BridgeBio Pharma (NASDAQ:BBIO) Shares Up 5.5% Following Analyst Upgrade

BridgeBio Pharma (NASDAQ:BBIO)’s stock price rose 5.5% on Thursday after Goldman Sachs Group raised their price target on the stock from $43.00 to $52.00. The stock traded as high as $39.78 and last traded at $39.60. Approximately 480,103 shares changed hands during trading, a decline of 34% from the average daily volume of 728,991 shares. The stock had previously closed at $37.52.

BBIO has been the subject of several other research reports. Zacks Investment Research lowered shares of BridgeBio Pharma from a “hold” rating to a “sell” rating in a report on Friday, August 14th. Bank of America started coverage on shares of BridgeBio Pharma in a research note on Thursday, June 25th. They issued a “neutral” rating and a $38.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and set a $50.00 target price on shares of BridgeBio Pharma in a research note on Wednesday, August 12th. ValuEngine lowered BridgeBio Pharma from a “buy” rating to a “hold” rating in a research note on Tuesday, September 15th. Finally, BidaskClub raised BridgeBio Pharma from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, September 22nd. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $44.60.

In other news, insider Cameron Turtle sold 2,500 shares of the stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $37.06, for a total transaction of $92,650.00. Following the transaction, the insider now directly owns 15,068 shares in the company, valued at $558,420.08. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Brian C. Stephenson sold 4,661 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $27.27, for a total transaction of $127,105.47. Following the completion of the transaction, the insider now directly owns 289,855 shares of the company’s stock, valued at approximately $7,904,345.85. The disclosure for this sale can be found here. Insiders sold a total of 174,975 shares of company stock valued at $5,793,984 over the last quarter. Company insiders own 40.32% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp increased its holdings in shares of BridgeBio Pharma by 181.8% in the 1st quarter. Bank of New York Mellon Corp now owns 224,450 shares of the company’s stock valued at $6,509,000 after acquiring an additional 144,812 shares during the period. State Street Corp grew its stake in BridgeBio Pharma by 112.0% in the first quarter. State Street Corp now owns 1,713,716 shares of the company’s stock valued at $49,698,000 after purchasing an additional 905,473 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of BridgeBio Pharma by 55.7% during the first quarter. JPMorgan Chase & Co. now owns 922,656 shares of the company’s stock valued at $26,757,000 after buying an additional 330,004 shares during the last quarter. Principal Financial Group Inc. purchased a new stake in shares of BridgeBio Pharma during the first quarter valued at about $264,000. Finally, Nicholas Investment Partners LP boosted its holdings in shares of BridgeBio Pharma by 205.0% in the 1st quarter. Nicholas Investment Partners LP now owns 60,424 shares of the company’s stock valued at $1,752,000 after buying an additional 40,615 shares in the last quarter. 95.72% of the stock is currently owned by institutional investors and hedge funds.

The business’s 50-day moving average price is $32.44 and its 200-day moving average price is $30.18. The company has a current ratio of 9.30, a quick ratio of 9.30 and a debt-to-equity ratio of 1.43. The stock has a market cap of $4.59 billion, a PE ratio of -12.76 and a beta of 0.61.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($1.03) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.76) by ($0.27). As a group, analysts predict that BridgeBio Pharma will post -3.65 earnings per share for the current year.

BridgeBio Pharma Company Profile (NASDAQ:BBIO)

BridgeBio Pharma, Inc finds, develops, and delivers various medicines for genetic diseases. The company has a pipeline of 15 development programs that include product candidates ranging from early discovery to late-stage development in various therapeutic areas, including genetic dermatology, oncology, cardiology, neurology, endocrinology, renal disease, and ophthalmology.

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