Scotiabank Forecasts Strong Price Appreciation for BridgeBio Pharma (NASDAQ:BBIO) Stock

BridgeBio Pharma (NASDAQ:BBIO) had its target price hoisted by equities researchers at Scotiabank from $45.00 to $48.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “sector outperform” rating on the stock. Scotiabank’s target price points to a potential upside of 81.54% from the stock’s previous close.

Other equities analysts also recently issued research reports about the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $70.00 target price on shares of BridgeBio Pharma in a report on Monday, September 16th. Piper Sandler assumed coverage on shares of BridgeBio Pharma in a research note on Wednesday, September 4th. They issued an “overweight” rating and a $46.00 price target on the stock. HC Wainwright raised their price objective on BridgeBio Pharma from $43.00 to $49.00 and gave the company a “buy” rating in a research report on Monday. Oppenheimer began coverage on BridgeBio Pharma in a report on Thursday, October 3rd. They issued a “market perform” rating on the stock. Finally, Leerink Partners dropped their price target on BridgeBio Pharma from $47.00 to $46.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. Two analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.43.

BridgeBio Pharma Stock Performance

Shares of BBIO stock opened at $26.44 on Monday. The stock has a fifty day simple moving average of $24.97 and a two-hundred day simple moving average of $26.21. BridgeBio Pharma has a 52-week low of $21.62 and a 52-week high of $44.32. The firm has a market capitalization of $5.00 billion, a PE ratio of -10.97 and a beta of 1.09.

Insider Transactions at BridgeBio Pharma

In other news, CFO Brian C. Stephenson sold 4,156 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $22.41, for a total transaction of $93,135.96. Following the transaction, the chief financial officer now 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 transaction was disclosed in a filing with the SEC, 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 sale, the chief executive officer now owns 4,897,443 shares in the company, valued at approximately $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. In the last 90 days, insiders sold 5,831,545 shares of company stock worth $150,056,923. 24.66% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On BridgeBio Pharma

Several hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD grew its stake in BridgeBio Pharma by 22.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 803,956 shares of the company’s stock worth $24,859,000 after acquiring an additional 145,594 shares in the last quarter. First Turn Management LLC purchased a new stake in shares of BridgeBio Pharma in the third quarter valued at approximately $10,178,000. Jennison Associates LLC bought a new position in BridgeBio Pharma in the third quarter worth approximately $767,000. Comerica Bank increased its holdings in BridgeBio Pharma by 3,013.5% during the 1st quarter. Comerica Bank now owns 38,514 shares of the company’s stock worth $1,191,000 after purchasing an additional 37,277 shares during the period. Finally, Frazier Life Sciences Management L.P. raised its position in BridgeBio Pharma by 6.4% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 3,632,604 shares of the company’s stock valued at $92,014,000 after purchasing an additional 217,000 shares in the last quarter. Institutional investors 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.