Wells Fargo & Company Increases BridgeBio Pharma (NASDAQ:BBIO) Price Target to $88.00

BridgeBio Pharma (NASDAQ:BBIO) had its price objective upped by Wells Fargo & Company from $84.00 to $88.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 12.60% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. Piper Sandler boosted their price target on shares of BridgeBio Pharma from $93.00 to $98.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Raymond James Financial reissued an “outperform” rating and set a $71.00 target price (up previously from $69.00) on shares of BridgeBio Pharma in a research note on Thursday, October 30th. The Goldman Sachs Group upped their price target on shares of BridgeBio Pharma from $55.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. TD Cowen reiterated a “buy” rating on shares of BridgeBio Pharma in a report on Monday, January 12th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of BridgeBio Pharma in a report on Wednesday, October 8th. Twenty-one research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, BridgeBio Pharma presently has a consensus rating of “Moderate Buy” and a consensus target price of $79.05.

BridgeBio Pharma Trading Up 1.2%

NASDAQ BBIO opened at $78.15 on Tuesday. The stock has a market capitalization of $15.06 billion, a price-to-earnings ratio of -18.70 and a beta of 1.17. The stock has a 50-day moving average of $73.69 and a 200 day moving average of $59.72. BridgeBio Pharma has a twelve month low of $28.33 and a twelve month high of $79.88.

BridgeBio Pharma (NASDAQ:BBIO) last issued its quarterly earnings data on Wednesday, October 29th. The company reported ($0.95) EPS for the quarter, missing the consensus estimate of ($0.88) by ($0.07). The business 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% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.86) earnings per share. Equities analysts predict that BridgeBio Pharma will post -3.67 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Ronald J. Daniels sold 61,031 shares of BridgeBio Pharma stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $63.72, for a total transaction of $3,888,895.32. Following the transaction, the director owned 16,991 shares in the company, valued at approximately $1,082,666.52. This trade represents a 78.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Hannah Valantine sold 25,484 shares of the company’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $66.07, for a total value of $1,683,727.88. Following the completion of the sale, the director owned 7,465 shares of the company’s stock, valued at approximately $493,212.55. The trade was a 77.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 587,215 shares of company stock worth $39,569,101. 18.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On BridgeBio Pharma

A number of hedge funds have recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of BridgeBio Pharma in the 2nd quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd acquired a new stake in BridgeBio Pharma in the 3rd quarter valued at approximately $31,000. Harvest Fund Management Co. Ltd purchased a new stake in BridgeBio Pharma in the third quarter valued at approximately $34,000. First Horizon Corp acquired a new position in BridgeBio Pharma during the third quarter worth $36,000. Finally, Huntington National Bank boosted its position in shares of BridgeBio Pharma by 111.7% during the third quarter. Huntington National Bank now owns 743 shares of the company’s stock worth $39,000 after buying an additional 392 shares during the period. Hedge funds and other institutional investors own 99.85% of the company’s stock.

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.