BridgeBio Pharma (NASDAQ:BBIO) Price Target Raised to $84.00 at Wells Fargo & Company

BridgeBio Pharma (NASDAQ:BBIO) had its target price hoisted by Wells Fargo & Company from $76.00 to $84.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other analysts have also issued research reports about the company. Wall Street Zen upgraded BridgeBio Pharma from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. TD Cowen boosted their price objective on shares of BridgeBio Pharma from $60.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. Oppenheimer raised their target price on shares of BridgeBio Pharma from $60.00 to $61.00 and gave the stock an “outperform” rating in a report on Wednesday, August 6th. Leerink Partners set a $68.00 price target on shares of BridgeBio Pharma and gave the stock an “outperform” rating in a research note on Monday, October 27th. Finally, Raymond James Financial reissued an “outperform” rating and issued a $71.00 price objective (up from $69.00) on shares of BridgeBio Pharma in a research report on Thursday, October 30th. Twenty equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, BridgeBio Pharma currently has an average rating of “Moderate Buy” and a consensus target price of $74.37.

BridgeBio Pharma Trading Up 6.0%

BBIO opened at $66.58 on Tuesday. The firm has a market cap of $12.83 billion, a P/E ratio of -15.93 and a beta of 1.39. BridgeBio Pharma has a 12 month low of $21.72 and a 12 month high of $69.48. The stock has a 50-day moving average of $55.67 and a 200 day moving average of $47.08.

BridgeBio Pharma (NASDAQ:BBIO) last issued its quarterly earnings data on Wednesday, October 29th. The company reported ($0.95) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.07). The business had revenue of $108.11 million during the quarter, compared to analyst estimates of $107.71 million. BridgeBio Pharma’s revenue for the quarter was up 4318.0% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.86) EPS. On average, research analysts forecast that BridgeBio Pharma will post -3.67 earnings per share for the current fiscal year.

Insider Activity at BridgeBio Pharma

In other news, Director Ronald J. Daniels sold 61,031 shares of BridgeBio Pharma stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $63.72, for a total transaction of $3,888,895.32. Following the completion of the sale, the director owned 16,991 shares of the company’s stock, valued at approximately $1,082,666.52. The trade was a 78.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Thomas Trimarchi sold 42,237 shares of the stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $49.48, for a total value of $2,089,886.76. Following the completion of the transaction, the chief financial officer directly owned 421,081 shares in the company, valued at approximately $20,835,087.88. This trade represents a 9.12% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 540,777 shares of company stock valued at $32,145,406 in the last quarter. Corporate insiders own 18.20% of the company’s stock.

Institutional Investors Weigh In On BridgeBio Pharma

A number of institutional investors and hedge funds have recently bought and sold shares of BBIO. Norges Bank bought a new position in shares of BridgeBio Pharma during the 2nd quarter worth $84,488,000. Driehaus Capital Management LLC purchased a new stake in shares of BridgeBio Pharma during the 1st quarter worth $51,874,000. Invesco Ltd. boosted its holdings in shares of BridgeBio Pharma by 147.0% in the 1st quarter. Invesco Ltd. now owns 2,206,163 shares of the company’s stock valued at $76,267,000 after buying an additional 1,313,036 shares in the last quarter. Franklin Resources Inc. grew its position in shares of BridgeBio Pharma by 142.1% in the 2nd quarter. Franklin Resources Inc. now owns 821,405 shares of the company’s stock worth $35,468,000 after buying an additional 482,149 shares during the last quarter. Finally, Duquesne Family Office LLC purchased a new position in shares of BridgeBio Pharma in the 1st quarter worth approximately $15,143,000. 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.