BridgeBio Pharma (NASDAQ:BBIO) Price Target Raised to $54.00

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) had its price objective raised by research analysts at Bank of America from $50.00 to $54.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Bank of America's target price would indicate a potential upside of 19.68% from the company's current price.

Other equities research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. raised their target price on shares of BridgeBio Pharma from $44.00 to $50.00 and gave the stock an "overweight" rating in a research note on Monday, March 24th. Wolfe Research started coverage on BridgeBio Pharma in a report on Tuesday, June 17th. They set an "outperform" rating and a $49.00 price objective on the stock. HC Wainwright lifted their price objective on shares of BridgeBio Pharma from $53.00 to $56.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Piper Sandler boosted their target price on shares of BridgeBio Pharma from $46.00 to $63.00 and gave the stock an "overweight" rating in a report on Wednesday, April 30th. Finally, UBS Group increased their price target on shares of BridgeBio Pharma from $65.00 to $72.00 and gave the company a "buy" rating in a report on Wednesday, April 30th. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat, BridgeBio Pharma currently has a consensus rating of "Moderate Buy" and a consensus price target of $57.42.

BridgeBio Pharma Trading Up 1.7%

Shares of NASDAQ:BBIO traded up $0.74 during midday trading on Wednesday, hitting $45.12. The company had a trading volume of 2,587,221 shares, compared to its average volume of 2,477,307. BridgeBio Pharma has a 12-month low of $21.72 and a 12-month high of $45.27. The company has a fifty day moving average of $36.67 and a two-hundred day moving average of $33.89.

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

Insiders Place Their Bets

In other news, Director Andrea Ellis sold 30,000 shares of BridgeBio Pharma stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $34.05, for a total transaction of $1,021,500.00. Following the completion of the sale, the director now directly owns 12,000 shares in the company, valued at approximately $408,600. This trade represents a 71.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction of $39,511.26. Following the sale, the chief accounting officer now directly owns 147,639 shares of the company's stock, valued at $5,685,577.89. This represents a 0.69% decrease in their ownership of the stock. 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 over the last 90 days. Insiders own 18.20% of the company's stock.

Hedge Funds Weigh In On BridgeBio Pharma

A number of hedge funds have recently added to or reduced their stakes in BBIO. Steward Partners Investment Advisory LLC boosted its holdings in shares of BridgeBio Pharma by 85.8% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,022 shares of the company's stock valued at $28,000 after purchasing an additional 472 shares during the period. GAMMA Investing LLC raised its position in 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 in the last quarter. Jones Financial Companies Lllp purchased a new stake in shares of BridgeBio Pharma in the 1st quarter worth $35,000. Itau Unibanco Holding S.A. bought a new position in shares of BridgeBio Pharma during the 4th quarter worth $41,000. Finally, Sterling Capital Management LLC increased its stake in shares of BridgeBio Pharma by 554.6% during the fourth quarter. Sterling Capital Management LLC now owns 1,787 shares of the company's stock valued at $49,000 after buying an additional 1,514 shares during the period. 99.85% of the stock is currently owned by 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.