BridgeBio Pharma (NASDAQ:BBIO) Price Target Raised to $57.00 at Scotiabank

Key Points

• Scotiabank has raised its price target for BridgeBio Pharma from $55.00 to $57.00, indicating a potential upside of 27.67% from the current price.
• Despite a significant revenue increase of nearly 5000% year-over-year, BridgeBio reported a loss of ($0.95) EPS, which was below analysts' expectations.
• Insider activity includes the sale of 3.5 million shares by major shareholder Global Investors Lp Viking, reflecting a 15.87% decrease in their ownership of the company.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) had its target price increased by research analysts at Scotiabank from $55.00 to $57.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a "sector outperform" rating on the stock. Scotiabank's price target would suggest a potential upside of 27.67% from the company's current price.

Other equities analysts also recently issued reports about the stock. Oppenheimer increased their price objective on shares of BridgeBio Pharma from $60.00 to $61.00 and gave the company an "outperform" rating in a research note on Wednesday. Wolfe Research began coverage on shares of BridgeBio Pharma in a report on Tuesday, June 17th. They set an "outperform" rating and a $49.00 target price for the company. Cantor Fitzgerald restated an "overweight" rating and set a $95.00 price target on shares of BridgeBio Pharma in a research report on Tuesday, July 29th. HC Wainwright raised their price target on shares of BridgeBio Pharma from $53.00 to $56.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Finally, Wall Street Zen lowered shares of BridgeBio Pharma from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. One analyst has rated the stock with a sell rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat, BridgeBio Pharma has an average rating of "Moderate Buy" and an average price target of $61.35.

BridgeBio Pharma Stock Performance

Shares of BBIO stock traded down $4.56 during mid-day trading on Wednesday, reaching $44.65. 10,074,051 shares of the company's stock traded hands, compared to its average volume of 3,042,143. The firm has a 50 day moving average price of $42.91 and a two-hundred day moving average price of $37.26. BridgeBio Pharma has a 12 month low of $21.72 and a 12 month high of $49.77. The firm has a market capitalization of $8.48 billion, a PE ratio of -12.66 and a beta of 1.23.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported ($0.95) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.83) by ($0.12). The firm had revenue of $110.57 million for the quarter, compared to analysts' expectations of $98.46 million. During the same quarter last year, the company earned ($0.39) EPS. The company's quarterly revenue was up 4999.9% on a year-over-year basis. As a group, equities analysts expect that BridgeBio Pharma will post -3.67 earnings per share for the current fiscal year.

Insider Activity at BridgeBio Pharma

In other BridgeBio Pharma news, major shareholder Global Investors Lp Viking sold 3,500,000 shares of the company's stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $44.00, for a total transaction of $154,000,000.00. Following the completion of the sale, the insider directly owned 18,555,375 shares of the company's stock, valued at approximately $816,436,500. This represents a 15.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Neil Kumar sold 40,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $42.54, for a total transaction of $1,701,600.00. Following the completion of the sale, the chief executive officer directly owned 975,686 shares of the company's stock, valued at $41,505,682.44. This trade represents a 3.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,750,155 shares of company stock valued at $369,080,403. Corporate insiders own 18.20% of the company's stock.

Hedge Funds Weigh In On BridgeBio Pharma

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC grew its holdings in BridgeBio Pharma by 71.0% during the first quarter. GAMMA Investing LLC now owns 920 shares of the company's stock valued at $32,000 after purchasing an additional 382 shares during the last quarter. Jones Financial Companies Lllp acquired a new stake in shares of BridgeBio Pharma in the first quarter worth $35,000. Itau Unibanco Holding S.A. acquired a new stake in shares of BridgeBio Pharma in the fourth quarter worth $41,000. Sterling Capital Management LLC grew its stake in shares of BridgeBio Pharma by 554.6% in the fourth quarter. Sterling Capital Management LLC now owns 1,787 shares of the company's stock worth $49,000 after acquiring an additional 1,514 shares during the last quarter. Finally, GF Fund Management CO. LTD. acquired a new stake in shares of BridgeBio Pharma in the fourth quarter worth $109,000. Institutional investors and hedge funds own 99.85% of the company's stock.

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.

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