Citigroup Raises BridgeBio Pharma (NASDAQ:BBIO) Price Target to $67.00

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) had its price target hoisted by investment analysts at Citigroup from $58.00 to $67.00 in a report released on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Citigroup's price target suggests a potential upside of 40.49% from the company's current price.

BBIO has been the topic of several other research reports. UBS Group increased 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. Wells Fargo & Company raised their target price on shares of BridgeBio Pharma from $67.00 to $76.00 and gave the stock an "overweight" rating in a report on Monday, June 30th. Redburn Atlantic started coverage on shares of BridgeBio Pharma in a report on Monday, March 31st. They issued a "buy" rating and a $50.00 target price on the stock. Wall Street Zen raised shares of BridgeBio Pharma from a "sell" rating to a "hold" rating in a report on Saturday, June 7th. Finally, HC Wainwright raised their target price on shares of BridgeBio Pharma from $53.00 to $56.00 and gave the stock a "buy" rating in a report on Monday, June 9th. One analyst has rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, BridgeBio Pharma currently has a consensus rating of "Moderate Buy" and a consensus target price of $61.20.

BridgeBio Pharma Stock Up 2.6%

Shares of BridgeBio Pharma stock traded up $1.22 during trading hours on Friday, hitting $47.69. 3,861,065 shares of the company's stock traded hands, compared to its average volume of 2,543,668. The stock has a 50 day simple moving average of $38.88 and a 200-day simple moving average of $35.49. The company has a market cap of $9.06 billion, a PE ratio of -13.51 and a beta of 1.15. BridgeBio Pharma has a twelve month low of $21.72 and a twelve month high of $48.68.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last announced 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 business had revenue of $36.74 million for the quarter, compared to analyst estimates of $57.14 million. The firm's revenue was down 44.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.20) earnings per share. As a group, equities research analysts predict that BridgeBio Pharma will post -3.67 EPS for the current year.

Insider Buying and Selling at BridgeBio Pharma

In related news, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $34.20, for a total transaction of $205,200,000.00. Following the transaction, the insider owned 13,260,971 shares in the company, valued at $453,525,208.20. This trade represents a 31.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Global Investors Lp Viking sold 3,500,000 shares of BridgeBio Pharma stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $44.00, for a total transaction of $154,000,000.00. Following the completion of the transaction, the insider owned 18,555,375 shares in the company, valued at approximately $816,436,500. This trade represents a 15.87% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,926,181 shares of company stock valued at $375,528,164. 18.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in BridgeBio Pharma by 6.2% in the fourth quarter. Vanguard Group Inc. now owns 15,077,915 shares of the company's stock worth $413,738,000 after buying an additional 879,059 shares during the last quarter. Janus Henderson Group PLC grew its position in BridgeBio Pharma by 1.9% in the fourth quarter. Janus Henderson Group PLC now owns 4,907,533 shares of the company's stock worth $134,672,000 after buying an additional 89,521 shares during the last quarter. Farallon Capital Management LLC grew its position in BridgeBio Pharma by 140.1% in the fourth quarter. Farallon Capital Management LLC now owns 4,195,000 shares of the company's stock worth $115,111,000 after buying an additional 2,448,000 shares during the last quarter. Frazier Life Sciences Management L.P. grew its position in BridgeBio Pharma by 1.1% in the fourth quarter. Frazier Life Sciences Management L.P. now owns 3,800,457 shares of the company's stock worth $104,285,000 after buying an additional 40,000 shares during the last quarter. Finally, Capital Research Global Investors grew its position in BridgeBio Pharma by 34.9% in the fourth quarter. Capital Research Global Investors now owns 3,526,747 shares of the company's stock worth $96,774,000 after buying an additional 912,439 shares during the last quarter. Institutional investors and hedge funds 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.