BridgeBio Pharma (NASDAQ:BBIO) Shares Gap Up to $29.76

BridgeBio Pharma, Inc. (NASDAQ:BBIO)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $29.76, but opened at $30.49. BridgeBio Pharma shares last traded at $30.08, with a volume of 180,372 shares traded.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BBIO. JPMorgan Chase & Co. raised their target price on BridgeBio Pharma from $35.00 to $45.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 20th. Citigroup lifted their price objective on BridgeBio Pharma from $42.00 to $46.00 and gave the company a “buy” rating in a research report on Friday, February 23rd. Cantor Fitzgerald lifted their price objective on BridgeBio Pharma from $60.00 to $70.00 and gave the company an “overweight” rating in a research report on Tuesday, March 19th. Wells Fargo & Company assumed coverage on BridgeBio Pharma in a research report on Friday, December 8th. They set an “overweight” rating and a $58.00 price objective on the stock. Finally, Mizuho lowered their price objective on BridgeBio Pharma from $60.00 to $53.00 and set a “buy” rating on the stock in a research report on Tuesday, March 5th. Two research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $45.62.

BridgeBio Pharma Trading Up 0.2 %

The stock has a 50 day simple moving average of $33.14 and a 200-day simple moving average of $31.74. The firm has a market cap of $5.44 billion, a P/E ratio of -7.85 and a beta of 1.05.

BridgeBio Pharma (NASDAQ:BBIO) last released its earnings results on Thursday, February 22nd. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of ($0.87) by ($0.09). The firm had revenue of $1.74 million during the quarter, compared to analysts’ expectations of $4.78 million. The business’s revenue was down 8.4% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.92) earnings per share. As a group, equities analysts forecast that BridgeBio Pharma, Inc. will post -3.09 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Hannah Valantine sold 2,915 shares of the business’s stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $37.97, for a total transaction of $110,682.55. Following the transaction, the director now owns 1,764 shares of the company’s stock, valued at approximately $66,979.08. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Hannah Valantine sold 2,915 shares of the business’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $37.97, for a total transaction of $110,682.55. Following the completion of the transaction, the director now owns 1,764 shares in the company, valued at approximately $66,979.08. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Randal W. Scott sold 2,500 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $34.00, for a total value of $85,000.00. Following the completion of the sale, the director now owns 6,500 shares of the company’s stock, valued at $221,000. The disclosure for this sale can be found here. Corporate insiders own 28.52% of the company’s stock.

Institutional Investors Weigh In On BridgeBio Pharma

A number of hedge funds have recently made changes to their positions in BBIO. Bank of New York Mellon Corp increased its position in BridgeBio Pharma by 3.2% during the 1st quarter. Bank of New York Mellon Corp now owns 502,713 shares of the company’s stock valued at $5,102,000 after buying an additional 15,368 shares in the last quarter. MetLife Investment Management LLC increased its position in BridgeBio Pharma by 52.5% during the 1st quarter. MetLife Investment Management LLC now owns 58,444 shares of the company’s stock valued at $593,000 after buying an additional 20,117 shares in the last quarter. Vanguard Group Inc. increased its position in BridgeBio Pharma by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 9,424,112 shares of the company’s stock valued at $95,655,000 after buying an additional 92,429 shares in the last quarter. XTX Topco Ltd acquired a new position in BridgeBio Pharma during the 1st quarter valued at about $153,000. Finally, Charles Schwab Investment Management Inc. increased its position in BridgeBio Pharma by 3.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,079,082 shares of the company’s stock valued at $10,953,000 after buying an additional 33,792 shares in the last quarter. 99.85% of the stock is currently owned by hedge funds and other 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.