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

BridgeBio Pharma (NASDAQ:BBIO) had its price target increased by equities research analysts at Morgan Stanley from $88.00 to $91.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley‘s target price would suggest a potential upside of 15.70% from the stock’s previous close.

BBIO has been the subject of several other research reports. JPMorgan Chase & Co. boosted their price target on BridgeBio Pharma from $100.00 to $111.00 and gave the company an “overweight” rating in a report on Wednesday, August 12th. Canaccord Genuity Group lifted their target price on shares of BridgeBio Pharma from $106.00 to $108.00 and gave the company a “buy” rating in a research note on Monday, November 2nd. Wells Fargo & Company raised their price target on BridgeBio Pharma from $98.00 to $102.00 and gave the company an “overweight” rating in a report on Tuesday, August 11th. Mizuho increased their target price on BridgeBio Pharma from $96.00 to $110.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 1st. Finally, Bank of America lifted their target price on BridgeBio Pharma from $101.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, August 11th. Nineteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $104.42.

BridgeBio Pharma Price Performance

Shares of BBIO traded up $0.48 on Friday, reaching $78.65. The company’s stock had a trading volume of 385,121 shares, compared to its average volume of 2,899,814. The stock’s 50 day simple moving average is $69.92 and its two-hundred day simple moving average is $72.79. The stock has a market capitalization of $15.32 billion, a P/E ratio of -25.84 and a beta of 0.97. BridgeBio Pharma has a 12-month low of $62.50 and a 12-month high of $93.42.

BridgeBio Pharma (NASDAQ:BBIO) last announced its earnings results on Thursday, October 29th. The company reported ($0.42) EPS for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.12. The business had revenue of $353.17 million for the quarter, compared to analysts’ expectations of $293.47 million. The firm’s quarterly revenue was up 192.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.95) earnings per share. Analysts expect that BridgeBio Pharma will post -2.55 earnings per share for the current year.

Insider Buying and Selling at BridgeBio Pharma

In other BridgeBio Pharma news, CAO Maricel Apuli sold 2,000 shares of the stock in a transaction dated Friday, October 30th. The shares were sold at an average price of $72.85, for a total transaction of $145,700.00. Following the completion of the transaction, the chief accounting officer owned 120,687 shares of the company’s stock, valued at $8,792,047.95. This represents a 1.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Neil Kumar sold 10,000 shares of the stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $69.08, for a total transaction of $690,800.00. Following the transaction, the chief executive officer directly owned 495,686 shares of the company’s stock, valued at $34,241,988.88. This trade represents a 1.98% 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. In the last quarter, insiders sold 56,980 shares of company stock worth $4,563,699. Corporate insiders own 14.23% of the company’s stock.

Hedge Funds Weigh In On BridgeBio Pharma

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BBIO. Silvant Capital Management LLC bought a new position in BridgeBio Pharma during the second quarter valued at approximately $28,000. Allworth Financial LP purchased a new stake in shares of BridgeBio Pharma during the 2nd quarter worth approximately $31,000. Root Financial Partners LLC purchased a new stake in shares of BridgeBio Pharma during the 3rd quarter worth approximately $28,000. SBI Securities Co. Ltd. raised its holdings in shares of BridgeBio Pharma by 55.3% during the 3rd quarter. SBI Securities Co. Ltd. now owns 441 shares of the company’s stock worth $29,000 after acquiring an additional 157 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of BridgeBio Pharma during the 2nd quarter valued at approximately $44,000. 99.85% of the stock is owned by institutional investors.

About BridgeBio Pharma

BridgeBio Pharma is a biopharmaceutical company that discovers, develops and commercializes medicines for genetic diseases and cancers. Founded in 2015, the company advances programs through a network of research and development subsidiaries focused on specific conditions and therapeutic areas. Its products include Attruby (acoramidis), an FDA-approved treatment for adults with transthyretin amyloid cardiomyopathy. BridgeBio also develops a pipeline of investigational therapies aimed at diseases with well-understood genetic causes, including rare and inherited conditions.