BridgeBio Pharma (NASDAQ:BBIO) Rating Increased to Outperform at Oppenheimer

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) was upgraded by analysts at Oppenheimer from a "market perform" rating to an "outperform" rating in a note issued to investors on Wednesday, MarketBeat reports. The brokerage presently has a $60.00 price objective on the stock. Oppenheimer's price target points to a potential upside of 29.67% from the stock's previous close.

Several other research firms have also issued reports on BBIO. HC Wainwright upped their price target on shares of BridgeBio Pharma from $53.00 to $56.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Wells Fargo & Company upped their price target on shares of BridgeBio Pharma from $67.00 to $76.00 and gave the stock an "overweight" rating in a research report on Monday, June 30th. UBS Group raised their price objective on BridgeBio Pharma from $65.00 to $72.00 and gave the company a "buy" rating in a research report on Wednesday, April 30th. Wall Street Zen raised BridgeBio Pharma from a "sell" rating to a "hold" rating in a research report on Saturday, June 7th. Finally, JPMorgan Chase & Co. raised their price objective on BridgeBio Pharma from $44.00 to $50.00 and gave the company an "overweight" rating in a research report on Monday, March 24th. One analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $58.93.

BridgeBio Pharma Stock Performance

NASDAQ BBIO traded up $0.29 on Wednesday, reaching $46.27. The company had a trading volume of 2,424,180 shares, compared to its average volume of 2,532,030. The firm has a market capitalization of $8.79 billion, a price-to-earnings ratio of -13.11 and a beta of 1.15. BridgeBio Pharma has a 1-year low of $21.72 and a 1-year high of $46.84. The company's fifty day moving average is $38.53 and its 200-day moving average is $35.13.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported ($0.88) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.00) by $0.12. The company had revenue of $36.74 million during the quarter, compared to analyst estimates of $57.14 million. BridgeBio Pharma's revenue 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, research analysts forecast that BridgeBio Pharma will post -3.67 earnings per share for the current year.

Insider Transactions at BridgeBio Pharma

In other BridgeBio Pharma news, CEO Neil Kumar sold 75,000 shares of the company's stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $34.11, for a total value of $2,558,250.00. Following the transaction, the chief executive officer directly owned 4,873,447 shares of the company's stock, valued at $166,233,277.17. This represents a 1.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Andrew Lo sold 100,000 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $38.50, for a total transaction of $3,850,000.00. Following the transaction, the director directly owned 105,583 shares in the company, valued at $4,064,945.50. This represents a 48.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 9,936,181 shares of company stock worth $375,878,164. 18.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in BBIO. Steward Partners Investment Advisory LLC increased its holdings in shares of BridgeBio Pharma by 85.8% during the fourth 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 period. Charles Schwab Investment Management Inc. raised its stake in BridgeBio Pharma by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,306,765 shares of the company's stock valued at $35,858,000 after purchasing an additional 21,963 shares in the last quarter. Arizona State Retirement System raised its stake in BridgeBio Pharma by 9.7% in the fourth quarter. Arizona State Retirement System now owns 35,470 shares of the company's stock valued at $973,000 after purchasing an additional 3,141 shares in the last quarter. Raymond James Financial Inc. acquired a new position in BridgeBio Pharma in the fourth quarter valued at about $456,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in BridgeBio Pharma by 25.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,530 shares of the company's stock valued at $865,000 after purchasing an additional 6,466 shares in the last quarter. 99.85% of the stock is owned by 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.