Truist Financial Forecasts Strong Price Appreciation for BridgeBio Pharma (NASDAQ:BBIO) Stock

BridgeBio Pharma (NASDAQ:BBIO) had its price target lifted by research analysts at Truist Financial from $80.00 to $86.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price objective points to a potential upside of 11.33% from the stock’s previous close.

BBIO has been the topic of a number of other research reports. Weiss Ratings restated a “sell (d-)” rating on shares of BridgeBio Pharma in a research report on Wednesday, October 8th. Cantor Fitzgerald boosted their target price on shares of BridgeBio Pharma from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. Raymond James Financial reiterated an “outperform” rating and set a $71.00 price target (up from $69.00) on shares of BridgeBio Pharma in a report on Thursday, October 30th. The Goldman Sachs Group lifted their price objective on BridgeBio Pharma from $55.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. Finally, HC Wainwright restated a “buy” rating and set a $90.00 target price on shares of BridgeBio Pharma in a research report on Monday, November 3rd. Twenty-two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, BridgeBio Pharma presently has an average rating of “Moderate Buy” and a consensus target price of $78.85.

BridgeBio Pharma Stock Up 4.6%

Shares of NASDAQ:BBIO opened at $77.25 on Thursday. The firm has a market cap of $14.89 billion, a P/E ratio of -18.48 and a beta of 1.17. BridgeBio Pharma has a 12-month low of $28.10 and a 12-month high of $78.58. The business has a fifty day simple moving average of $71.45 and a 200 day simple moving average of $57.76.

BridgeBio Pharma (NASDAQ:BBIO) last issued its quarterly earnings results on Wednesday, October 29th. The company reported ($0.95) earnings per share for the quarter, missing the consensus estimate of ($0.88) by ($0.07). The firm had revenue of $120.70 million during the quarter, compared to the consensus estimate of $107.71 million. The company’s revenue for the quarter was up 4318.0% on a year-over-year basis. During the same period last year, the firm posted ($0.86) earnings per share. As a group, equities research analysts expect that BridgeBio Pharma will post -3.67 EPS for the current year.

Insiders Place Their Bets

In other news, Director Randal W. Scott sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $66.65, for a total transaction of $666,500.00. Following the completion of the sale, the director owned 11,589 shares in the company, valued at $772,406.85. The trade was a 46.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Neil Kumar sold 30,011 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $74.64, for a total value of $2,240,021.04. Following the transaction, the chief executive officer directly owned 228,776 shares in the company, valued at $17,075,840.64. The trade was a 11.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 547,215 shares of company stock worth $36,610,301 over the last three months. Insiders own 18.20% of the company’s stock.

Institutional Trading of BridgeBio Pharma

A number of hedge funds and other institutional investors have recently bought and sold shares of BBIO. Norges Bank acquired a new position in BridgeBio Pharma during the second quarter worth $84,488,000. Invesco Ltd. raised its holdings in shares of BridgeBio Pharma by 40.3% in the 3rd quarter. Invesco Ltd. now owns 3,928,657 shares of the company’s stock worth $204,054,000 after acquiring an additional 1,127,592 shares during the last quarter. Polar Capital Holdings Plc bought a new position in BridgeBio Pharma in the 3rd quarter valued at about $50,956,000. Wellington Management Group LLP boosted its stake in BridgeBio Pharma by 1,698.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,019,194 shares of the company’s stock valued at $52,937,000 after purchasing an additional 962,525 shares during the last quarter. Finally, Franklin Resources Inc. boosted its stake in BridgeBio Pharma by 75.8% during the 3rd quarter. Franklin Resources Inc. now owns 1,444,023 shares of the company’s stock valued at $75,003,000 after purchasing an additional 622,618 shares during the last quarter. Institutional investors own 99.85% of the company’s stock.

BridgeBio Pharma Company Profile

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.