Scotiabank Forecasts Strong Price Appreciation for BridgeBio Pharma (NASDAQ:BBIO) Stock

BridgeBio Pharma (NASDAQ:BBIO) had its price objective upped by Scotiabank from $44.00 to $45.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has a sector outperform rating on the stock.

Several other analysts have also recently weighed in on BBIO. Oppenheimer assumed coverage on shares of BridgeBio Pharma in a research note on Thursday, October 3rd. They issued a “market perform” rating for the company. Leerink Partners dropped their price target on shares of BridgeBio Pharma from $47.00 to $46.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. Piper Sandler began coverage on shares of BridgeBio Pharma in a report on Wednesday, September 4th. They issued an “overweight” rating and a $46.00 price objective on the stock. Evercore ISI decreased their price objective on shares of BridgeBio Pharma from $50.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $70.00 price objective on shares of BridgeBio Pharma in a report on Monday, September 16th. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, BridgeBio Pharma has an average rating of “Moderate Buy” and a consensus target price of $47.57.

BridgeBio Pharma Stock Down 1.6 %

Shares of BridgeBio Pharma stock traded down $0.39 during mid-day trading on Friday, hitting $23.72. The stock had a trading volume of 2,781,590 shares, compared to its average volume of 1,847,474. The firm has a 50-day moving average of $25.50 and a two-hundred day moving average of $26.41. BridgeBio Pharma has a 12-month low of $21.62 and a 12-month high of $44.32. The firm has a market cap of $4.48 billion, a P/E ratio of -9.84 and a beta of 1.09.

Insiders Place Their Bets

In other news, CFO Brian C. Stephenson sold 4,155 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $24.69, for a total value of $102,586.95. Following the sale, the chief financial officer now directly owns 85,192 shares in the company, valued at approximately $2,103,390.48. This trade represents a 4.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $25.75, for a total transaction of $149,350,000.00. Following the completion of the sale, the insider now owns 25,260,971 shares in the company, valued at $650,470,003.25. The trade was a 18.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,831,544 shares of company stock worth $150,128,821 in the last ninety days. 24.66% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On BridgeBio Pharma

Hedge funds and other institutional investors have recently modified their holdings of the company. Bfsg LLC raised its holdings in shares of BridgeBio Pharma by 175.6% in the 2nd quarter. Bfsg LLC now owns 1,240 shares of the company’s stock valued at $31,000 after purchasing an additional 790 shares in the last quarter. Headlands Technologies LLC purchased a new position in shares of BridgeBio Pharma in the 2nd quarter valued at $48,000. Values First Advisors Inc. purchased a new position in shares of BridgeBio Pharma in the 3rd quarter valued at $57,000. CWM LLC grew its position in shares of 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. Finally, EntryPoint Capital LLC purchased a new position in shares of BridgeBio Pharma in the 1st quarter valued at $117,000. 99.85% of the stock is currently 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.