BridgeBio Pharma (NASDAQ:BBIO) Given New $76.00 Price Target at Wells Fargo & Company

BridgeBio Pharma (NASDAQ:BBIO - Free Report) had its price objective raised by Wells Fargo & Company from $67.00 to $76.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other equities analysts also recently weighed in on BBIO. UBS Group boosted their target price on BridgeBio Pharma from $65.00 to $72.00 and gave the company a "buy" rating in a research report on Wednesday, April 30th. Wolfe Research assumed coverage on BridgeBio Pharma in a research report on Tuesday, June 17th. They set an "outperform" rating and a $49.00 target price on the stock. JPMorgan Chase & Co. boosted their target price on BridgeBio Pharma from $44.00 to $50.00 and gave the company an "overweight" rating in a research report on Monday, March 24th. Bank of America boosted their target price on BridgeBio Pharma from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Wednesday, June 25th. Finally, Wall Street Zen raised BridgeBio Pharma from a "sell" rating to a "hold" rating in a research report on Saturday, June 7th. 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.com, the company has a consensus rating of "Moderate Buy" and an average price target of $58.85.

BridgeBio Pharma Stock Performance

Shares of BBIO traded down $0.40 during mid-day trading on Monday, hitting $42.78. 2,782,196 shares of the stock were exchanged, compared to its average volume of 2,495,784. The company has a market cap of $8.12 billion, a PE ratio of -12.12 and a beta of 1.15. BridgeBio Pharma has a 52-week low of $21.72 and a 52-week high of $45.48. The firm has a 50-day moving average of $37.30 and a two-hundred day moving average of $34.30.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported ($0.88) earnings per share 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. The business's revenue for the quarter was down 44.8% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.20) EPS. On average, sell-side analysts predict that BridgeBio Pharma will post -3.67 EPS for the current year.

Insiders Place Their Bets

In other BridgeBio Pharma news, major shareholder Global Investors Lp Viking sold 3,500,000 shares of the company's stock in a transaction on Friday, June 27th. The stock was sold at an average price of $44.00, for a total value of $154,000,000.00. Following the completion of the sale, the insider directly owned 18,555,375 shares in the company, valued at approximately $816,436,500. This represents a 15.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the company's stock in a transaction 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 completion of the sale, 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 9,896,181 shares of company stock worth $374,176,564. 18.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On BridgeBio Pharma

Several hedge funds have recently made changes to their positions in the company. Steward Partners Investment Advisory LLC lifted its stake in shares of 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. GAMMA Investing LLC lifted its stake in shares of BridgeBio Pharma by 71.0% during the 1st quarter. GAMMA Investing LLC now owns 920 shares of the company's stock worth $32,000 after purchasing an additional 382 shares during the last quarter. Jones Financial Companies Lllp purchased a new stake in shares of BridgeBio Pharma during the 1st quarter worth $35,000. Itau Unibanco Holding S.A. purchased a new stake in shares of BridgeBio Pharma during the 4th quarter worth $41,000. Finally, Sterling Capital Management LLC lifted its stake in shares of BridgeBio Pharma by 554.6% during the 4th quarter. Sterling Capital Management LLC now owns 1,787 shares of the company's stock worth $49,000 after purchasing an additional 1,514 shares during the last quarter. 99.85% of the stock is currently owned by hedge funds and other 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.