JPMorgan Chase & Co. Forecasts Strong Price Appreciation for BridgeBio Pharma (NASDAQ:BBIO) Stock

BridgeBio Pharma (NASDAQ:BBIO) had its target price raised by JPMorgan Chase & Co. from $89.00 to $94.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 26.48% from the stock’s previous close.

Several other research analysts also recently commented on the company. Sanford C. Bernstein began coverage on BridgeBio Pharma in a research note on Thursday, December 11th. They issued an “outperform” rating and a $94.00 price objective on the stock. Wells Fargo & Company raised their target price on shares of BridgeBio Pharma from $88.00 to $98.00 and gave the company an “overweight” rating in a report on Friday, February 13th. Barclays began coverage on BridgeBio Pharma in a research report on Wednesday, January 28th. They issued an “overweight” rating for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of BridgeBio Pharma in a research report on Wednesday, January 21st. Finally, William Blair initiated coverage on shares of BridgeBio Pharma in a research note on Tuesday. They issued an “outperform” rating on the stock. Twenty-three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, BridgeBio Pharma currently has a consensus rating of “Moderate Buy” and an average target price of $83.35.

BridgeBio Pharma Price Performance

BridgeBio Pharma stock traded up $8.68 during midday trading on Tuesday, reaching $74.32. 6,122,535 shares of the company traded hands, compared to its average volume of 3,220,734. The firm has a market capitalization of $14.41 billion, a price-to-earnings ratio of -19.66 and a beta of 1.13. BridgeBio Pharma has a 12 month low of $28.33 and a 12 month high of $84.94. The business has a 50 day moving average of $73.44 and a two-hundred day moving average of $65.56.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings results on Tuesday, February 24th. The company reported ($1.00) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.75) by ($0.25). The business had revenue of $154.18 million during the quarter, compared to analyst estimates of $150.71 million. The firm’s revenue for the quarter was up 2521.2% on a year-over-year basis. During the same period in the prior year, the company posted ($1.40) EPS. As a group, equities analysts forecast that BridgeBio Pharma will post -3.67 EPS for the current year.

Insider Activity at BridgeBio Pharma

In related news, CFO Thomas Trimarchi sold 13,600 shares of the business’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $74.72, for a total transaction of $1,016,192.00. Following the completion of the transaction, the chief financial officer owned 336,585 shares in the company, valued at $25,149,631.20. The trade was a 3.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Andrea Ellis sold 64,921 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $64.87, for a total value of $4,211,425.27. Following the completion of the sale, the director owned 18,589 shares in the company, valued at approximately $1,205,868.43. The trade was a 77.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 227,095 shares of company stock worth $16,099,240 over the last quarter. 18.20% of the stock is owned by insiders.

Institutional Trading of BridgeBio Pharma

Institutional investors and hedge funds have recently modified their holdings of the stock. Jones Financial Companies Lllp purchased a new position in BridgeBio Pharma during the 1st quarter worth $35,000. Envestnet Asset Management Inc. grew its position in shares of BridgeBio Pharma by 204.1% during the 2nd quarter. Envestnet Asset Management Inc. now owns 39,487 shares of the company’s stock worth $1,705,000 after buying an additional 26,500 shares in the last quarter. Bank of Montreal Can grew its position in shares of BridgeBio Pharma by 6.0% during the 2nd quarter. Bank of Montreal Can now owns 9,865 shares of the company’s stock worth $426,000 after buying an additional 556 shares in the last quarter. Savant Capital LLC purchased a new position in shares of BridgeBio Pharma during the second quarter valued at $218,000. Finally, Los Angeles Capital Management LLC bought a new stake in shares of BridgeBio Pharma in the second quarter valued at about $693,000. Institutional investors 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.