Raymond James Financial Raises BridgeBio Pharma (NASDAQ:BBIO) Price Target to $59.00

Key Points

• Raymond James Financial has increased the price target for BridgeBio Pharma from $56.00 to $59.00, indicating a potential upside of 7.49% from the current price.
• Several analysts, including Jefferies and JPMorgan, have issued positive ratings, with average target pricing across analysts sitting at $65.25.
• Insider trading activity includes significant share sales by CEO Neil Kumar and CFO Thomas Trimarchi, indicating a trend of decreasing insider ownership.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) had its target price hoisted by Raymond James Financial from $56.00 to $59.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Raymond James Financial's price target suggests a potential upside of 7.49% from the company's current price.

Other equities analysts have also issued research reports about the company. Jefferies Financial Group began coverage on BridgeBio Pharma in a research note on Monday, July 14th. They set a "buy" rating and a $70.00 price target on the stock. Oppenheimer upped their price target on BridgeBio Pharma from $60.00 to $61.00 and gave the company an "outperform" rating in a research note on Wednesday, August 6th. Piper Sandler increased their target price on BridgeBio Pharma from $63.00 to $68.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. JPMorgan Chase & Co. increased their target price on BridgeBio Pharma from $55.00 to $70.00 and gave the company an "overweight" rating in a research note on Wednesday, September 3rd. Finally, Scotiabank increased their target price on BridgeBio Pharma from $55.00 to $57.00 and gave the company a "sector outperform" rating in a research note on Wednesday, August 6th. Sixteen equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, BridgeBio Pharma has an average rating of "Moderate Buy" and an average target price of $65.25.

BridgeBio Pharma Price Performance

Shares of BBIO stock traded down $1.37 during trading hours on Tuesday, hitting $54.89. 379,077 shares of the company's stock were exchanged, compared to its average volume of 2,832,454. The stock's 50-day moving average is $52.15 and its 200-day moving average is $43.90. The stock has a market cap of $10.49 billion, a price-to-earnings ratio of -13.40 and a beta of 1.36. BridgeBio Pharma has a 52 week low of $21.72 and a 52 week high of $57.49.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported ($0.95) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.83) by ($0.12). The firm had revenue of $110.57 million during the quarter, compared to analyst estimates of $98.46 million. During the same quarter in the previous year, the business earned ($0.39) earnings per share. The firm's revenue for the quarter was up 4999.9% compared to the same quarter last year. Equities research analysts forecast that BridgeBio Pharma will post -3.67 earnings per share for the current fiscal year.

Insider Buying and Selling

In other BridgeBio Pharma news, CEO Neil Kumar sold 40,000 shares of the stock in a transaction dated Wednesday, October 8th. The stock was sold at an average price of $54.78, for a total value of $2,191,200.00. Following the completion of the sale, the chief executive officer directly owned 855,686 shares in the company, valued at $46,874,479.08. This represents a 4.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas Trimarchi sold 42,237 shares of the stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $49.48, for a total value of $2,089,886.76. Following the completion of the sale, the chief financial officer owned 421,081 shares of the company's stock, valued at $20,835,087.88. This trade represents a 9.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 597,913 shares of company stock valued at $29,034,227. 18.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of BridgeBio Pharma during the second quarter worth about $25,000. GAMMA Investing LLC grew its holdings in shares of BridgeBio Pharma by 71.0% during the first quarter. GAMMA Investing LLC now owns 920 shares of the company's stock worth $32,000 after buying an additional 382 shares in the last quarter. Jones Financial Companies Lllp bought a new position in shares of BridgeBio Pharma during the first quarter worth about $35,000. Steward Partners Investment Advisory LLC grew its holdings in shares of BridgeBio Pharma by 22.3% during the second quarter. Steward Partners Investment Advisory LLC now owns 1,250 shares of the company's stock worth $54,000 after buying an additional 228 shares in the last quarter. Finally, GF Fund Management CO. LTD. grew its holdings in shares of BridgeBio Pharma by 22.0% during the first quarter. GF Fund Management CO. LTD. now owns 4,839 shares of the company's stock worth $167,000 after buying an additional 871 shares in the last quarter. 99.85% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.