BridgeBio Pharma (NASDAQ:BBIO) Stock Rating Upgraded by Oppenheimer

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) was upgraded by Oppenheimer from a "market perform" rating to an "outperform" rating in a report issued on Wednesday, Marketbeat Ratings reports. The firm presently has a $60.00 price target on the stock. Oppenheimer's target price would suggest a potential upside of 29.12% from the stock's current price.

BBIO has been the subject of a number of other research reports. UBS Group lifted 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. Scotiabank lifted their price target on BridgeBio Pharma from $52.00 to $55.00 and gave the company a "sector outperform" rating in a report on Wednesday, April 30th. Redburn Atlantic initiated coverage on BridgeBio Pharma in a research note on Monday, March 31st. They issued a "buy" rating and a $50.00 price target for the company. Bank of America raised their price objective on shares of BridgeBio Pharma from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Wednesday, June 25th. Finally, Piper Sandler lifted their target price on shares of BridgeBio Pharma from $46.00 to $63.00 and gave the company an "overweight" rating in a research note 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's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $60.21.

BridgeBio Pharma Stock Performance

Shares of NASDAQ BBIO traded up $0.20 during mid-day trading on Wednesday, reaching $46.47. The company had a trading volume of 2,187,980 shares, compared to its average volume of 2,530,496. The company has a market capitalization of $8.82 billion, a price-to-earnings ratio of -13.16 and a beta of 1.15. The stock has a fifty day moving average of $38.53 and a two-hundred day moving average of $35.13. BridgeBio Pharma has a 12-month low of $21.72 and a 12-month high of $46.80.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported ($0.88) earnings per share for the quarter, beating the consensus estimate 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. The firm's quarterly revenue was down 44.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.20) EPS. Sell-side analysts forecast that BridgeBio Pharma will post -3.67 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $34.20, for a total value of $205,200,000.00. Following the sale, the insider directly owned 13,260,971 shares of the company's stock, valued at approximately $453,525,208.20. This trade represents a 31.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Andrew Lo sold 100,000 shares of BridgeBio Pharma stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $38.50, for a total value of $3,850,000.00. Following the completion of the transaction, the director owned 105,583 shares in the company, valued at $4,064,945.50. The trade was a 48.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,936,181 shares of company stock worth $375,878,164 in the last ninety days. 18.20% of the stock is owned by insiders.

Institutional Investors Weigh In On BridgeBio Pharma

Several hedge funds have recently modified their holdings of the business. Capital Research Global Investors increased its position in BridgeBio Pharma by 34.9% during the fourth quarter. Capital Research Global Investors now owns 3,526,747 shares of the company's stock worth $96,774,000 after acquiring an additional 912,439 shares during the period. Cambridge Investment Research Advisors Inc. increased its holdings in shares of BridgeBio Pharma by 29.4% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 30,802 shares of the company's stock worth $1,065,000 after purchasing an additional 6,997 shares during the period. Teacher Retirement System of Texas raised its position in shares of BridgeBio Pharma by 28.6% during the fourth quarter. Teacher Retirement System of Texas now owns 36,208 shares of the company's stock valued at $994,000 after buying an additional 8,048 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of BridgeBio Pharma by 6.2% in the fourth quarter. Vanguard Group Inc. now owns 15,077,915 shares of the company's stock valued at $413,738,000 after buying an additional 879,059 shares during the period. Finally, Legal & General Group Plc lifted its stake in shares of BridgeBio Pharma by 2.8% in the fourth 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. 99.85% of the stock is owned by institutional investors.

BridgeBio Pharma Company Profile

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.