BridgeBio Pharma (NASDAQ:BBIO) Given New $68.00 Price Target at Piper Sandler

BridgeBio Pharma (NASDAQ:BBIO - Free Report) had its target price boosted by Piper Sandler from $63.00 to $68.00 in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other analysts also recently issued reports on BBIO. Citigroup raised their price target on shares of BridgeBio Pharma from $58.00 to $67.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Redburn Atlantic initiated coverage on shares of BridgeBio Pharma in a report on Monday, March 31st. They set a "buy" rating and a $50.00 price target for the company. Jefferies Financial Group initiated coverage on shares of BridgeBio Pharma in a report on Monday. They set a "buy" rating and a $70.00 price target for the company. Wolfe Research initiated coverage on shares of BridgeBio Pharma in a report on Tuesday, June 17th. They set an "outperform" rating and a $49.00 price target for the company. Finally, HC Wainwright raised their price target on shares of BridgeBio Pharma from $53.00 to $56.00 and gave the stock a "buy" rating in a report on Monday, June 9th. One research analyst has rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $61.20.

BridgeBio Pharma Stock Up 0.3%

Shares of NASDAQ:BBIO traded up $0.13 during trading on Monday, reaching $47.10. 2,586,467 shares of the company's stock traded hands, compared to its average volume of 2,547,862. BridgeBio Pharma has a fifty-two week low of $21.72 and a fifty-two week high of $48.68. The firm has a market cap of $8.94 billion, a PE ratio of -13.34 and a beta of 1.15. The company has a 50-day simple moving average of $39.08 and a 200-day simple moving average of $35.57.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The company reported ($0.88) earnings per share 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 analysts' expectations of $57.14 million. The company's quarterly revenue was down 44.8% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.20) earnings per share. On average, equities research analysts forecast that BridgeBio Pharma will post -3.67 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $34.20, for a total transaction of $205,200,000.00. Following the transaction, the insider directly owned 13,260,971 shares in the company, valued at $453,525,208.20. The trade was a 31.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Global Investors Lp Viking sold 3,500,000 shares of the company's stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $44.00, for a total value of $154,000,000.00. Following the completion of the transaction, the insider directly owned 18,555,375 shares in the company, valued at approximately $816,436,500. The trade was a 15.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,926,181 shares of company stock valued at $375,528,164. 18.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On BridgeBio Pharma

A number of large investors have recently added to or reduced their stakes in the stock. Steward Partners Investment Advisory LLC boosted its stake in BridgeBio Pharma by 85.8% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,022 shares of the company's stock valued at $28,000 after purchasing an additional 472 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of 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 acquiring an additional 21,963 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of BridgeBio Pharma in the fourth quarter worth $456,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in BridgeBio Pharma by 25.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,530 shares of the company's stock worth $865,000 after acquiring an additional 6,466 shares during the period. Finally, Wealthfront Advisers LLC acquired a new position in BridgeBio Pharma during the 4th quarter valued at $592,000. Institutional investors own 99.85% of the company's stock.

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.