BridgeBio Pharma (NASDAQ:BBIO) Shares Gap Up Following Analyst Upgrade

Shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) gapped up prior to trading on Monday after Scotiabank raised their price target on the stock from $45.00 to $48.00. The stock had previously closed at $23.42, but opened at $28.81. Scotiabank currently has a sector outperform rating on the stock. BridgeBio Pharma shares last traded at $29.75, with a volume of 4,720,741 shares changing hands.

Other research analysts have also recently issued research reports about the company. Bank of America lifted their target price on BridgeBio Pharma from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Monday. Evercore ISI decreased their price target on shares of BridgeBio Pharma from $50.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. JPMorgan Chase & Co. dropped their price objective on shares of BridgeBio Pharma from $46.00 to $43.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $70.00 target price on shares of BridgeBio Pharma in a research note on Monday, September 16th. Finally, HC Wainwright increased their price target on BridgeBio Pharma from $43.00 to $49.00 and gave the company a “buy” rating in a research note on Monday. Two research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.43.

Insider Buying and Selling

In other BridgeBio Pharma news, CEO Neil Kumar sold 27,389 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $22.41, for a total value of $613,787.49. Following the transaction, the chief executive officer now directly owns 4,897,443 shares of the company’s stock, valued at approximately $109,751,697.63. The trade was a 0.56 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $25.75, for a total transaction of $149,350,000.00. Following the sale, the insider now directly owns 25,260,971 shares of the company’s stock, valued at approximately $650,470,003.25. This trade represents a 18.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,831,545 shares of company stock valued at $150,056,923 over the last quarter. Insiders own 24.66% of the company’s stock.

Institutional Trading of BridgeBio Pharma

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bfsg LLC raised its position in shares of BridgeBio Pharma by 175.6% during the second quarter. Bfsg LLC now owns 1,240 shares of the company’s stock worth $31,000 after purchasing an additional 790 shares during the period. Headlands Technologies LLC bought a new stake in BridgeBio Pharma during the 2nd quarter valued at $48,000. Values First Advisors Inc. acquired a new position in BridgeBio Pharma during the third quarter worth $57,000. CWM LLC lifted its stake in shares of BridgeBio Pharma by 132.9% in the third quarter. CWM LLC now owns 3,442 shares of the company’s stock valued at $88,000 after buying an additional 1,964 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its holdings in shares of BridgeBio Pharma by 56.1% during the third quarter. Advisors Asset Management Inc. now owns 4,576 shares of the company’s stock valued at $117,000 after buying an additional 1,645 shares during the last quarter. 99.85% of the stock is owned by institutional investors.

BridgeBio Pharma Stock Down 2.8 %

The company has a market capitalization of $5.00 billion, a P/E ratio of -10.97 and a beta of 1.09. The firm’s 50-day moving average price is $24.97 and its 200 day moving average price is $26.21.

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.