BridgeBio Pharma (NASDAQ:BBIO) Stock Rating Upgraded by 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 research note issued on Wednesday, Marketbeat.com reports. The firm currently has a $60.00 price target on the stock. Oppenheimer's price objective points to a potential upside of 30.24% from the company's previous close.

A number of other equities research analysts have also recently commented on the stock. Wall Street Zen upgraded shares of BridgeBio Pharma from a "sell" rating to a "hold" rating in a report on Saturday, June 7th. Bank of America lifted their price objective on shares of BridgeBio Pharma from $50.00 to $54.00 and gave the company a "buy" rating in a report on Wednesday, June 25th. Redburn Atlantic assumed coverage on shares of BridgeBio Pharma in a research report on Monday, March 31st. They issued a "buy" rating and a $50.00 price objective for the company. JPMorgan Chase & Co. increased their target price on shares of BridgeBio Pharma from $44.00 to $50.00 and gave the company an "overweight" rating in a research report on Monday, March 24th. Finally, UBS Group increased their target price on shares of BridgeBio Pharma from $65.00 to $72.00 and gave the company a "buy" rating in a research report on Wednesday, April 30th. One research analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, BridgeBio Pharma presently has an average rating of "Moderate Buy" and an average price target of $58.93.

BridgeBio Pharma Stock Up 0.2%

Shares of BBIO stock traded up $0.09 during trading hours on Wednesday, hitting $46.07. 1,145,341 shares of the company's stock traded hands, compared to its average volume of 2,521,311. The stock's 50 day simple moving average is $38.37 and its 200 day simple moving average is $35.01. The stock has a market cap of $8.75 billion, a PE ratio of -13.05 and a beta of 1.15. BridgeBio Pharma has a 12 month low of $21.72 and a 12 month high of $46.84.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The company reported ($0.88) earnings per share (EPS) 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 the consensus estimate of $57.14 million. During the same period in the previous year, the business posted ($0.20) EPS. BridgeBio Pharma's revenue was down 44.8% on a year-over-year basis. As a group, equities research analysts expect that BridgeBio Pharma will post -3.67 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Frank Mccormick sold 100,000 shares of the stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $44.23, for a total value of $4,423,000.00. Following the transaction, the director owned 879,979 shares of the company's stock, valued at $38,921,471.17. This represents a 10.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Neil Kumar sold 40,000 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $42.54, for a total transaction of $1,701,600.00. Following the completion of the transaction, the chief executive officer directly owned 975,686 shares in the company, valued at $41,505,682.44. The trade was a 3.94% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,936,181 shares of company stock worth $375,878,164. Company insiders own 18.20% of the company's stock.

Hedge Funds Weigh In On BridgeBio Pharma

Several institutional investors and hedge funds have recently made changes to their positions in BBIO. First Bank & Trust grew its holdings in BridgeBio Pharma by 3.9% in the 2nd quarter. First Bank & Trust now owns 8,822 shares of the company's stock worth $381,000 after acquiring an additional 329 shares during the last quarter. Ironwood Investment Management LLC lifted its position in BridgeBio Pharma by 0.5% during the 4th quarter. Ironwood Investment Management LLC now owns 63,157 shares of the company's stock valued at $1,733,000 after acquiring an additional 338 shares during the period. GAMMA Investing LLC lifted its position in BridgeBio Pharma by 71.0% during the 1st quarter. GAMMA Investing LLC now owns 920 shares of the company's stock valued at $32,000 after acquiring an additional 382 shares during the period. Xponance Inc. lifted its position in BridgeBio Pharma by 3.8% during the 1st quarter. Xponance Inc. now owns 10,474 shares of the company's stock valued at $362,000 after acquiring an additional 385 shares during the period. Finally, Summit Investment Advisors Inc. increased its stake in BridgeBio Pharma by 3.3% during the 4th quarter. Summit Investment Advisors Inc. now owns 14,706 shares of the company's stock valued at $404,000 after purchasing an additional 466 shares in the last quarter. 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.