Scotiabank Increases BridgeBio Pharma (NASDAQ:BBIO) Price Target to $45.00

BridgeBio Pharma (NASDAQ:BBIO) had its price objective hoisted by Scotiabank from $44.00 to $45.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “sector outperform” rating on the stock. Scotiabank’s price objective indicates a potential upside of 89.71% from the company’s current price.

BBIO has been the topic of several other research reports. JPMorgan Chase & Co. reduced their price target on shares of BridgeBio Pharma from $46.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Oppenheimer started coverage on shares of BridgeBio Pharma in a research report on Thursday, October 3rd. They set a “market perform” rating on the stock. HC Wainwright restated a “buy” rating and set a $43.00 price objective on shares of BridgeBio Pharma in a report on Friday, October 25th. Leerink Partners lowered their target price on shares of BridgeBio Pharma from $47.00 to $46.00 and set an “outperform” rating for the company in a report on Thursday, October 17th. Finally, Piper Sandler began coverage on BridgeBio Pharma in a report on Wednesday, September 4th. They set an “overweight” rating and a $46.00 price objective for the company. Two analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, BridgeBio Pharma currently has a consensus rating of “Moderate Buy” and an average target price of $47.57.

BridgeBio Pharma Price Performance

NASDAQ:BBIO opened at $23.72 on Friday. BridgeBio Pharma has a 1-year low of $21.62 and a 1-year high of $44.32. The firm’s fifty day moving average price is $25.50 and its 200 day moving average price is $26.41. The firm has a market cap of $4.48 billion, a price-to-earnings ratio of -9.84 and a beta of 1.09.

Insider Buying and Selling

In other BridgeBio Pharma news, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of BridgeBio Pharma stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $25.75, for a total value of $149,350,000.00. Following the transaction, the insider now directly owns 25,260,971 shares of the company’s stock, valued at $650,470,003.25. The trade was a 18.67 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Brian C. Stephenson sold 4,155 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $24.69, for a total value of $102,586.95. Following the completion of the sale, the chief financial officer now directly owns 85,192 shares of the company’s stock, valued at $2,103,390.48. This represents a 4.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,831,544 shares of company stock worth $150,128,821 in the last ninety days. 24.66% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On BridgeBio Pharma

A number of hedge funds have recently made changes to their positions in BBIO. Bfsg LLC increased its holdings in shares of BridgeBio Pharma by 175.6% in the second quarter. Bfsg LLC now owns 1,240 shares of the company’s stock valued at $31,000 after purchasing an additional 790 shares in the last quarter. Headlands Technologies LLC acquired a new position in BridgeBio Pharma in the second quarter valued at approximately $48,000. Values First Advisors Inc. acquired a new stake in BridgeBio Pharma during the 3rd quarter worth $57,000. CWM LLC raised its position in shares of BridgeBio Pharma by 132.9% during the 3rd quarter. CWM LLC now owns 3,442 shares of the company’s stock valued at $88,000 after acquiring an additional 1,964 shares during the last quarter. Finally, EntryPoint Capital LLC acquired a new position in shares of BridgeBio Pharma in the 1st quarter valued at $117,000. Institutional investors and hedge funds 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.