Scotiabank Increases BridgeBio Pharma (NASDAQ:BBIO) Price Target to $45.00

BridgeBio Pharma (NASDAQ:BBIO) had its price objective upped by research analysts at Scotiabank from $44.00 to $45.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s price target would indicate a potential upside of 89.71% from the stock’s previous close.

Several other analysts have also recently commented on the company. Bank of America reiterated a “buy” rating and issued a $42.00 target price on shares of BridgeBio Pharma in a report on Wednesday, September 11th. Piper Sandler assumed coverage on shares of BridgeBio Pharma in a report on Wednesday, September 4th. They issued an “overweight” rating and a $46.00 target price on the stock. HC Wainwright reiterated a “buy” rating and set a $43.00 price target on shares of BridgeBio Pharma in a report on Friday, October 25th. Evercore ISI reduced their price objective on shares of BridgeBio Pharma from $50.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Finally, Oppenheimer initiated coverage on BridgeBio Pharma in a report on Thursday, October 3rd. They set a “market perform” rating on the stock. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, BridgeBio Pharma presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.57.

BridgeBio Pharma Price Performance

Shares of NASDAQ:BBIO opened at $23.72 on Friday. The company has a market capitalization of $4.48 billion, a P/E ratio of -9.84 and a beta of 1.09. BridgeBio Pharma has a 1 year low of $21.62 and a 1 year high of $44.32. The business’s 50 day simple moving average is $25.50 and its 200 day simple moving average is $26.41.

Insider Buying and Selling at BridgeBio Pharma

In other news, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the 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 completion of the transaction, the insider now directly owns 25,260,971 shares in the company, valued at approximately $650,470,003.25. This represents a 18.67 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian C. Stephenson sold 4,155 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $24.69, for a total value of $102,586.95. Following the completion of the sale, the chief financial officer now owns 85,192 shares of the company’s stock, valued at approximately $2,103,390.48. This represents a 4.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,831,544 shares of company stock worth $150,128,821. Company insiders own 24.66% of the company’s stock.

Hedge Funds Weigh In On BridgeBio Pharma

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its stake in shares of BridgeBio Pharma by 3.8% in the 3rd 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 in the last quarter. Frazier Life Sciences Management L.P. raised its stake in BridgeBio Pharma by 3.5% during the third quarter. Frazier Life Sciences Management L.P. now owns 3,760,457 shares of the company’s stock worth $95,741,000 after purchasing an additional 127,853 shares during the period. Barclays PLC increased its stake in BridgeBio Pharma by 31.9% during the third 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 stake in shares of BridgeBio Pharma in the 3rd quarter valued at approximately $338,000. Finally, Quarry LP raised its holdings in shares of BridgeBio Pharma by 33.3% in the 3rd quarter. Quarry LP now owns 10,000 shares of the company’s stock valued at $255,000 after buying an additional 2,500 shares during the period. Hedge funds and other institutional investors own 99.85% of the company’s stock.

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.