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

BridgeBio Pharma, Inc. (NASDAQ:BBIO) shares gapped up before the market opened 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.

A number of other equities analysts also recently weighed in on the company. Cantor Fitzgerald restated an “overweight” rating and issued a $70.00 target price on shares of BridgeBio Pharma in a research note on Monday, September 16th. Piper Sandler assumed coverage on BridgeBio Pharma in a research note on Wednesday, September 4th. They set an “overweight” rating and a $46.00 target price on the stock. Oppenheimer initiated coverage on shares of BridgeBio Pharma in a research report on Thursday, October 3rd. They set a “market perform” rating for the company. HC Wainwright lifted their price objective on shares of BridgeBio Pharma from $43.00 to $49.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Evercore ISI dropped their target price on shares of BridgeBio Pharma from $50.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. 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 related news, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the stock in a transaction dated 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 owns 25,260,971 shares of the company’s stock, valued at approximately $650,470,003.25. This represents a 18.67 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Brian C. Stephenson sold 4,156 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $22.41, for a total transaction of $93,135.96. Following the completion of the transaction, the chief financial officer now owns 93,758 shares of the company’s stock, valued at $2,101,116.78. This trade represents a 4.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,831,545 shares of company stock valued at $150,056,923. Company insiders own 24.66% of the company’s stock.

Institutional Trading of BridgeBio Pharma

Several institutional investors and hedge funds have recently modified their holdings of BBIO. Geode Capital Management LLC lifted its position in BridgeBio Pharma by 3.8% during the third quarter. Geode Capital Management LLC now owns 3,413,949 shares of the company’s stock valued at $86,936,000 after purchasing an additional 123,540 shares during the last quarter. Frazier Life Sciences Management L.P. raised its position in shares of BridgeBio Pharma by 3.5% during the 3rd quarter. Frazier Life Sciences Management L.P. now owns 3,760,457 shares of the company’s stock valued at $95,741,000 after buying an additional 127,853 shares in the last quarter. Barclays PLC lifted its holdings in shares of BridgeBio Pharma by 31.9% during the 3rd quarter. Barclays PLC now owns 545,008 shares of the company’s stock worth $13,876,000 after acquiring an additional 131,743 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in BridgeBio Pharma in the third quarter worth $338,000. Finally, Quarry LP increased its stake in BridgeBio Pharma by 33.3% in the third quarter. Quarry LP now owns 10,000 shares of the company’s stock valued at $255,000 after acquiring an additional 2,500 shares during the last quarter. Hedge funds and other institutional investors own 99.85% of the company’s stock.

BridgeBio Pharma Stock Down 2.8 %

The stock has a 50-day simple moving average of $24.97 and a two-hundred day simple moving average of $26.21. The firm has a market cap of $5.00 billion, a PE ratio of -10.97 and a beta of 1.09.

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.