Scotiabank Increases BridgeBio Pharma (NASDAQ:BBIO) Price Target to $52.00

BridgeBio Pharma (NASDAQ:BBIO) had its price objective lifted by stock analysts at Scotiabank from $49.00 to $52.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s price objective suggests a potential upside of 41.11% from the stock’s previous close.

Other analysts also recently issued research reports about the company. Bank of America lifted their price target on BridgeBio Pharma from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, November 25th. HC Wainwright reiterated a “buy” rating and set a $49.00 price target on shares of BridgeBio Pharma in a research report on Thursday, February 13th. Finally, Evercore ISI lifted their price target on BridgeBio Pharma from $45.00 to $50.00 and gave the company an “outperform” rating in a research report on Monday, December 23rd. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $51.67.

BridgeBio Pharma Stock Up 0.1 %

Shares of NASDAQ BBIO opened at $36.85 on Friday. The company has a market cap of $6.96 billion, a P/E ratio of -12.93 and a beta of 1.07. The business has a 50-day simple moving average of $31.90 and a two-hundred day simple moving average of $27.95. BridgeBio Pharma has a 52 week low of $21.62 and a 52 week high of $39.47.

BridgeBio Pharma (NASDAQ:BBIO) last issued its quarterly earnings results on Thursday, February 20th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.09) by ($0.22). The firm had revenue of $5.88 million during the quarter, compared to analysts’ expectations of $4.04 million. Equities research analysts anticipate that BridgeBio Pharma will post -3.66 EPS for the current year.

Insider Buying and Selling

In other BridgeBio Pharma news, CEO Neil Kumar sold 31,543 shares of BridgeBio Pharma stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $36.14, for a total value of $1,139,964.02. Following the transaction, the chief executive officer now directly owns 211,718 shares of the company’s stock, valued at $7,651,488.52. The trade was a 12.97 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Global Investors Lp Viking sold 3,065,616 shares of BridgeBio Pharma stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $34.90, for a total value of $106,989,998.40. Following the completion of the transaction, the insider now directly owns 22,055,375 shares in the company, valued at $769,732,587.50. This trade represents a 12.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,496,239 shares of company stock worth $122,612,036 in the last quarter. 24.66% of the stock is owned by insiders.

Hedge Funds Weigh In On BridgeBio Pharma

A number of large investors have recently bought and sold shares of BBIO. Farallon Capital Management LLC increased its stake in BridgeBio Pharma by 140.1% in the 4th quarter. Farallon Capital Management LLC now owns 4,195,000 shares of the company’s stock worth $115,111,000 after purchasing an additional 2,448,000 shares during the period. Woodline Partners LP increased its stake in shares of BridgeBio Pharma by 132.9% during the fourth quarter. Woodline Partners LP now owns 2,211,521 shares of the company’s stock valued at $60,684,000 after buying an additional 1,261,772 shares during the period. Norges Bank purchased a new position in shares of BridgeBio Pharma during the fourth quarter valued at approximately $29,237,000. Alyeska Investment Group L.P. purchased a new position in shares of BridgeBio Pharma during the fourth quarter valued at approximately $25,805,000. Finally, Capital Research Global Investors increased its stake in shares of BridgeBio Pharma by 34.9% during the fourth quarter. Capital Research Global Investors now owns 3,526,747 shares of the company’s stock valued at $96,774,000 after buying an additional 912,439 shares during the period. 99.85% of the stock is owned by hedge funds and other institutional investors.

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.