Short Interest in BridgeBio Pharma, Inc. (NASDAQ:BBIO) Grows By 20.0%

BridgeBio Pharma, Inc. (NASDAQ:BBIO) was the recipient of a large growth in short interest in the month of June. As of June 30th, there was short interest totalling 20,000,000 shares, a growth of 20.0% from the June 15th total of 16,660,000 shares. Currently, 14.2% of the shares of the company are short sold. Based on an average daily trading volume, of 1,940,000 shares, the days-to-cover ratio is presently 10.3 days.

Insider Activity

In related news, Director Randal W. Scott sold 1,000 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $28.84, for a total transaction of $28,840.00. Following the completion of the sale, the director now owns 5,500 shares in the company, valued at $158,620. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 24.66% of the company’s stock.

Hedge Funds Weigh In On BridgeBio Pharma

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BBIO. American Century Companies Inc. grew its holdings in shares of BridgeBio Pharma by 2,671.2% in the third quarter. American Century Companies Inc. now owns 308,292 shares of the company’s stock valued at $8,130,000 after purchasing an additional 297,167 shares in the last quarter. Wellington Management Group LLP bought a new position in shares of BridgeBio Pharma during the 3rd quarter valued at approximately $37,434,000. Diversified Trust Co raised its holdings in BridgeBio Pharma by 3.1% during the 4th quarter. Diversified Trust Co now owns 17,636 shares of the company’s stock valued at $712,000 after buying an additional 525 shares during the period. Handelsinvest Investeringsforvaltning bought a new position in BridgeBio Pharma during the fourth quarter valued at $300,000. Finally, Raymond James & Associates bought a new stake in shares of BridgeBio Pharma in the 4th quarter worth about $366,000. 99.85% of the stock is owned by institutional investors.

BridgeBio Pharma Price Performance

Shares of BBIO stock traded up $0.40 during mid-day trading on Tuesday, hitting $28.24. The company had a trading volume of 489,809 shares, compared to its average volume of 1,847,215. The stock’s 50 day moving average price is $27.37 and its 200-day moving average price is $30.47. BridgeBio Pharma has a 52-week low of $21.62 and a 52-week high of $44.32.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.35. The company had revenue of $211.12 million during the quarter, compared to analysts’ expectations of $140.06 million. On average, equities analysts anticipate that BridgeBio Pharma will post -3.2 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Raymond James assumed coverage on shares of BridgeBio Pharma in a research report on Thursday, March 21st. They set an “outperform” rating and a $45.00 target price for the company. Bank of America cut their price objective on shares of BridgeBio Pharma from $50.00 to $42.00 and set a “buy” rating for the company in a research report on Tuesday, June 25th. Evercore ISI started coverage on BridgeBio Pharma in a report on Tuesday, May 14th. They issued an “outperform” rating and a $50.00 target price on the stock. HC Wainwright restated a “buy” rating and issued a $43.00 price target on shares of BridgeBio Pharma in a research report on Thursday, June 20th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $70.00 price objective on shares of BridgeBio Pharma in a research report on Monday, July 1st. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $47.21.

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.