BridgeBio Pharma (NASDAQ:BBIO) Price Target Lowered to $42.00 at Bank of America

BridgeBio Pharma (NASDAQ:BBIO) had its target price cut by Bank of America from $50.00 to $42.00 in a research note released on Tuesday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also recently issued reports on BBIO. UBS Group lowered their price objective on BridgeBio Pharma from $51.00 to $47.00 and set a buy rating on the stock in a research report on Tuesday, May 28th. Raymond James initiated coverage on BridgeBio Pharma in a research report on Thursday, March 21st. They issued an outperform rating and a $45.00 price objective on the stock. JPMorgan Chase & Co. upped their price objective on BridgeBio Pharma from $35.00 to $45.00 and gave the company an overweight rating in a research report on Wednesday, March 20th. HC Wainwright reaffirmed a buy rating and issued a $43.00 price objective on shares of BridgeBio Pharma in a research report on Thursday, June 20th. Finally, Evercore ISI initiated coverage on BridgeBio Pharma in a research report on Tuesday, May 14th. They issued an outperform rating and a $50.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $47.21.

BridgeBio Pharma Stock Up 1.7 %

Shares of BBIO opened at $23.38 on Tuesday. The business’s 50 day moving average price is $27.39 and its 200-day moving average price is $31.75. BridgeBio Pharma has a 52 week low of $15.35 and a 52 week high of $44.32. The stock has a market cap of $4.38 billion, a P/E ratio of -7.26 and a beta of 1.08.

BridgeBio Pharma (NASDAQ:BBIO) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.35. The company had revenue of $211.12 million during the quarter, compared to the consensus estimate of $140.06 million. On average, equities analysts anticipate that BridgeBio Pharma will post -3.2 EPS for the current year.

Insider Transactions at BridgeBio Pharma

In other news, Director Randal W. Scott sold 1,000 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $28.84, for a total value of $28,840.00. Following the completion of the sale, the director now directly owns 5,500 shares in the company, valued at approximately $158,620. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 24.66% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On BridgeBio Pharma

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Diversified Trust Co increased its stake in shares of BridgeBio Pharma by 2.5% in the 3rd quarter. Diversified Trust Co now owns 17,111 shares of the company’s stock worth $451,000 after purchasing an additional 411 shares in the last quarter. American International Group Inc. increased its stake in shares of BridgeBio Pharma by 1.0% in the 1st quarter. American International Group Inc. now owns 57,491 shares of the company’s stock worth $1,778,000 after purchasing an additional 565 shares in the last quarter. Parkman Healthcare Partners LLC increased its stake in BridgeBio Pharma by 0.7% in the 4th quarter. Parkman Healthcare Partners LLC now owns 100,734 shares of the company’s stock worth $4,067,000 after buying an additional 734 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in BridgeBio Pharma by 1.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 65,773 shares of the company’s stock worth $2,655,000 after buying an additional 904 shares in the last quarter. Finally, Assetmark Inc. increased its stake in BridgeBio Pharma by 46.8% in the 4th quarter. Assetmark Inc. now owns 2,931 shares of the company’s stock worth $118,000 after buying an additional 935 shares in the last quarter. 99.85% of the stock is currently owned by hedge funds and other 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.