BridgeBio Pharma (NASDAQ:BBIO) Shares Gap Down – Here’s What Happened

BridgeBio Pharma, Inc. (NASDAQ:BBIO) shares gapped down prior to trading on Thursday . The stock had previously closed at $34.97, but opened at $32.50. BridgeBio Pharma shares last traded at $32.97, with a volume of 1,151,089 shares traded.

Analyst Upgrades and Downgrades

Several brokerages have commented on BBIO. Scotiabank increased their price target on BridgeBio Pharma from $49.00 to $52.00 and gave the company a “sector outperform” rating in a report on Friday, February 21st. HC Wainwright reiterated a “buy” rating and set a $49.00 target price on shares of BridgeBio Pharma in a research note on Thursday, February 13th. Bank of America lifted their price objective on BridgeBio Pharma from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Citigroup raised their price target on shares of BridgeBio Pharma from $45.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Finally, Evercore ISI lifted their price target on shares of BridgeBio Pharma from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Monday, December 23rd. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, BridgeBio Pharma currently has a consensus rating of “Moderate Buy” and an average target price of $51.55.

BridgeBio Pharma Stock Performance

The company has a 50 day moving average price of $33.01 and a 200 day moving average price of $28.51. The company has a market capitalization of $6.19 billion, a price-to-earnings ratio of -11.42 and a beta of 1.07.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings results on Thursday, February 20th. The company reported ($1.31) earnings per share for the quarter, missing the consensus estimate of ($1.09) by ($0.22). The company had revenue of $5.88 million for the quarter, compared to analyst estimates of $4.04 million. Research analysts forecast that BridgeBio Pharma, Inc. will post -3.67 EPS for the current year.

Insider Transactions at BridgeBio Pharma

In related news, CFO Brian C. Stephenson sold 4,148 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $36.16, for a total transaction of $149,991.68. Following the transaction, the chief financial officer now directly owns 102,464 shares in the company, valued at $3,705,098.24. This trade represents a 3.89 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Neil Kumar sold 326,932 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $36.29, for a total value of $11,864,362.28. Following the completion of the sale, the chief executive officer now owns 5,371,515 shares of the company’s stock, valued at $194,932,279.35. The trade was a 5.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,579,739 shares of company stock worth $125,411,901 over the last quarter. Corporate insiders own 24.66% of the company’s stock.

Institutional Trading of BridgeBio Pharma

A number of institutional investors have recently modified their holdings of BBIO. Steward Partners Investment Advisory LLC lifted its position in BridgeBio Pharma by 85.8% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,022 shares of the company’s stock valued at $28,000 after buying an additional 472 shares during the period. Itau Unibanco Holding S.A. purchased a new stake in BridgeBio Pharma during the 4th quarter valued at $41,000. Sterling Capital Management LLC increased its holdings in BridgeBio Pharma by 554.6% in the 4th quarter. Sterling Capital Management LLC now owns 1,787 shares of the company’s stock worth $49,000 after buying an additional 1,514 shares in the last quarter. GF Fund Management CO. LTD. bought a new stake in shares of BridgeBio Pharma in the fourth quarter worth approximately $109,000. Finally, Advisors Asset Management Inc. lifted its position in BridgeBio Pharma by 56.1% during the third quarter. Advisors Asset Management Inc. now owns 4,576 shares of the company’s stock valued at $117,000 after purchasing an additional 1,645 shares during the period. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

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.