BridgeBio Pharma (NASDAQ:BBIO) Shares Up 8.9% After Analyst Upgrade

BridgeBio Pharma, Inc. (NASDAQ:BBIO) shares traded up 8.9% during mid-day trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $44.00 to $50.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. BridgeBio Pharma traded as high as $37.59 and last traded at $37.87. Approximately 2,474,155 shares traded hands during mid-day trading, an increase of 16% from the average session volume of 2,129,295 shares. The stock had previously closed at $34.77.

BBIO has been the subject of a number of other research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $95.00 price objective on shares of BridgeBio Pharma in a research report on Friday, February 21st. Citigroup raised their price target on BridgeBio Pharma from $45.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. HC Wainwright reaffirmed a “buy” rating and issued a $49.00 price objective on shares of BridgeBio Pharma in a research note on Thursday, February 13th. Bank of America increased their target price on BridgeBio Pharma from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, Scotiabank lifted their target price on BridgeBio Pharma from $49.00 to $52.00 and gave the company a “sector outperform” rating in a research report on Friday, February 21st. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $52.90.

Insider Buying and Selling at BridgeBio Pharma

In other BridgeBio Pharma news, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $32.96, for a total transaction of $197,760,000.00. Following the completion of the sale, the insider now directly owns 19,260,971 shares of the company’s stock, valued at $634,841,604.16. This represents a 23.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian C. Stephenson sold 4,148 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $36.16, for a total value of $149,991.68. Following the transaction, the chief financial officer now owns 102,464 shares in the company, valued at $3,705,098.24. The trade was a 3.89 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,579,739 shares of company stock valued at $323,171,901. Insiders own 24.66% of the company’s stock.

Institutional Trading of BridgeBio Pharma

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of BridgeBio Pharma by 6.2% in the fourth quarter. Vanguard Group Inc. now owns 15,077,915 shares of the company’s stock valued at $413,738,000 after purchasing an additional 879,059 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of BridgeBio Pharma by 1.9% in the 4th quarter. Janus Henderson Group PLC now owns 4,907,533 shares of the company’s stock valued at $134,672,000 after purchasing an additional 89,521 shares during the last quarter. Farallon Capital Management LLC increased its stake in BridgeBio Pharma by 140.1% during the fourth quarter. Farallon Capital Management LLC now owns 4,195,000 shares of the company’s stock worth $115,111,000 after acquiring an additional 2,448,000 shares during the last quarter. Frazier Life Sciences Management L.P. boosted its position in BridgeBio Pharma by 1.1% during the 4th quarter. Frazier Life Sciences Management L.P. now owns 3,800,457 shares of the company’s stock worth $104,285,000 after purchasing an additional 40,000 shares during the period. Finally, Capital Research Global Investors lifted its position in shares of BridgeBio Pharma by 34.9% during the fourth quarter. Capital Research Global Investors now owns 3,526,747 shares of the company’s stock worth $96,774,000 after purchasing an additional 912,439 shares in the last quarter. Institutional investors and hedge funds own 99.85% of the company’s stock.

BridgeBio Pharma Trading Up 8.8 %

The company’s 50 day moving average is $34.08 and its 200-day moving average is $29.07. The stock has a market cap of $7.19 billion, a PE ratio of -13.25 and a beta of 1.07.

BridgeBio Pharma (NASDAQ:BBIO) last issued its quarterly earnings results on Thursday, February 20th. The company reported ($1.31) EPS for the quarter, missing analysts’ consensus estimates of ($1.09) by ($0.22). The company had revenue of $5.88 million during the quarter, compared to analysts’ expectations of $4.04 million. As a group, analysts forecast that BridgeBio Pharma, Inc. will post -3.67 EPS for the current year.

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.