BBIO - Why BridgeBio Pharma Was a Healthy Stock Today
2023-10-24 19:57:52 ET
BridgeBio Pharma (NASDAQ: BBIO) had a good Tuesday on the stock exchange. Following the initiation of coverage by a veteran stock-tracking company, the commercial-stage biotech's share price experienced a nice boost to close the day more than 3% higher. That compared well to the 0.7% gain of the S&P 500 index.
Just after market close on Monday, Cantor Fitzgerald launched its coverage of BridgeBio stock. Happily for the company's investors, the storied financial services company tagged it with an overweight (read: buy) recommendation. It set its price target at $50 per share, which is almost exactly double the stock's current level.
These days, it isn't easy to see vast upside on the company. After all, despite a recent dip in share price, BridgeBio is still one of the best performers in the biotech space, with its shares rising nearly 230% year to date.
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Why BridgeBio Pharma Was a Healthy Stock Today