Scotiabank Issues Positive Forecast for BridgeBio Pharma (NASDAQ:BBIO) Stock Price

BridgeBio Pharma (NASDAQ:BBIO) had its target price increased by Scotiabank from $45.00 to $48.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have a sector outperform rating on the stock.

Other equities analysts also recently issued reports about the stock. Evercore ISI cut their price target on shares of BridgeBio Pharma from $50.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. HC Wainwright increased their target price on shares of BridgeBio Pharma from $43.00 to $49.00 and gave the company a “buy” rating in a research report on Monday. JPMorgan Chase & Co. decreased their price target on shares of BridgeBio Pharma from $46.00 to $43.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Piper Sandler started coverage on BridgeBio Pharma in a research note on Wednesday, September 4th. They issued an “overweight” rating and a $46.00 price objective on the stock. Finally, Bank of America raised their target price on BridgeBio Pharma from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday. Two analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $48.43.

BridgeBio Pharma Trading Up 4.0 %

Shares of BridgeBio Pharma stock opened at $27.49 on Monday. The business’s fifty day simple moving average is $25.01 and its 200 day simple moving average is $26.22. BridgeBio Pharma has a 12 month low of $21.62 and a 12 month high of $44.32. The firm has a market capitalization of $5.20 billion, a P/E ratio of -11.41 and a beta of 1.09.

Insider Buying and Selling

In other BridgeBio Pharma news, CFO Brian C. Stephenson sold 4,156 shares of the company’s 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 directly owns 93,758 shares in the company, valued at $2,101,116.78. This represents a 4.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of BridgeBio Pharma stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $25.75, for a total value of $149,350,000.00. Following the sale, the insider now owns 25,260,971 shares of the company’s stock, valued at approximately $650,470,003.25. This trade represents a 18.67 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,831,545 shares of company stock valued at $150,056,923. Company insiders own 24.66% of the company’s stock.

Hedge Funds Weigh In On BridgeBio Pharma

A number of institutional investors have recently made changes to their positions in the stock. American International Group Inc. grew its position in BridgeBio Pharma by 1.0% in the first quarter. American International Group Inc. now owns 57,491 shares of the company’s stock worth $1,778,000 after acquiring an additional 565 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in BridgeBio Pharma by 22.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 803,956 shares of the company’s stock worth $24,859,000 after purchasing an additional 145,594 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of BridgeBio Pharma by 189.7% in the 1st quarter. Janus Henderson Group PLC now owns 3,312,706 shares of the company’s stock worth $102,402,000 after purchasing an additional 2,169,143 shares in the last quarter. California State Teachers Retirement System increased its position in shares of BridgeBio Pharma by 7.3% during the 1st quarter. California State Teachers Retirement System now owns 105,596 shares of the company’s stock valued at $3,265,000 after purchasing an additional 7,153 shares during the last quarter. Finally, Comerica Bank raised its holdings in shares of BridgeBio Pharma by 3,013.5% during the 1st quarter. Comerica Bank now owns 38,514 shares of the company’s stock valued at $1,191,000 after buying an additional 37,277 shares in 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.