BridgeBio Pharma (NASDAQ:BBIO) Given New $45.00 Price Target at Bank of America

BridgeBio Pharma (NASDAQ:BBIO) had its price objective boosted by Bank of America from $42.00 to $45.00 in a report released on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities research analysts have also recently issued reports on the stock. Scotiabank raised their target price on shares of BridgeBio Pharma from $44.00 to $45.00 and gave the stock a “sector outperform” rating in a research report on Friday, November 15th. JPMorgan Chase & Co. reduced their price target on shares of BridgeBio Pharma from $46.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Cantor Fitzgerald restated an “overweight” rating and set a $70.00 price objective on shares of BridgeBio Pharma in a research note on Monday, September 16th. Piper Sandler started 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. Finally, Leerink Partners cut their price target on BridgeBio Pharma from $47.00 to $46.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.43.

BridgeBio Pharma Trading Up 4.0 %

Shares of NASDAQ:BBIO opened at $27.49 on Monday. BridgeBio Pharma has a twelve month low of $21.62 and a twelve month high of $44.32. The firm has a 50 day simple moving average of $25.00 and a 200-day simple moving average of $26.22. The company has a market capitalization of $5.20 billion, a PE ratio of -11.41 and a beta of 1.09.

Insider Buying and Selling

In other news, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the company’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 transaction, the insider now directly owns 25,260,971 shares of the company’s stock, valued at $650,470,003.25. This represents a 18.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Neil Kumar sold 27,389 shares of the company’s stock in a transaction 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 sale, the chief executive officer now owns 4,897,443 shares of the company’s stock, valued at $109,751,697.63. This trade represents a 0.56 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,831,545 shares of company stock valued at $150,056,923. 24.66% of the stock is owned by company insiders.

Hedge Funds Weigh In On BridgeBio Pharma

Several institutional investors and hedge funds have recently bought and sold shares of BBIO. Bfsg LLC grew its position in BridgeBio Pharma by 175.6% in the second quarter. Bfsg LLC now owns 1,240 shares of the company’s stock worth $31,000 after acquiring an additional 790 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of BridgeBio Pharma during the second quarter valued at $48,000. Values First Advisors Inc. purchased a new position in shares of BridgeBio Pharma in the third quarter worth $57,000. CWM LLC lifted its position in BridgeBio Pharma by 132.9% during the third quarter. CWM LLC now owns 3,442 shares of the company’s stock valued at $88,000 after purchasing an additional 1,964 shares during the period. Finally, Advisors Asset Management Inc. increased its position in 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 acquiring an additional 1,645 shares during the last quarter. 99.85% of the stock is owned by institutional investors.

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.