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

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

Wall Street Analysts Forecast Growth

Several research firms have issued reports on BBIO. Evercore ISI raised their price target on shares of BridgeBio Pharma from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Monday, December 23rd. Bank of America lifted their target price on shares of BridgeBio Pharma from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Scotiabank upped their price target on shares of BridgeBio Pharma from $48.00 to $49.00 and gave the company a “sector outperform” rating in a research report on Wednesday, February 12th. Finally, HC Wainwright reiterated a “buy” rating and set a $49.00 price target on shares of BridgeBio Pharma in a report on Thursday, February 13th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, BridgeBio Pharma currently has an average rating of “Moderate Buy” and an average target price of $49.08.

BridgeBio Pharma Price Performance

The company has a fifty day moving average price of $31.53 and a 200 day moving average price of $27.79. The stock has a market cap of $7.06 billion, a P/E ratio of -15.41 and a beta of 1.07.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings results on Thursday, February 20th. The company reported ($1.31) EPS for the quarter, missing analysts’ consensus estimates of ($1.09) by ($0.22). As a group, sell-side analysts expect that BridgeBio Pharma, Inc. will post -2.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Neil Kumar sold 31,543 shares of the company’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $36.14, for a total transaction of $1,139,964.02. Following the completion of the sale, the chief executive officer now owns 211,718 shares in the company, valued at approximately $7,651,488.52. This represents a 12.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Global Investors Lp Viking sold 3,065,616 shares of the firm’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $34.90, for a total value of $106,989,998.40. Following the transaction, the insider now owns 22,055,375 shares in the company, valued at approximately $769,732,587.50. This trade represents a 12.20 % 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 in the last quarter. Insiders own 24.66% of the company’s stock.

Institutional Investors Weigh In On BridgeBio Pharma

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. GF Fund Management CO. LTD. purchased a new position in shares of BridgeBio Pharma in the 4th quarter worth approximately $109,000. Frazier Life Sciences Management L.P. lifted its holdings in BridgeBio Pharma by 1.1% during the fourth quarter. Frazier Life Sciences Management L.P. now owns 3,800,457 shares of the company’s stock worth $104,285,000 after acquiring an additional 40,000 shares during the period. Woodline Partners LP boosted its position in BridgeBio Pharma by 132.9% in the fourth quarter. Woodline Partners LP now owns 2,211,521 shares of the company’s stock worth $60,684,000 after purchasing an additional 1,261,772 shares during the last quarter. Zimmer Partners LP bought a new position in BridgeBio Pharma in the 4th quarter valued at $4,950,000. Finally, Tema Etfs LLC purchased a new stake in shares of BridgeBio Pharma during the 4th quarter valued at $3,896,000. Hedge funds and other institutional investors own 99.85% of the company’s stock.

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.