BridgeBio Pharma (NASDAQ:BBIO) Stock Price Expected to Rise, Scotiabank Analyst Says

BridgeBio Pharma (NASDAQ:BBIO) had its target price boosted by equities researchers at Scotiabank from $48.00 to $49.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the stock. Scotiabank’s price target points to a potential upside of 55.26% from the company’s previous close.

BBIO has been the subject of several other research reports. Bank of America increased their price target on shares of BridgeBio Pharma from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Leerink Partners reduced their price target on shares of BridgeBio Pharma from $47.00 to $46.00 and set an “outperform” rating for the company in a research report on Thursday, October 17th. HC Wainwright restated a “buy” rating and set a $49.00 price target on shares of BridgeBio Pharma in a research report on Monday, December 16th. Finally, Evercore ISI increased their price target on shares of BridgeBio Pharma from $45.00 to $50.00 and gave the company an “outperform” rating in a research report on Monday, December 23rd. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $49.08.

BridgeBio Pharma Stock Performance

BBIO opened at $31.56 on Wednesday. The firm has a market cap of $5.96 billion, a P/E ratio of -13.10 and a beta of 1.07. The firm has a 50-day moving average of $30.93 and a 200 day moving average of $27.49. BridgeBio Pharma has a fifty-two week low of $21.62 and a fifty-two week high of $41.04.

Insider Transactions at BridgeBio Pharma

In other news, CFO Brian C. Stephenson sold 4,156 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $22.41, for a total value of $93,135.96. Following the sale, the chief financial officer now directly owns 93,758 shares of the company’s stock, valued at approximately $2,101,116.78. This represents a 4.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Neil Kumar sold 326,932 shares of the stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $36.29, for a total transaction of $11,864,362.28. Following the completion of the sale, the chief executive officer now directly owns 5,371,515 shares in the company, valued at approximately $194,932,279.35. The trade was a 5.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,492,093 shares of company stock valued at $122,029,004. 24.66% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On BridgeBio Pharma

Institutional investors and hedge funds have recently modified their holdings of the company. Ironwood Investment Management LLC raised its stake in BridgeBio Pharma by 0.5% in the fourth quarter. Ironwood Investment Management LLC now owns 63,157 shares of the company’s stock valued at $1,733,000 after purchasing an additional 338 shares in the last quarter. Ameritas Investment Partners Inc. raised its stake in BridgeBio Pharma by 3.3% in the fourth quarter. Ameritas Investment Partners Inc. now owns 14,706 shares of the company’s stock valued at $404,000 after purchasing an additional 466 shares in the last quarter. Steward Partners Investment Advisory LLC raised its stake in BridgeBio Pharma by 85.8% in the fourth 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 in the last quarter. Allspring Global Investments Holdings LLC raised its stake in BridgeBio Pharma by 17.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 5,322 shares of the company’s stock valued at $135,000 after purchasing an additional 801 shares in the last quarter. Finally, Xponance Inc. raised its stake in BridgeBio Pharma by 9.1% in the fourth quarter. Xponance Inc. now owns 10,089 shares of the company’s stock valued at $277,000 after purchasing an additional 844 shares in the last quarter. 99.85% of the stock is 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.