BridgeBio Pharma, Inc. (NASDAQ:BBIO) Sees Significant Increase in Short Interest

BridgeBio Pharma, Inc. (NASDAQ:BBIO) was the recipient of a large increase in short interest in the month of July. As of July 15th, there was short interest totalling 21,050,000 shares, an increase of 5.3% from the June 30th total of 20,000,000 shares. Based on an average daily trading volume, of 1,940,000 shares, the short-interest ratio is presently 10.9 days. Approximately 15.0% of the company’s shares are sold short.

BridgeBio Pharma Stock Performance

BBIO traded up $0.01 during midday trading on Wednesday, reaching $25.95. 1,413,256 shares of the company were exchanged, compared to its average volume of 1,812,965. BridgeBio Pharma has a one year low of $21.62 and a one year high of $44.32. The stock has a market capitalization of $4.86 billion, a P/E ratio of -8.15 and a beta of 1.06. The stock’s 50-day simple moving average is $26.87 and its 200 day simple moving average is $29.52.

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

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on BBIO. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $70.00 target price on shares of BridgeBio Pharma in a research report on Monday, July 1st. Evercore ISI assumed coverage on BridgeBio Pharma in a research report on Tuesday, May 14th. They issued an “outperform” rating and a $50.00 price objective for the company. UBS Group reduced their price objective on BridgeBio Pharma from $51.00 to $47.00 and set a “buy” rating for the company in a research report on Tuesday, May 28th. Bank of America reduced their price objective on BridgeBio Pharma from $50.00 to $42.00 and set a “buy” rating for the company in a research report on Tuesday, June 25th. Finally, HC Wainwright reissued a “buy” rating and issued a $43.00 price objective on shares of BridgeBio Pharma in a research report on Thursday, June 20th. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $48.73.

Insiders Place Their Bets

In other news, Director Randal W. Scott sold 1,000 shares of the company’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $28.84, for a total value of $28,840.00. Following the transaction, the director now owns 5,500 shares in the company, valued at approximately $158,620. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 24.66% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Bfsg LLC raised its stake in BridgeBio Pharma by 175.6% in the 2nd quarter. Bfsg LLC now owns 1,240 shares of the company’s stock valued at $31,000 after acquiring an additional 790 shares during the period. YHB Investment Advisors Inc. acquired a new position in BridgeBio Pharma in the 1st quarter valued at $34,000. Quarry LP acquired a new position in BridgeBio Pharma in the 4th quarter valued at $50,000. EntryPoint Capital LLC acquired a new position in BridgeBio Pharma in the 1st quarter valued at $117,000. Finally, Assetmark Inc. grew its holdings in BridgeBio Pharma by 46.8% in the 4th quarter. Assetmark Inc. now owns 2,931 shares of the company’s stock valued at $118,000 after buying an additional 935 shares in the last quarter. Institutional investors and hedge funds own 99.85% of the company’s stock.

BridgeBio Pharma Company Profile

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.