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

BridgeBio Pharma (NASDAQ:BBIO) had its target price hoisted by investment analysts at Piper Sandler from $111.00 to $115.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price target would suggest a potential upside of 35.82% from the company’s current price.

Other equities analysts also recently issued reports about the stock. Raymond James Financial downgraded shares of BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 26th. Mizuho lowered their target price on shares of BridgeBio Pharma from $106.00 to $96.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 16th. Morgan Stanley increased their price target on shares of BridgeBio Pharma from $94.00 to $98.00 and gave the stock an “overweight” rating in a research report on Thursday, May 28th. Canaccord Genuity Group began coverage on shares of BridgeBio Pharma in a research note on Wednesday, June 3rd. They set a “buy” rating and a $104.00 price target for the company. Finally, HC Wainwright lifted their price objective on BridgeBio Pharma from $110.00 to $120.00 and gave the company a “buy” rating in a report on Monday, July 13th. Nineteen investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $98.50.

BridgeBio Pharma Trading Up 0.2%

BBIO opened at $84.67 on Tuesday. The stock’s 50 day simple moving average is $76.07 and its 200-day simple moving average is $73.03. The stock has a market cap of $16.55 billion, a PE ratio of -22.64 and a beta of 0.96. BridgeBio Pharma has a 1 year low of $46.28 and a 1 year high of $93.42.

BridgeBio Pharma (NASDAQ:BBIO) last issued its earnings results on Monday, August 10th. The company reported ($0.78) EPS for the quarter, missing the consensus estimate of ($0.58) by ($0.20). The company had revenue of $243.68 million during the quarter, compared to analysts’ expectations of $220.91 million. During the same period in the prior year, the business posted ($0.95) earnings per share. BridgeBio Pharma’s revenue for the quarter was up 120.4% compared to the same quarter last year. Equities analysts forecast that BridgeBio Pharma will post -2.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Neil Kumar sold 40,000 shares of the stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $67.46, for a total transaction of $2,698,400.00. Following the sale, the chief executive officer owned 535,686 shares in the company, valued at approximately $36,137,377.56. This represents a 6.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Randal W. Scott sold 10,000 shares of the firm’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $67.15, for a total value of $671,500.00. Following the completion of the sale, the director owned 11,589 shares of the company’s stock, valued at approximately $778,201.35. This trade represents a 46.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 392,117 shares of company stock valued at $29,934,700. Insiders own 14.23% of the company’s stock.

Institutional Investors Weigh In On BridgeBio Pharma

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. E Fund Management Co. Ltd. acquired a new position in shares of BridgeBio Pharma during the second quarter worth approximately $452,000. Meeder Advisory Services Inc. acquired a new stake in shares of BridgeBio Pharma in the second quarter valued at approximately $272,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of BridgeBio Pharma in the second quarter valued at approximately $44,000. OneDigital Investment Advisors LLC bought a new position in BridgeBio Pharma in the 2nd quarter worth approximately $241,000. Finally, Global Retirement Partners LLC bought a new position in BridgeBio Pharma in the 2nd quarter worth approximately $95,000. Institutional investors and hedge funds own 99.85% of the company’s stock.

BridgeBio Pharma Company Profile

BridgeBio Pharma, Inc is a clinical-stage biopharmaceutical company headquartered in Palo Alto, California. Founded in 2015 by Neil Kumar, the company is dedicated to discovering, developing and delivering transformative medicines for patients with genetic diseases and cancers. BridgeBio operates an integrated model that spans target identification, preclinical research, clinical development and commercialization, aiming to streamline the process from bench to bedside.

BridgeBio’s pipeline comprises multiple therapeutic modalities, including small molecules, biologics and genetic therapies.