JPMorgan Chase & Co. Forecasts Strong Price Appreciation for BridgeBio Pharma (NASDAQ:BBIO) Stock

Key Points

• JPMorgan Chase & Co. raised its target price for BridgeBio Pharma from $55.00 to $70.00, suggesting a potential upside of 34.11% from the current stock price and maintaining an "overweight" rating.
• A total of seventeen research analysts currently rate BridgeBio Pharma with a "Buy" rating, contributing to a consensus target price of $63.35.
• Despite a significant revenue increase of 4999.9% year-over-year, BridgeBio Pharma reported a loss per share of ($0.95), missing analysts' expectations for the last quarter.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) had its target price hoisted by JPMorgan Chase & Co. from $55.00 to $70.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 34.11% from the company's current price.

Other research analysts also recently issued reports about the stock. Truist Financial assumed coverage on shares of BridgeBio Pharma in a research report on Monday, July 21st. They issued a "buy" rating and a $66.00 target price on the stock. Raymond James Financial started coverage on BridgeBio Pharma in a report on Wednesday, July 30th. They set an "outperform" rating and a $56.00 price objective on the stock. Wells Fargo & Company lifted their target price on BridgeBio Pharma from $67.00 to $76.00 and gave the stock an "overweight" rating in a research report on Monday, June 30th. Oppenheimer upped their target price on BridgeBio Pharma from $60.00 to $61.00 and gave the company an "outperform" rating in a research report on Wednesday, August 6th. Finally, Scotiabank lifted their price target on BridgeBio Pharma from $55.00 to $57.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, August 6th. Seventeen research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $63.35.

BridgeBio Pharma Price Performance

Shares of BBIO stock traded up $2.20 during trading on Wednesday, reaching $52.20. The company's stock had a trading volume of 619,872 shares, compared to its average volume of 2,973,239. The stock's 50-day moving average price is $47.12 and its 200 day moving average price is $39.36. The company has a market capitalization of $9.98 billion, a price-to-earnings ratio of -12.69 and a beta of 1.25. BridgeBio Pharma has a 1-year low of $21.72 and a 1-year high of $52.85.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($0.95) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.83) by ($0.12). The business had revenue of $110.57 million during the quarter, compared to the consensus estimate of $98.46 million. BridgeBio Pharma's revenue was up 4999.9% compared to the same quarter last year. During the same period last year, the business earned ($0.39) earnings per share. On average, sell-side analysts anticipate that BridgeBio Pharma will post -3.67 EPS for the current fiscal year.

Insider Buying and Selling at BridgeBio Pharma

In related news, major shareholder Global Investors Lp Viking sold 3,500,000 shares of the 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 transaction, the insider directly owned 18,555,375 shares of the company's stock, valued at $816,436,500. This represents a 15.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Charles J. Homcy sold 250,000 shares of BridgeBio Pharma stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $46.05, for a total value of $11,512,500.00. Following the completion of the sale, the director owned 966,674 shares in the company, valued at approximately $44,515,337.70. This trade represents a 20.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,092,912 shares of company stock valued at $181,359,210. Insiders own 18.20% of the company's stock.

Institutional Trading of BridgeBio Pharma

A number of institutional investors have recently added to or reduced their stakes in BBIO. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of BridgeBio Pharma in the 2nd quarter worth approximately $25,000. GAMMA Investing LLC raised its holdings in BridgeBio Pharma by 71.0% during the first 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 BridgeBio Pharma during the first quarter worth $35,000. Steward Partners Investment Advisory LLC grew its holdings in BridgeBio Pharma by 22.3% in the second quarter. Steward Partners Investment Advisory LLC now owns 1,250 shares of the company's stock valued at $54,000 after purchasing an additional 228 shares during the last quarter. Finally, GF Fund Management CO. LTD. purchased a new position in shares of BridgeBio Pharma in the fourth quarter valued at $109,000. 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.

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