BridgeBio Pharma (NASDAQ:BBIO) Shares Gap Up on Analyst Upgrade

BridgeBio Pharma, Inc. (NASDAQ:BBIO) shares gapped up before the market opened on Monday after Scotiabank raised their price target on the stock from $45.00 to $48.00. The stock had previously closed at $23.42, but opened at $28.81. Scotiabank currently has a sector outperform rating on the stock. BridgeBio Pharma shares last traded at $29.75, with a volume of 4,720,741 shares.

Several other research analysts also recently commented on the company. Leerink Partners reduced their price objective on BridgeBio Pharma from $47.00 to $46.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. Piper Sandler started coverage on BridgeBio Pharma in a report on Wednesday, September 4th. They set an “overweight” rating and a $46.00 price objective on the stock. Bank of America raised their price objective on BridgeBio Pharma from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Monday. JPMorgan Chase & Co. reduced their price objective on BridgeBio Pharma from $46.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Finally, HC Wainwright raised their price objective on BridgeBio Pharma from $43.00 to $49.00 and gave the stock a “buy” rating in a report on Monday. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, BridgeBio Pharma presently has an average rating of “Moderate Buy” and a consensus price target of $48.43.

Insider Buying and Selling at BridgeBio Pharma

In related news, CFO Brian C. Stephenson sold 4,156 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $22.41, for a total value of $93,135.96. Following the completion of the sale, the chief financial officer now owns 93,758 shares of the company’s stock, valued at approximately $2,101,116.78. This trade represents a 4.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Neil Kumar sold 27,389 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $22.41, for a total value of $613,787.49. Following the completion of the transaction, the chief executive officer now owns 4,897,443 shares of the company’s stock, valued at $109,751,697.63. The trade was a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,831,545 shares of company stock valued at $150,056,923 over the last quarter. 24.66% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Bfsg LLC boosted its position in shares of BridgeBio Pharma by 175.6% during the second quarter. Bfsg LLC now owns 1,240 shares of the company’s stock worth $31,000 after buying an additional 790 shares during the period. Headlands Technologies LLC purchased a new position in shares of BridgeBio Pharma during the second quarter worth $48,000. Values First Advisors Inc. purchased a new position in shares of BridgeBio Pharma during the third quarter worth $57,000. CWM LLC boosted its position in shares of BridgeBio Pharma by 132.9% during the third quarter. CWM LLC now owns 3,442 shares of the company’s stock worth $88,000 after buying an additional 1,964 shares during the period. Finally, Advisors Asset Management Inc. boosted its position in shares of BridgeBio Pharma by 56.1% during the third quarter. Advisors Asset Management Inc. now owns 4,576 shares of the company’s stock worth $117,000 after buying an additional 1,645 shares during the period. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

BridgeBio Pharma Stock Up 16.1 %

The firm has a 50-day moving average price of $24.98 and a 200 day moving average price of $26.23. The firm has a market capitalization of $5.14 billion, a PE ratio of -11.28 and a beta of 1.09.

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.