BridgeBio Pharma (NASDAQ:BBIO) Price Target Raised to $102.00

BridgeBio Pharma (NASDAQ:BBIO) had its price target boosted by Wells Fargo & Company from $98.00 to $102.00 in a report issued on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other equities research analysts also recently issued reports on BBIO. Morgan Stanley raised their price target on BridgeBio Pharma from $94.00 to $98.00 and gave the company an “overweight” rating in a research report on Thursday, May 28th. Piper Sandler boosted their price objective on BridgeBio Pharma from $111.00 to $115.00 and gave the stock an “overweight” rating in a research report on Tuesday. Truist Financial increased their target price on BridgeBio Pharma from $95.00 to $102.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. HC Wainwright raised their target price on BridgeBio Pharma from $110.00 to $120.00 and gave the company a “buy” rating in a report on Monday, July 13th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of BridgeBio Pharma in a research report on Friday, May 15th. Twenty equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $100.79.

BridgeBio Pharma Trading Down 3.1%

NASDAQ BBIO opened at $81.21 on Tuesday. The company has a fifty day simple moving average of $77.11 and a 200 day simple moving average of $73.12. The company has a market cap of $15.88 billion, a P/E ratio of -22.75 and a beta of 0.96. BridgeBio Pharma has a 1 year low of $46.81 and a 1 year high of $93.42.

BridgeBio Pharma (NASDAQ:BBIO) last posted its earnings results on Monday, August 10th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.58) by ($0.20). The company had revenue of $243.68 million for the quarter, compared to analyst estimates of $220.91 million. The company’s revenue was up 120.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.95) EPS. Equities research analysts forecast that BridgeBio Pharma will post -2.54 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Jennifer E. Cook sold 148,589 shares of the business’s stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $88.54, for a total transaction of $13,156,070.06. Following the transaction, the director owned 8,383 shares in the company, valued at approximately $742,230.82. The trade was a 94.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Neil Kumar sold 40,000 shares of the company’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $67.46, for a total transaction of $2,698,400.00. Following the transaction, the chief executive officer directly owned 535,686 shares of the company’s stock, valued at $36,137,377.56. This represents a 6.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 382,117 shares of company stock worth $29,263,200. 14.23% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On BridgeBio Pharma

Several large investors have recently added to or reduced their stakes in BBIO. Hsbc Holdings PLC raised its stake in shares of BridgeBio Pharma by 139.4% in the first quarter. Hsbc Holdings PLC now owns 32,708 shares of the company’s stock valued at $2,431,000 after purchasing an additional 19,043 shares in the last quarter. Geode Capital Management LLC lifted its position in BridgeBio Pharma by 12.9% in the fourth quarter. Geode Capital Management LLC now owns 4,412,523 shares of the company’s stock worth $344,689,000 after purchasing an additional 502,582 shares during the period. Nan Fung Trinity HK Ltd. acquired a new stake in BridgeBio Pharma during the fourth quarter worth $8,422,000. Assetmark Inc. boosted its stake in BridgeBio Pharma by 423.7% during the first quarter. Assetmark Inc. now owns 20,790 shares of the company’s stock worth $1,544,000 after buying an additional 16,820 shares in the last quarter. Finally, Thrivent Financial for Lutherans acquired a new stake in BridgeBio Pharma during the fourth quarter worth $4,567,000. Institutional investors and hedge funds own 99.85% of the company’s stock.

More BridgeBio Pharma News

Here are the key news stories impacting BridgeBio Pharma this week:

• Positive Sentiment: Analysts continued to raise their valuation expectations. JPMorgan increased its price target to $111 from $100 and maintained an “overweight” rating; TD Cowen lifted its target to $110; Truist raised its target to $107 and Canaccord Genuity increased its target to $106, with both firms maintaining “buy” ratings. Benzinga analyst updates
• Positive Sentiment: Wells Fargo and Piper Sandler analysts reportedly expect BBIO shares to rise, reinforcing the constructive Wall Street view. Wells Fargo forecast Piper Sandler forecast
• Positive Sentiment: Q2 earnings-call highlights pointed to strong commercial momentum for Attruby, with sales reportedly surging 211%, while BridgeBio continues advancing its development pipeline. BridgeBio Q2 earnings call highlights
• Neutral Sentiment: Morgan Stanley issued a more pessimistic forecast, providing a counterpoint to the cluster of bullish analyst target increases. Morgan Stanley forecast
• Negative Sentiment: KKR Genetic Disorder L.P. launched a secondary offering of 5 million BBIO shares. BridgeBio is not selling stock and will receive no proceeds, so the transaction is not directly dilutive; however, the additional shares available for trading may weigh on the stock through increased supply and investor concerns about insider or sponsor selling. BridgeBio secondary offering announcement

About BridgeBio Pharma

BridgeBio Pharma, Inc is a clinical-stage biopharmaceutical company headquartered in Palo Alto, California. Founded in 2015 by Neil Kumar, the company is dedicated to discovering, developing and delivering transformative medicines for patients with genetic diseases and cancers. BridgeBio operates an integrated model that spans target identification, preclinical research, clinical development and commercialization, aiming to streamline the process from bench to bedside.

BridgeBio’s pipeline comprises multiple therapeutic modalities, including small molecules, biologics and genetic therapies.