Bank of America Forecasts Strong Price Appreciation for BridgeBio Pharma (NASDAQ:BBIO) Stock

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) had its price target raised by equities research analysts at Bank of America from $50.00 to $54.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Bank of America's price target indicates a potential upside of 20.37% from the stock's previous close.

A number of other equities analysts have also issued reports on the stock. Wolfe Research assumed coverage on shares of BridgeBio Pharma in a research report on Tuesday, June 17th. They set an "outperform" rating and a $49.00 price target for the company. UBS Group raised their price target on shares of BridgeBio Pharma from $65.00 to $72.00 and gave the stock a "buy" rating in a research report on Wednesday, April 30th. JPMorgan Chase & Co. raised their price target on shares of BridgeBio Pharma from $44.00 to $50.00 and gave the stock an "overweight" rating in a research report on Monday, March 24th. Scotiabank raised their price target on shares of BridgeBio Pharma from $52.00 to $55.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, April 30th. Finally, Redburn Atlantic began coverage on shares of BridgeBio Pharma in a research report on Monday, March 31st. They set a "buy" rating and a $50.00 price target for the company. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $57.42.

BridgeBio Pharma Price Performance

BBIO traded down $0.26 during trading on Wednesday, reaching $44.86. 8,450,111 shares of the company's stock were exchanged, compared to its average volume of 2,498,741. BridgeBio Pharma has a 1 year low of $21.72 and a 1 year high of $45.48. The stock has a market capitalization of $8.52 billion, a P/E ratio of -12.71 and a beta of 1.10. The company's fifty day simple moving average is $37.11 and its 200-day simple moving average is $34.11.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported ($0.88) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.00) by $0.12. The business had revenue of $36.74 million for the quarter, compared to analysts' expectations of $57.14 million. During the same period in the prior year, the business posted ($0.20) earnings per share. The business's quarterly revenue was down 44.8% compared to the same quarter last year. Equities analysts forecast that BridgeBio Pharma will post -3.67 EPS for the current year.

Insider Activity

In related news, CAO Maricel Apuli sold 1,026 shares of the business's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $38.51, for a total value of $39,511.26. Following the completion of the sale, the chief accounting officer now owns 147,639 shares of the company's stock, valued at approximately $5,685,577.89. The trade was a 0.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Frank Mccormick sold 100,000 shares of the business's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $44.23, for a total transaction of $4,423,000.00. Following the completion of the sale, the director now directly owns 879,979 shares of the company's stock, valued at approximately $38,921,471.17. The trade was a 10.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,421,474 shares of company stock valued at $220,990,721 in the last three months. 18.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On BridgeBio Pharma

Several institutional investors and hedge funds have recently added to or reduced their stakes in BBIO. Rhumbline Advisers increased its holdings in BridgeBio Pharma by 2.3% in the 4th quarter. Rhumbline Advisers now owns 219,120 shares of the company's stock worth $6,013,000 after acquiring an additional 5,007 shares in the last quarter. Handelsbanken Fonder AB increased its holdings in BridgeBio Pharma by 16.6% in the 4th quarter. Handelsbanken Fonder AB now owns 37,950 shares of the company's stock worth $1,041,000 after acquiring an additional 5,400 shares in the last quarter. Y Intercept Hong Kong Ltd increased its holdings in BridgeBio Pharma by 95.6% in the 4th quarter. Y Intercept Hong Kong Ltd now owns 25,980 shares of the company's stock worth $713,000 after acquiring an additional 12,701 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its stake in BridgeBio Pharma by 85.8% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,022 shares of the company's stock worth $28,000 after purchasing an additional 472 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in BridgeBio Pharma by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,306,765 shares of the company's stock worth $35,858,000 after purchasing an additional 21,963 shares during the last quarter. Hedge funds and other 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.