BridgeBio Pharma (NASDAQ:BBIO) Price Target Raised to $70.00

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 price target lifted by investment analysts at JPMorgan Chase & Co. from $55.00 to $70.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 28.48% from the stock's previous close.

A number of other brokerages also recently weighed in on BBIO. Wall Street Zen raised BridgeBio Pharma from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Raymond James Financial began coverage on BridgeBio Pharma in a research report on Wednesday, July 30th. They issued an "outperform" rating and a $56.00 price target on the stock. Piper Sandler increased their price objective on BridgeBio Pharma from $63.00 to $68.00 and gave the company an "overweight" rating in a report on Monday, July 14th. Cantor Fitzgerald reissued an "overweight" rating and issued a $95.00 target price on shares of BridgeBio Pharma in a research note on Tuesday, July 29th. Finally, Wells Fargo & Company boosted their price objective on shares of BridgeBio Pharma from $67.00 to $76.00 and gave the company an "overweight" rating in a research report on Monday, June 30th. Seventeen analysts have rated the stock with a Buy rating, Based on data from MarketBeat, BridgeBio Pharma has an average rating of "Buy" and a consensus price target of $63.35.

BridgeBio Pharma Stock Up 2.1%

Shares of BBIO stock traded up $1.10 during trading hours on Wednesday, hitting $54.48. 1,104,388 shares of the company's stock traded hands, compared to its average volume of 2,974,883. The stock's fifty day simple moving average is $47.58 and its two-hundred day simple moving average is $39.73. BridgeBio Pharma has a 12-month low of $21.72 and a 12-month high of $54.38. The stock has a market cap of $10.42 billion, a price-to-earnings ratio of -13.30 and a beta of 1.25.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported ($0.95) earnings per share 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 analyst estimates of $98.46 million. During the same quarter in the prior year, the company posted ($0.39) earnings per share. The company's revenue for the quarter was up 4999.9% on a year-over-year basis. On average, equities analysts forecast that BridgeBio Pharma will post -3.67 earnings per share for the current fiscal year.

Insider Transactions at BridgeBio Pharma

In other BridgeBio Pharma news, Director Charles J. Homcy sold 250,000 shares of the stock in a transaction 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 directly owned 966,674 shares of the company's stock, valued at $44,515,337.70. This represents a 20.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Frank Mccormick sold 100,000 shares of the business's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $44.23, for a total transaction of $4,423,000.00. Following the completion of the transaction, the director directly owned 879,979 shares of the company's stock, valued at approximately $38,921,471.17. This represents a 10.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,092,912 shares of company stock worth $181,359,210 over the last ninety days. Insiders own 18.20% of the company's stock.

Hedge Funds Weigh In On BridgeBio Pharma

A number of hedge funds have recently bought and sold shares of BBIO. Osaic Holdings Inc. raised its stake in BridgeBio Pharma by 218.3% in the 2nd quarter. Osaic Holdings Inc. now owns 4,167 shares of the company's stock valued at $179,000 after acquiring an additional 2,858 shares during the period. Marex Group plc bought a new position in BridgeBio Pharma in the second quarter worth $273,000. Tower Research Capital LLC TRC increased its holdings in shares of BridgeBio Pharma by 71.6% during the second quarter. Tower Research Capital LLC TRC now owns 12,876 shares of the company's stock valued at $556,000 after acquiring an additional 5,373 shares in the last quarter. Corient Private Wealth LLC bought a new position in shares of BridgeBio Pharma during the second quarter valued at $647,000. Finally, E Fund Management Co. Ltd. lifted its position in shares of BridgeBio Pharma by 16.3% during the 2nd quarter. E Fund Management Co. Ltd. now owns 21,965 shares of the company's stock valued at $948,000 after buying an additional 3,075 shares in the last quarter. 99.85% of the stock is owned by hedge funds and other institutional investors.

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.