BridgeBio Pharma (NASDAQ:BBIO) Stock Price Up 6.6% – Here’s Why

Shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) rose 6.6% on Tuesday . The company traded as high as $36.15 and last traded at $35.96. Approximately 2,596,130 shares were traded during trading, a decline of 4% from the average daily volume of 2,707,698 shares. The stock had previously closed at $33.73.

Analysts Set New Price Targets

BBIO has been the topic of a number of recent analyst reports. Bank of America upped their price objective on BridgeBio Pharma from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Evercore ISI upped their price objective on BridgeBio Pharma from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Monday, December 23rd. Oppenheimer started coverage on BridgeBio Pharma in a report on Thursday, October 3rd. They issued a “market perform” rating on the stock. Scotiabank upped their target price on BridgeBio Pharma from $45.00 to $48.00 and gave the company a “sector outperform” rating in a report on Monday, November 25th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $70.00 target price on shares of BridgeBio Pharma in a report on Monday, September 16th. Two research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $48.08.

BridgeBio Pharma Stock Performance

The business has a fifty day moving average price of $26.98 and a 200 day moving average price of $26.27. The company has a market capitalization of $6.75 billion, a PE ratio of -14.81 and a beta of 1.05.

Insider Transactions at BridgeBio Pharma

In other news, CEO Neil Kumar sold 27,389 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $22.41, for a total value of $613,787.49. Following the completion of the sale, the chief executive officer now owns 4,897,443 shares in the company, valued at approximately $109,751,697.63. This trade represents a 0.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian C. Stephenson sold 4,156 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $22.41, for a total value of $93,135.96. Following the completion of the sale, the chief financial officer now owns 93,758 shares of the company’s stock, valued at approximately $2,101,116.78. This trade represents a 4.24 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 24.66% of the company’s stock.

Institutional Investors Weigh In On BridgeBio Pharma

A number of large investors have recently modified their holdings of the stock. Principal Financial Group Inc. grew its stake in shares of BridgeBio Pharma by 1.8% in the third quarter. Principal Financial Group Inc. now owns 1,145,123 shares of the company’s stock valued at $29,155,000 after buying an additional 19,978 shares in the last quarter. Exome Asset Management LLC grew its stake in BridgeBio Pharma by 167.4% during the 3rd quarter. Exome Asset Management LLC now owns 211,000 shares of the company’s stock valued at $5,372,000 after purchasing an additional 132,093 shares in the last quarter. Geode Capital Management LLC grew its stake in BridgeBio Pharma by 3.8% during the 3rd quarter. Geode Capital Management LLC now owns 3,413,949 shares of the company’s stock valued at $86,936,000 after purchasing an additional 123,540 shares in the last quarter. Frazier Life Sciences Management L.P. grew its stake in BridgeBio Pharma by 3.5% during the 3rd quarter. Frazier Life Sciences Management L.P. now owns 3,760,457 shares of the company’s stock valued at $95,741,000 after purchasing an additional 127,853 shares in the last quarter. Finally, Barclays PLC grew its stake in BridgeBio Pharma by 31.9% during the 3rd quarter. Barclays PLC now owns 545,008 shares of the company’s stock valued at $13,876,000 after purchasing an additional 131,743 shares in the last quarter. Institutional investors and hedge funds own 99.85% of the company’s stock.

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.