BridgeBio Pharma, Inc. (NASDAQ:BBIO) Receives $61.50 Consensus Target Price from Brokerages

Key Points

• BridgeBio Pharma, Inc. has received a consensus recommendation of "Buy" from 16 brokerages, with an average target price of $61.50.
• Insider trading activity includes CEO Neil Kumar selling 75,000 shares for approximately $2.5 million, and Director Frank McCormick selling 100,000 shares for about $4.4 million.
• Institutional investors hold 99.85% of the company's stock, with notable increases in holdings from firms like Farallon Capital Management and Invesco in recent quarters.

BridgeBio Pharma, Inc. (NASDAQ:BBIO - Get Free Report) has been assigned a consensus rating of "Buy" from the sixteen research firms that are presently covering the firm, MarketBeat Ratings reports. Sixteen investment analysts have rated the stock with a buy recommendation. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $61.50.

A number of analysts have commented on BBIO shares. Wall Street Zen lowered BridgeBio Pharma from a "hold" rating to a "sell" rating in a report on Saturday. Truist Financial assumed coverage on BridgeBio Pharma in a report on Monday, July 21st. They issued a "buy" rating and a $66.00 price objective for the company. Wells Fargo & Company lifted their target price on BridgeBio Pharma from $67.00 to $76.00 and gave the company an "overweight" rating in a research report on Monday, June 30th. HC Wainwright lifted their target price on BridgeBio Pharma from $53.00 to $56.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Finally, Oppenheimer upgraded BridgeBio Pharma from a "market perform" rating to an "outperform" rating and set a $60.00 target price on the stock in a research report on Wednesday, July 9th.

BridgeBio Pharma Trading Up 0.2%

NASDAQ:BBIO traded up $0.08 during trading hours on Friday, reaching $46.38. 537,102 shares of the company traded hands, compared to its average volume of 2,995,933. The business's 50-day moving average price is $40.98 and its two-hundred day moving average price is $36.63. The stock has a market capitalization of $8.81 billion, a P/E ratio of -13.14 and a beta of 1.15. BridgeBio Pharma has a 1 year low of $21.72 and a 1 year high of $48.68.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The company reported ($0.88) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.00) by $0.12. The company had revenue of $36.74 million for the quarter, compared to analysts' expectations of $57.14 million. The firm's quarterly revenue was down 44.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.20) EPS. As a group, equities analysts anticipate that BridgeBio Pharma will post -3.67 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $34.20, for a total value of $205,200,000.00. Following the transaction, the insider owned 13,260,971 shares of the company's stock, valued at $453,525,208.20. This represents a 31.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrew Lo sold 100,000 shares of the company's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $38.50, for a total value of $3,850,000.00. Following the sale, the director owned 105,583 shares of the company's stock, valued at approximately $4,064,945.50. This represents a 48.64% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,851,181 shares of company stock valued at $372,969,914 over the last 90 days. 18.20% of the stock is owned by insiders.

Institutional Trading of BridgeBio Pharma

Hedge funds and other institutional investors have recently made changes to their positions in the business. Capital Research Global Investors raised its stake in BridgeBio Pharma by 34.9% in the 4th quarter. Capital Research Global Investors now owns 3,526,747 shares of the company's stock worth $96,774,000 after acquiring an additional 912,439 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in BridgeBio Pharma by 29.4% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 30,802 shares of the company's stock worth $1,065,000 after acquiring an additional 6,997 shares during the last quarter. GAMMA Investing LLC raised its stake in BridgeBio Pharma by 71.0% in the 1st quarter. GAMMA Investing LLC now owns 920 shares of the company's stock worth $32,000 after acquiring an additional 382 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in BridgeBio Pharma in the 1st quarter worth $251,000. Finally, Teacher Retirement System of Texas raised its stake in BridgeBio Pharma by 28.6% in the 4th quarter. Teacher Retirement System of Texas now owns 36,208 shares of the company's stock worth $994,000 after acquiring an additional 8,048 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.