Bank of America Raises BridgeBio Pharma (NASDAQ:BBIO) Price Target to $45.00

BridgeBio Pharma (NASDAQ:BBIO) had its price objective increased by equities researchers at Bank of America from $42.00 to $45.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price target points to a potential upside of 70.20% from the company’s previous close.

Several other research analysts also recently weighed in on the stock. Piper Sandler initiated coverage on shares of BridgeBio Pharma in a research report on Wednesday, September 4th. They issued an “overweight” rating and a $46.00 target price on the stock. Leerink Partners cut their target price on shares of BridgeBio Pharma from $47.00 to $46.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $70.00 target price on shares of BridgeBio Pharma in a research report on Monday, September 16th. JPMorgan Chase & Co. dropped their price target on BridgeBio Pharma from $46.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Finally, Oppenheimer began coverage on BridgeBio Pharma in a research report on Thursday, October 3rd. They set a “market perform” rating for the company. Two investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $48.43.

BridgeBio Pharma Stock Down 2.8 %

NASDAQ:BBIO opened at $26.44 on Monday. The stock has a fifty day simple moving average of $24.97 and a 200 day simple moving average of $26.21. The firm has a market capitalization of $5.00 billion, a price-to-earnings ratio of -10.97 and a beta of 1.09. BridgeBio Pharma has a 1-year low of $21.62 and a 1-year high of $44.32.

Insiders Place Their Bets

In related news, CEO Neil Kumar sold 27,389 shares of the business’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 value of $613,787.49. Following the completion of the sale, the chief executive officer now directly owns 4,897,443 shares in the company, valued at approximately $109,751,697.63. The trade was a 0.56 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Brian C. Stephenson sold 4,156 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $22.41, for a total value of $93,135.96. Following the transaction, the chief financial officer now owns 93,758 shares in the company, valued at approximately $2,101,116.78. This trade represents a 4.24 % decrease in their position. 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 ninety days. Corporate insiders own 24.66% of the company’s stock.

Institutional Trading of BridgeBio Pharma

Several large investors have recently modified their holdings of the company. Geode Capital Management LLC boosted its stake in BridgeBio Pharma by 3.8% during the 3rd quarter. Geode Capital Management LLC now owns 3,413,949 shares of the company’s stock valued at $86,936,000 after purchasing an additional 123,540 shares during the period. Frazier Life Sciences Management L.P. boosted its position in shares of BridgeBio Pharma by 3.5% in the third quarter. Frazier Life Sciences Management L.P. now owns 3,760,457 shares of the company’s stock valued at $95,741,000 after acquiring an additional 127,853 shares during the period. Barclays PLC grew its stake in shares of BridgeBio Pharma by 31.9% in the third quarter. Barclays PLC now owns 545,008 shares of the company’s stock worth $13,876,000 after acquiring an additional 131,743 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of BridgeBio Pharma in the third quarter worth $338,000. Finally, Quarry LP increased its position in BridgeBio Pharma by 33.3% during the third quarter. Quarry LP now owns 10,000 shares of the company’s stock worth $255,000 after acquiring an additional 2,500 shares during the period. 99.85% of the stock is owned by 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.