JPMorgan Chase & Co. Issues Positive Forecast for BridgeBio Pharma (NASDAQ:BBIO) Stock Price

BridgeBio Pharma (NASDAQ:BBIO) had its target price hoisted by research analysts at JPMorgan Chase & Co. from $44.00 to $50.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 43.80% from the company’s previous close.

A number of other research firms have also weighed in on BBIO. Cantor Fitzgerald reissued an “overweight” rating and set a $95.00 target price on shares of BridgeBio Pharma in a research report on Friday, February 21st. Scotiabank boosted their price objective on BridgeBio Pharma from $49.00 to $52.00 and gave the stock a “sector outperform” rating in a research report on Friday, February 21st. Bank of America raised their target price on BridgeBio Pharma from $42.00 to $45.00 and gave the company a “buy” rating in a report on Monday, November 25th. Citigroup upped their price target on BridgeBio Pharma from $45.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Finally, Evercore ISI boosted their target price on shares of BridgeBio Pharma from $45.00 to $50.00 and gave the stock an “outperform” rating in a research report on Monday, December 23rd. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $52.90.

BridgeBio Pharma Stock Performance

BBIO opened at $34.77 on Monday. The stock has a 50-day moving average of $34.08 and a 200-day moving average of $29.07. BridgeBio Pharma has a 52-week low of $21.62 and a 52-week high of $39.47. The company has a market cap of $6.61 billion, a PE ratio of -12.20 and a beta of 1.07.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings results on Thursday, February 20th. The company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($1.09) by ($0.22). The business had revenue of $5.88 million during the quarter, compared to the consensus estimate of $4.04 million. On average, research analysts predict that BridgeBio Pharma will post -3.67 earnings per share for the current year.

Insider Activity

In other news, CEO Neil Kumar sold 31,543 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $36.14, for a total value of $1,139,964.02. Following the completion of the transaction, the chief executive officer now directly owns 211,718 shares of the company’s stock, valued at approximately $7,651,488.52. This represents a 12.97 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Brian C. Stephenson sold 68,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $36.29, for a total value of $2,467,720.00. Following the transaction, the chief financial officer now owns 93,758 shares of the company’s stock, valued at $3,402,477.82. This trade represents a 42.04 % 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 worth $323,171,901. Corporate insiders own 24.66% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Polar Asset Management Partners Inc. acquired a new stake in shares of BridgeBio Pharma in the 3rd quarter valued at $1,286,000. Janus Henderson Group PLC increased its stake in shares of BridgeBio Pharma by 11.7% in the third quarter. Janus Henderson Group PLC now owns 4,818,012 shares of the company’s stock valued at $122,658,000 after buying an additional 505,481 shares in the last quarter. Intech Investment Management LLC acquired a new position in BridgeBio Pharma during the 3rd quarter worth about $1,136,000. Principal Financial Group Inc. grew its holdings in BridgeBio Pharma by 1.8% during the 3rd quarter. Principal Financial Group Inc. now owns 1,145,123 shares of the company’s stock worth $29,155,000 after acquiring an additional 19,978 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in BridgeBio Pharma by 8.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,284,802 shares of the company’s stock valued at $32,711,000 after acquiring an additional 95,605 shares in the last quarter. 99.85% of the stock is currently owned by institutional investors and hedge funds.

About BridgeBio Pharma

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.