Oppenheimer Increases BridgeBio Pharma (NASDAQ:BBIO) Price Target to $61.00

Key Points

• Oppenheimer has increased BridgeBio Pharma's price target from $60.00 to $61.00, maintaining an "outperform" rating, indicating a potential upside of 23.96% from its previous close.
• Other analysts like UBS and Citigroup have also raised their price targets for BridgeBio, with UBS setting a target of $72.00 and Citigroup at $67.00, both assigning a "buy" rating.
• BridgeBio Pharma reported substantial revenue growth of 4999.9% year-over-year in the last quarter, although it missed EPS estimates at ($0.95), lower than the expected ($0.83).

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) had its price objective upped by equities research analysts at Oppenheimer from $60.00 to $61.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Oppenheimer's price target suggests a potential upside of 23.96% from the company's previous close.

Several other research analysts also recently commented on BBIO. UBS Group raised their price objective on BridgeBio Pharma from $65.00 to $72.00 and gave the stock a "buy" rating in a report on Wednesday, April 30th. Citigroup lifted their price target on BridgeBio Pharma from $58.00 to $67.00 and gave the company a "buy" rating in a report on Friday, July 11th. HC Wainwright lifted their price target on BridgeBio Pharma from $53.00 to $56.00 and gave the company a "buy" rating in a report on Monday, June 9th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $95.00 price target on shares of BridgeBio Pharma in a report on Tuesday, July 29th. Finally, Jefferies Financial Group began coverage on BridgeBio Pharma in a report on Monday, July 14th. They issued a "buy" rating and a $70.00 price target on the stock. One analyst has rated the stock with a sell rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, BridgeBio Pharma presently has an average rating of "Moderate Buy" and an average target price of $61.24.

BridgeBio Pharma Stock Up 3.1%

BBIO opened at $49.21 on Wednesday. The stock's fifty day moving average is $42.91 and its two-hundred day moving average is $37.26. The company has a market capitalization of $9.34 billion, a P/E ratio of -13.94 and a beta of 1.23. BridgeBio Pharma has a 52 week low of $21.72 and a 52 week high of $49.77.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported ($0.95) EPS for the quarter, missing the consensus estimate 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. The firm's revenue for the quarter was up 4999.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.39) EPS. Equities analysts anticipate that BridgeBio Pharma will post -3.67 earnings per share for the current year.

Insider Activity at BridgeBio Pharma

In other BridgeBio Pharma news, Director Hannah Valantine sold 2,289 shares of BridgeBio Pharma stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $44.05, for a total transaction of $100,830.45. Following the completion of the sale, the director owned 398 shares of the company's stock, valued at approximately $17,531.90. The trade was a 85.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Frank Mccormick sold 100,000 shares of BridgeBio Pharma stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $44.23, for a total value of $4,423,000.00. Following the sale, 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 9,750,155 shares of company stock worth $369,080,403 in the last quarter. 18.20% of the stock is owned by insiders.

Institutional Trading of BridgeBio Pharma

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of BridgeBio Pharma by 29.4% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 30,802 shares of the company's stock valued at $1,065,000 after buying an additional 6,997 shares during the period. Capital Research Global Investors lifted its holdings in shares of BridgeBio Pharma by 34.9% in the 4th quarter. Capital Research Global Investors now owns 3,526,747 shares of the company's stock valued at $96,774,000 after buying an additional 912,439 shares during the period. GAMMA Investing LLC lifted its holdings in shares of BridgeBio Pharma by 71.0% in the 1st quarter. GAMMA Investing LLC now owns 920 shares of the company's stock valued at $32,000 after buying an additional 382 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in shares of BridgeBio Pharma in the 1st quarter valued at about $251,000. Finally, Legal & General Group Plc lifted its holdings in shares of BridgeBio Pharma by 2.8% in the 4th quarter. Legal & General Group Plc now owns 134,038 shares of the company's stock valued at $3,678,000 after buying an additional 3,706 shares during the period. 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.

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