HC Wainwright Forecasts Strong Price Appreciation for BridgeBio Pharma (NASDAQ:BBIO) Stock

BridgeBio Pharma (NASDAQ:BBIO) had its price target boosted by research analysts at HC Wainwright from $110.00 to $120.00 in a report released on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s target price would indicate a potential upside of 39.71% from the stock’s previous close.

A number of other brokerages have also commented on BBIO. Weiss Ratings reiterated a “sell (d)” rating on shares of BridgeBio Pharma in a report on Friday, May 15th. Citigroup began coverage on BridgeBio Pharma in a research note on Tuesday, May 19th. They issued a “neutral” rating and a $82.00 price objective on the stock. Royal Bank Of Canada started coverage on shares of BridgeBio Pharma in a research report on Thursday, April 9th. They issued an “outperform” rating and a $100.00 price target on the stock. Truist Financial upped their price target on shares of BridgeBio Pharma from $95.00 to $102.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Finally, Morgan Stanley upped their target price on BridgeBio Pharma from $94.00 to $98.00 and gave the company an “overweight” rating in a research report on Thursday, May 28th. Twenty-one investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, BridgeBio Pharma currently has an average rating of “Moderate Buy” and a consensus price target of $93.40.

BridgeBio Pharma Price Performance

BridgeBio Pharma stock opened at $85.89 on Monday. The business’s 50-day moving average price is $69.76 and its two-hundred day moving average price is $72.09. BridgeBio Pharma has a 12-month low of $42.09 and a 12-month high of $93.42. The stock has a market cap of $16.82 billion, a PE ratio of -22.97 and a beta of 0.95.

BridgeBio Pharma (NASDAQ:BBIO) last issued its earnings results on Thursday, May 7th. The company reported ($0.84) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.14). The business had revenue of $194.51 million for the quarter, compared to analysts’ expectations of $178.07 million. During the same quarter in the prior year, the company earned ($0.88) EPS. BridgeBio Pharma’s quarterly revenue was up 66.8% on a year-over-year basis. As a group, analysts expect that BridgeBio Pharma will post -2.3 earnings per share for the current year.

Insider Transactions at BridgeBio Pharma

In other news, Director Jennifer E. Cook sold 90,240 shares of BridgeBio Pharma stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $66.62, for a total transaction of $6,011,788.80. Following the completion of the transaction, the director directly owned 6,589 shares in the company, valued at $438,959.18. This trade represents a 93.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Hannah Valantine sold 2,808 shares of the business’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $68.00, for a total transaction of $190,944.00. Following the sale, the director directly owned 11,455 shares of the company’s stock, valued at approximately $778,940. The trade was a 19.69% decrease in their ownership of the stock. 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 three months, insiders sold 266,361 shares of company stock valued at $18,035,642. Corporate insiders own 14.23% of the company’s stock.

Institutional Trading of BridgeBio Pharma

Several institutional investors and hedge funds have recently modified their holdings of BBIO. Jones Financial Companies Lllp bought a new stake in BridgeBio Pharma during the first quarter worth $35,000. First Trust Advisors LP lifted its stake in BridgeBio Pharma by 200.4% during the 2nd quarter. First Trust Advisors LP now owns 263,693 shares of the company’s stock valued at $11,386,000 after acquiring an additional 175,918 shares in the last quarter. Baird Financial Group Inc. lifted its stake in BridgeBio Pharma by 1.8% during the 2nd quarter. Baird Financial Group Inc. now owns 42,057 shares of the company’s stock valued at $1,816,000 after acquiring an additional 731 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new position in BridgeBio Pharma during the 2nd quarter worth $1,650,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in BridgeBio Pharma by 2.4% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 95,326 shares of the company’s stock worth $4,132,000 after acquiring an additional 2,206 shares during the last quarter. 99.85% of the stock is owned by hedge funds and other institutional investors.

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.