Wells Fargo & Company Raises BridgeBio Pharma (NASDAQ:BBIO) Price Target to $88.00

BridgeBio Pharma (NASDAQ:BBIO) had its price target raised by analysts at Wells Fargo & Company from $84.00 to $88.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 14.63% from the stock’s previous close.

Several other equities research analysts also recently commented on the stock. Leerink Partners boosted their target price on shares of BridgeBio Pharma from $75.00 to $86.00 and gave the stock an “outperform” rating in a research report on Monday, December 15th. The Goldman Sachs Group increased their target price on shares of BridgeBio Pharma from $55.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, October 30th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BridgeBio Pharma in a research report on Wednesday, October 8th. Sanford C. Bernstein assumed coverage on shares of BridgeBio Pharma in a research note on Thursday, December 11th. They issued an “outperform” rating and a $94.00 price objective for the company. Finally, Raymond James Financial restated an “outperform” rating and issued a $71.00 price objective (up previously from $69.00) on shares of BridgeBio Pharma in a research note on Thursday, October 30th. Twenty-two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $79.05.

BridgeBio Pharma Stock Up 0.7%

NASDAQ:BBIO traded up $0.51 on Tuesday, hitting $76.77. The stock had a trading volume of 529,848 shares, compared to its average volume of 3,270,608. BridgeBio Pharma has a 52 week low of $28.33 and a 52 week high of $79.88. The business’s fifty day moving average is $73.24 and its 200 day moving average is $59.35. The company has a market cap of $14.79 billion, a PE ratio of -18.38 and a beta of 1.17.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings data on Wednesday, October 29th. The company reported ($0.95) EPS for the quarter, missing the consensus estimate of ($0.88) by ($0.07). The firm had revenue of $120.70 million during the quarter, compared to analysts’ expectations of $107.71 million. During the same period last year, the company posted ($0.86) EPS. The firm’s quarterly revenue was up 4318.0% on a year-over-year basis. Equities analysts predict that BridgeBio Pharma will post -3.67 earnings per share for the current fiscal year.

Insider Transactions at BridgeBio Pharma

In other BridgeBio Pharma news, CEO Neil Kumar sold 40,000 shares of BridgeBio Pharma stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $63.15, for a total transaction of $2,526,000.00. Following the completion of the transaction, the chief executive officer owned 815,686 shares of the company’s stock, valued at $51,510,570.90. The trade was a 4.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Frank Mccormick sold 198,359 shares of the company’s stock in a transaction dated Wednesday, October 29th. The shares were sold at an average price of $66.58, for a total value of $13,206,742.22. Following the sale, the director owned 679,979 shares in the company, valued at approximately $45,273,001.82. This represents a 22.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 587,215 shares of company stock valued at $39,569,101. 18.20% of the stock is currently owned by company insiders.

Institutional Trading of BridgeBio Pharma

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in BridgeBio Pharma by 2.1% during the third quarter. Vanguard Group Inc. now owns 16,832,059 shares of the company’s stock valued at $874,257,000 after acquiring an additional 347,074 shares during the last quarter. Farallon Capital Management LLC raised its position in BridgeBio Pharma by 3.7% in the 3rd quarter. Farallon Capital Management LLC now owns 8,192,000 shares of the company’s stock worth $425,492,000 after purchasing an additional 292,000 shares during the period. Aisling Capital Management LP boosted its position in BridgeBio Pharma by 0.4% during the third quarter. Aisling Capital Management LP now owns 6,089,611 shares of the company’s stock valued at $316,294,000 after buying an additional 21,486 shares during the period. Invesco Ltd. increased its holdings in shares of BridgeBio Pharma by 40.3% in the third quarter. Invesco Ltd. now owns 3,928,657 shares of the company’s stock worth $204,054,000 after buying an additional 1,127,592 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of BridgeBio Pharma by 5.1% in the second quarter. Geode Capital Management LLC now owns 3,681,580 shares of the company’s stock worth $158,991,000 after buying an additional 178,686 shares during the period. Institutional investors own 99.85% of the company’s stock.

About BridgeBio Pharma

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.