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BridgeBio Pharma, Inc. (NASDAQ:BBIO), a biotechnology company with a current market capitalization of $8.2 billion, saw Director Hannah Valantine report purchasing shares of the company’s common stock on December 28, 2021. The stock has since demonstrated remarkable performance, delivering a 70% return over the past year, according to InvestingPro data.
According to a Form 4/A filing with the Securities and Exchange Commission, Valantine acquired a total of 1,542 shares and 796 shares in two separate transactions. The prices paid ranged from $12.68 to $13.16, with the total value of the purchases amounting to $30,027. Currently trading at $43.18, near its 52-week high of $45.48, InvestingPro analysis indicates the stock is in overbought territory based on RSI metrics. InvestingPro subscribers have access to 10 additional key insights about BBIO’s valuation and growth prospects.
In other recent news, BridgeBio Pharma has made significant strides with a $300 million royalty sale involving its acoramidis drug, marketed as Beyonttra in Europe. This transaction, involving HealthCare Royalty and Blue Owl Capital, allows BridgeBio to sell 60% of its European royalties from Bayer (OTC:BAYRY), which is capped at 1.45 times the initial amount. The proceeds are intended to bolster the company’s balance sheet and support the U.S. launch of Attruby, the American brand for acoramidis, and other R&D initiatives. Raymond (NSE:RYMD) James reiterated an Outperform rating for the company, emphasizing the cash infusion’s potential to extend BridgeBio’s financial runway into at least 2027. Analysts at Citi and H.C. Wainwright maintained Buy ratings with price targets of $58.00 and $56.00, respectively, highlighting optimistic revenue forecasts. Wolfe Research also initiated coverage with an Outperform rating, projecting substantial revenue growth through 2034. BridgeBio’s acoramidis, approved in multiple regions, has demonstrated efficacy in reducing mortality and hospitalization events in patients with ATTR-CM. The company anticipates additional milestone payments and tiered royalties, further enhancing its financial outlook.
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