BridgeBio Pharma (NASDAQ:BBIO) Shares Down 4.6% – Here’s What Happened

BridgeBio Pharma, Inc. (NASDAQ:BBIO)’s stock price fell 4.6% during trading on Wednesday . The stock traded as low as $23.55 and last traded at $23.60. 1,468,816 shares traded hands during mid-day trading, a decline of 22% from the average session volume of 1,872,254 shares. The stock had previously closed at $24.73.

Analysts Set New Price Targets

BBIO has been the subject of a number of recent analyst reports. Oppenheimer started coverage on shares of BridgeBio Pharma in a research report on Thursday, October 3rd. They issued a “market perform” rating for the company. Piper Sandler started coverage on BridgeBio Pharma in a research report on Wednesday, September 4th. They issued an “overweight” rating and a $46.00 price objective for the company. JPMorgan Chase & Co. dropped their target price on shares of BridgeBio Pharma from $46.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Bank of America reiterated a “buy” rating and issued a $42.00 price target on shares of BridgeBio Pharma in a report on Wednesday, September 11th. Finally, HC Wainwright restated a “buy” rating and set a $43.00 price objective on shares of BridgeBio Pharma in a report on Monday, September 30th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.92.

BridgeBio Pharma Stock Up 3.8 %

The stock has a market capitalization of $4.87 billion, a P/E ratio of -9.49 and a beta of 1.08. The stock has a 50 day simple moving average of $25.95 and a two-hundred day simple moving average of $26.82.

BridgeBio Pharma (NASDAQ:BBIO) last issued its earnings results on Thursday, August 1st. The company reported ($0.39) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.00) by $0.61. The firm had revenue of $2.17 million for the quarter, compared to analyst estimates of $3.96 million. During the same quarter in the previous year, the firm posted ($0.98) earnings per share. BridgeBio Pharma’s quarterly revenue was up 32.1% on a year-over-year basis. Sell-side analysts predict that BridgeBio Pharma, Inc. will post -2.56 earnings per share for the current fiscal year.

Insider Transactions at BridgeBio Pharma

In other BridgeBio Pharma news, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $25.75, for a total value of $149,350,000.00. Following the sale, the insider now owns 25,260,971 shares in the company, valued at $650,470,003.25. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CFO Brian C. Stephenson sold 4,155 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $24.69, for a total transaction of $102,586.95. Following the completion of the sale, the chief financial officer now owns 85,192 shares in the company, valued at $2,103,390.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $25.75, for a total value of $149,350,000.00. Following the completion of the transaction, the insider now directly owns 25,260,971 shares in the company, valued at approximately $650,470,003.25. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,831,544 shares of company stock worth $150,128,821 in the last ninety days. Insiders own 24.66% of the company’s stock.

Institutional Trading of BridgeBio Pharma

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bfsg LLC increased its holdings in shares of BridgeBio Pharma by 175.6% during the second quarter. Bfsg LLC now owns 1,240 shares of the company’s stock worth $31,000 after purchasing an additional 790 shares during the period. Headlands Technologies LLC bought a new stake in shares of BridgeBio Pharma during the 2nd quarter valued at $48,000. Quarry LP acquired a new stake in shares of BridgeBio Pharma during the 4th quarter worth $50,000. CWM LLC increased its position in shares of BridgeBio Pharma by 132.9% in the third quarter. CWM LLC now owns 3,442 shares of the company’s stock worth $88,000 after purchasing an additional 1,964 shares during the period. Finally, EntryPoint Capital LLC acquired a new position in BridgeBio Pharma in the first quarter valued at about $117,000. 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.