BridgeBio Pharma (NASDAQ:BBIO) Price Target Raised to $49.00 at Scotiabank

BridgeBio Pharma (NASDAQ:BBIO) had its price target increased by Scotiabank from $48.00 to $49.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “sector outperform” rating on the stock. Scotiabank’s target price would suggest a potential upside of 58.29% from the stock’s current price.

BBIO has been the topic of a number of other research reports. Leerink Partners cut their price objective on shares of BridgeBio Pharma from $47.00 to $46.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. HC Wainwright reiterated a “buy” rating and issued a $49.00 price target on shares of BridgeBio Pharma in a report on Monday, December 16th. Evercore ISI raised their price objective on BridgeBio Pharma from $45.00 to $50.00 and gave the company an “outperform” rating in a research note on Monday, December 23rd. Finally, Bank of America upped their target price on BridgeBio Pharma from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. One equities 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.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $49.08.

BridgeBio Pharma Price Performance

Shares of NASDAQ:BBIO traded down $0.17 during mid-day trading on Wednesday, hitting $30.96. The company had a trading volume of 294,091 shares, compared to its average volume of 2,701,766. The company has a market capitalization of $5.85 billion, a PE ratio of -12.84 and a beta of 1.07. BridgeBio Pharma has a one year low of $21.62 and a one year high of $41.04. The firm has a fifty day moving average price of $30.83 and a 200 day moving average price of $27.46.

Insider Buying and Selling at BridgeBio Pharma

In other news, CFO Brian C. Stephenson sold 68,000 shares of the firm’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $36.29, for a total transaction of $2,467,720.00. Following the completion of the transaction, the chief financial officer now directly owns 93,758 shares in the company, valued at $3,402,477.82. This trade represents a 42.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Global Investors Lp Viking sold 3,065,616 shares of BridgeBio Pharma stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $34.90, for a total value of $106,989,998.40. Following the completion of the transaction, the insider now directly owns 22,055,375 shares of the company’s stock, valued at approximately $769,732,587.50. This represents a 12.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,492,093 shares of company stock valued at $122,029,004 in the last 90 days. Insiders own 24.66% of the company’s stock.

Institutional Trading of BridgeBio Pharma

A number of institutional investors and hedge funds have recently bought and sold shares of BBIO. Steward Partners Investment Advisory LLC raised its holdings in BridgeBio Pharma by 85.8% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,022 shares of the company’s stock worth $28,000 after acquiring an additional 472 shares during the last quarter. Values First Advisors Inc. bought a new stake in shares of BridgeBio Pharma in the 3rd quarter worth $57,000. CWM LLC lifted its holdings in shares of 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 in the last quarter. Advisors Asset Management Inc. boosted its holdings in BridgeBio Pharma by 56.1% in the third quarter. Advisors Asset Management Inc. now owns 4,576 shares of the company’s stock worth $117,000 after purchasing an additional 1,645 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in BridgeBio Pharma by 17.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 5,322 shares of the company’s stock worth $135,000 after buying an additional 801 shares in the last quarter. 99.85% of the stock is currently owned by institutional investors.

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.