BridgeBio Pharma (NASDAQ:BBIO) Hits New 52-Week High – Here’s What Happened

BridgeBio Pharma, Inc. (NASDAQ:BBIO)’s stock price hit a new 52-week high on Thursday . The company traded as high as $39.47 and last traded at $38.04, with a volume of 636210 shares trading hands. The stock had previously closed at $36.29.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Citigroup increased their price target on shares of BridgeBio Pharma from $45.00 to $49.00 and gave the company a “buy” rating in a research report on Friday. Bank of America raised their target price on shares of BridgeBio Pharma from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $95.00 price objective on shares of BridgeBio Pharma in a report on Friday. Scotiabank raised their target price on shares of BridgeBio Pharma from $49.00 to $52.00 and gave the company a “sector outperform” rating in a research note on Friday. Finally, HC Wainwright reissued a “buy” rating and issued a $49.00 target price on shares of BridgeBio Pharma in a research note on Thursday, February 13th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $51.67.

BridgeBio Pharma Stock Performance

The company has a 50 day simple moving average of $31.90 and a 200 day simple moving average of $27.93.

BridgeBio Pharma (NASDAQ:BBIO) last issued its 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 analysts’ expectations of $4.04 million. Sell-side analysts forecast that BridgeBio Pharma, Inc. will post -3.66 EPS for the current year.

Insider Activity at BridgeBio Pharma

In other news, major shareholder Global Investors Lp Viking sold 3,065,616 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $34.90, for a total transaction of $106,989,998.40. Following the transaction, the insider now directly owns 22,055,375 shares of the company’s stock, valued at $769,732,587.50. This represents a 12.20 % 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, CFO Brian C. Stephenson sold 68,000 shares of the company’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 directly owns 93,758 shares in the company, valued at $3,402,477.82. The trade was a 42.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,496,239 shares of company stock worth $122,612,036 over the last ninety days. Insiders own 24.66% of the company’s stock.

Hedge Funds Weigh In On BridgeBio Pharma

Institutional investors have recently modified their holdings of the company. Steward Partners Investment Advisory LLC raised its position in shares of BridgeBio Pharma by 85.8% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,022 shares of the company’s stock worth $28,000 after purchasing an additional 472 shares during the period. Itau Unibanco Holding S.A. acquired a new position in shares of BridgeBio Pharma during the fourth quarter worth approximately $41,000. Sterling Capital Management LLC raised its position in BridgeBio Pharma by 554.6% in the 4th quarter. Sterling Capital Management LLC now owns 1,787 shares of the company’s stock valued at $49,000 after buying an additional 1,514 shares during the last quarter. Values First Advisors Inc. purchased a new stake in BridgeBio Pharma in the 3rd quarter valued at $57,000. Finally, CWM LLC raised its position in BridgeBio Pharma by 132.9% in the 3rd quarter. CWM LLC now owns 3,442 shares of the company’s stock valued at $88,000 after buying an additional 1,964 shares during the last quarter. 99.85% of the stock is owned by institutional investors and hedge funds.

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.