Scotiabank Begins Coverage on BridgeBio Pharma (NASDAQ:BBIO)

Scotiabank assumed coverage on shares of BridgeBio Pharma (NASDAQ:BBIO) in a research note published on Wednesday morning, MarketBeat.com reports. The firm issued a sector outperform rating and a $44.00 target price on the stock.

Other analysts have also recently issued research reports about the stock. Bank of America reiterated a “buy” rating and issued a $42.00 price objective on shares of BridgeBio Pharma in a research note on Wednesday, September 11th. Piper Sandler assumed coverage on BridgeBio Pharma in a report on Wednesday, September 4th. They issued an “overweight” rating and a $46.00 price objective for the company. HC Wainwright restated a “buy” rating and issued a $43.00 price target on shares of BridgeBio Pharma in a research report on Monday, September 30th. JPMorgan Chase & Co. reduced their price objective on shares of BridgeBio Pharma from $46.00 to $43.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. Finally, Evercore ISI decreased their price target on BridgeBio Pharma from $50.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Two investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

BridgeBio Pharma Trading Down 0.6 %

BBIO stock opened at $26.02 on Wednesday. The business’s 50 day simple moving average is $26.08 and its 200 day simple moving average is $26.62. The firm has a market capitalization of $4.87 billion, a PE ratio of -8.08 and a beta of 1.08. BridgeBio Pharma has a 1-year low of $21.62 and a 1-year high of $44.32.

BridgeBio Pharma (NASDAQ:BBIO) last issued its quarterly earnings data on Thursday, August 1st. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.00) by $0.61. The company had revenue of $2.17 million for the quarter, compared to analyst estimates of $3.96 million. During the same quarter last year, the business earned ($0.98) earnings per share. The company’s revenue was up 32.1% on a year-over-year basis. As a group, sell-side analysts predict that BridgeBio Pharma will post -2.56 EPS for the current fiscal year.

Insider Buying and Selling at BridgeBio Pharma

In related news, CFO Brian C. Stephenson sold 4,155 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $24.69, for a total transaction of $102,586.95. Following the completion of the transaction, the chief financial officer now directly owns 85,192 shares of the company’s stock, valued at $2,103,390.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Neil Kumar sold 27,389 shares of BridgeBio Pharma stock in a transaction on Monday, August 19th. The shares were sold at an average price of $24.69, for a total transaction of $676,234.41. Following the completion of the transaction, the chief executive officer now owns 4,897,443 shares of the company’s stock, valued at $120,917,867.67. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian C. Stephenson sold 4,155 shares of the stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $24.69, for a total value of $102,586.95. Following the sale, the chief financial officer now owns 85,192 shares of the company’s stock, valued at approximately $2,103,390.48. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,831,544 shares of company stock worth $150,128,821. 24.66% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On BridgeBio Pharma

Institutional investors and hedge funds have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC boosted its holdings in shares of BridgeBio Pharma by 17.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,322 shares of the company’s stock worth $135,000 after buying an additional 801 shares in the last quarter. Creative Planning bought a new position in BridgeBio Pharma during the third quarter worth $772,000. CWM LLC grew its holdings in BridgeBio Pharma by 132.9% in the third quarter. CWM LLC now owns 3,442 shares of the company’s stock worth $88,000 after purchasing an additional 1,964 shares during the period. Diversified Trust Co increased its stake in BridgeBio Pharma by 3.0% in the third quarter. Diversified Trust Co now owns 36,772 shares of the company’s stock valued at $936,000 after purchasing an additional 1,059 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its stake in BridgeBio Pharma by 17.7% in the third quarter. Handelsbanken Fonder AB now owns 32,550 shares of the company’s stock valued at $829,000 after purchasing an additional 4,900 shares in the last quarter. Institutional investors own 99.85% of the company’s stock.

About BridgeBio Pharma

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.