HC Wainwright Increases BridgeBio Pharma (NASDAQ:BBIO) Price Target to $56.00

BridgeBio Pharma (NASDAQ:BBIO) had its target price raised by equities researchers at HC Wainwright from $53.00 to $56.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s price objective suggests a potential upside of 39.69% from the stock’s previous close.

Several other brokerages have also weighed in on BBIO. UBS Group increased their target price on BridgeBio Pharma from $65.00 to $72.00 and gave the stock a “buy” rating in a research report on Wednesday, April 30th. Redburn Atlantic started coverage on BridgeBio Pharma in a research report on Monday, March 31st. They issued a “buy” rating and a $50.00 price objective on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $95.00 price objective on shares of BridgeBio Pharma in a research report on Friday, February 21st. Citigroup raised their price objective on BridgeBio Pharma from $45.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Finally, Scotiabank upped their price target on BridgeBio Pharma from $52.00 to $55.00 and gave the stock a “sector outperform” rating in a report on Wednesday, April 30th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.36.

BridgeBio Pharma Price Performance

Shares of NASDAQ:BBIO opened at $40.09 on Monday. The business’s 50 day simple moving average is $34.76 and its 200-day simple moving average is $32.87. The firm has a market capitalization of $7.61 billion, a price-to-earnings ratio of -14.07 and a beta of 1.10. BridgeBio Pharma has a 12 month low of $21.62 and a 12 month high of $40.40.

BridgeBio Pharma (NASDAQ:BBIO) last posted its earnings results on Tuesday, April 29th. The company reported ($0.88) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.00) by $0.12. The company had revenue of $36.74 million during the quarter, compared to analysts’ expectations of $57.14 million. During the same period in the previous year, the company posted ($0.20) EPS. BridgeBio Pharma’s quarterly revenue was down 44.8% compared to the same quarter last year. On average, equities analysts anticipate that BridgeBio Pharma will post -3.67 earnings per share for the current year.

Insider Activity at BridgeBio Pharma

In other news, CEO Neil Kumar sold 75,000 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $33.40, for a total value of $2,505,000.00. Following the completion of the sale, the chief executive officer now owns 4,798,447 shares in the company, valued at $160,268,129.80. This represents a 1.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $34.20, for a total value of $205,200,000.00. Following the completion of the sale, the insider now owns 13,260,971 shares of the company’s stock, valued at $453,525,208.20. The trade was a 31.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold 6,392,182 shares of company stock worth $219,161,291 in the last quarter. 18.20% of the stock is owned by company insiders.

Institutional Trading of BridgeBio Pharma

A number of hedge funds have recently modified their holdings of BBIO. Steward Partners Investment Advisory LLC lifted its holdings in shares of BridgeBio Pharma by 85.8% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,022 shares of the company’s stock valued at $28,000 after purchasing an additional 472 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of BridgeBio Pharma by 71.0% during the first quarter. GAMMA Investing LLC now owns 920 shares of the company’s stock worth $32,000 after acquiring an additional 382 shares in the last quarter. Jones Financial Companies Lllp purchased a new stake in shares of BridgeBio Pharma during the first quarter worth $35,000. Itau Unibanco Holding S.A. purchased a new stake in shares of BridgeBio Pharma during the fourth quarter worth $41,000. Finally, Sterling Capital Management LLC raised its stake in shares of BridgeBio Pharma by 554.6% during the 4th quarter. Sterling Capital Management LLC now owns 1,787 shares of the company’s stock worth $49,000 after purchasing an additional 1,514 shares in the last quarter. Hedge funds and other institutional investors own 99.85% of the company’s stock.

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.