470,003.25. This trade represents a 18.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Brian C. Stephenson sold 4,155 shares of BridgeBio Pharma stock in a transaction on Monday, August 19th. The stock was sold at an average price of $24.69, for a total transaction of $102,586.95. Following the completion of the transaction, the chief financial officer now directly owns 85,192 shares of the company’s stock, valued at approximately $2,103,390.48. This represents a 4.65 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,831,544 shares of company stock worth $150,128,821. Corporate insiders own 24.66% of the company’s stock.

Institutional Investors Weigh In On BridgeBio Pharma

Several institutional investors and hedge funds have recently bought and sold shares of BBIO. Swiss National Bank increased its position in BridgeBio Pharma by 17.0% in the first quarter. Swiss National Bank now owns 206,000 shares of the company’s stock worth $6,370,000 after buying an additional 29,900 shares during the period. ProShare Advisors LLC increased its holdings in shares of BridgeBio Pharma by 10.7% in the 1st quarter. ProShare Advisors LLC now owns 33,281 shares of the company’s stock worth $1,029,000 after acquiring an additional 3,209 shares during the period. State Board of Administration of Florida Retirement System lifted its position in BridgeBio Pharma by 8.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 35,583 shares of the company’s stock valued at $1,100,000 after purchasing an additional 2,900 shares during the last quarter. Mizuho Markets Americas LLC boosted its stake in BridgeBio Pharma by 15.4% during the 1st quarter. Mizuho Markets Americas LLC now owns 74,309 shares of the company’s stock valued at $2,298,000 after purchasing an additional 9,930 shares during the period. Finally, Vanguard Group Inc. grew its position in BridgeBio Pharma by 3.3% in the 1st quarter. Vanguard Group Inc. now owns 13,222,126 shares of the company’s stock worth $408,828,000 after purchasing an additional 421,832 shares during the last quarter. Institutional investors and hedge funds 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.