Analysts Boost BridgeBio Pharma Price Target to $74.37

BridgeBio Pharma, Inc. (NASDAQ:BBIO) has received a consensus rating of “Moderate Buy” from twenty-one ratings firms, according to MarketBeat Ratings. The stock currently has one sell recommendation and twenty buy recommendations, reflecting strong optimism among analysts. The average 12-month price target has been set at $74.37, signaling confidence in the company’s future performance.

Several brokerages have recently updated their assessments of BridgeBio Pharma. On October 30, 2023, The Goldman Sachs Group raised its price objective for the company from $55.00 to $100.00, maintaining a “buy” rating. Similarly, Truist Financial reiterated its “buy” rating and increased its price target to $80.00, up from $66.00. On November 3, HC Wainwright also reaffirmed a “buy” rating with a price target of $90.00. Other analysts, including Evercore ISI and Raymond James Financial, have restated their “outperform” ratings, with price targets set at $71.00 and $69.00, respectively.

BridgeBio Pharma reported its latest earnings results on October 29, 2023, revealing a loss of ($0.95) earnings per share (EPS), which fell short of analysts’ expectations of ($0.88) by ($0.07). Despite this setback, the company generated revenue of $120.70 million for the quarter, surpassing analyst estimates of $107.71 million. Notably, this represents a remarkable 4318.0% increase compared to the same quarter last year, when it reported ($0.86) EPS.

Insider Trading Trends

In related developments, BridgeBio Pharma has seen significant insider trading activity. On November 12, 2023, Director Hannah Valantine sold 25,484 shares at an average price of $66.07, totaling just over $1.68 million. Following this transaction, Valantine retains 7,465 shares, valued at approximately $493,212.55, which indicates a 77.34% decrease in her holdings.

Additionally, Chief Financial Officer Thomas Trimarchi sold 16,934 shares on November 17, 2023, for a total of approximately $1.13 million, reducing his ownership by 4.24% to 382,830 shares, worth around $25.44 million. Over the last quarter, insiders have sold a total of 629,204 shares, valued at $39.42 million. Currently, insiders hold 18.20% of the company’s stock.

Institutional Investor Activity

Institutional interest in BridgeBio Pharma remains robust, with several firms actively adjusting their holdings. Notably, Vanguard Group Inc. increased its stake by 2.1% during the third quarter, now owning 16,832,059 shares valued at approximately $874.26 million. Farallon Capital Management LLC expanded its holdings by 3.7%, bringing its total to 8,192,000 shares worth $425.49 million.

Other notable institutional changes include Aisling Capital Management LP, which increased its position by 0.4%, and Invesco Ltd., which raised its stake by an impressive 40.3%. Currently, hedge funds and institutional investors collectively own 99.85% of BridgeBio Pharma’s stock.

Company Overview

BridgeBio Pharma, Inc. is a commercial-stage biopharmaceutical firm focused on developing transformative medicines for patients suffering from genetic disorders and cancers. Its pipeline includes promising candidates such as AG10, an oral small molecule that is undergoing Phase 3 trials for treating transthyretin amyloid cardiomyopathy (ATTR-CM); infigratinib, an oral FGFR1-3 selective tyrosine kinase inhibitor currently in Phase 3 trials for children with achondroplasia; and BBP-631, a gene transfer product candidate in Phase 1/2 trials for congenital adrenal hyperplasia caused by 21-hydroxylase deficiency.

As analysts continue to express confidence in BridgeBio Pharma, the company’s developments and insider activities will be closely monitored by investors and market watchers alike.