BridgeBio Pharma (NASDAQ:BBIO) Trading Down 4.9% – Here’s What Happened

BridgeBio Pharma, Inc. (NASDAQ:BBIO)’s share price traded down 4.9% during trading on Tuesday . The stock traded as low as $25.70 and last traded at $25.86. 799,085 shares were traded during mid-day trading, a decline of 58% from the average session volume of 1,904,318 shares. The stock had previously closed at $27.19.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on BBIO shares. Evercore ISI cut their target price on shares of BridgeBio Pharma from $50.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Leerink Partners cut their target price on shares of BridgeBio Pharma from $47.00 to $46.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. HC Wainwright boosted their target price on shares of BridgeBio Pharma from $43.00 to $49.00 and gave the company a “buy” rating in a research note on Monday. Oppenheimer started coverage on shares of BridgeBio Pharma in a research note on Thursday, October 3rd. They issued a “market perform” rating for the company. Finally, Piper Sandler started coverage on shares of BridgeBio Pharma in a research note on Wednesday, September 4th. They issued an “overweight” rating and a $46.00 target price for the company. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $48.43.

BridgeBio Pharma Trading Up 4.0 %

The stock’s 50-day moving average is $25.00 and its 200-day moving average is $26.22. The stock has a market cap of $5.20 billion, a price-to-earnings ratio of -11.41 and a beta of 1.09.

Insider Buying and Selling

In related news, CFO Brian C. Stephenson sold 4,156 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $22.41, for a total transaction of $93,135.96. Following the completion of the sale, the chief financial officer now owns 93,758 shares of the company’s stock, valued at approximately $2,101,116.78. This represents a 4.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Neil Kumar sold 27,389 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $22.41, for a total transaction of $613,787.49. Following the sale, the chief executive officer now directly owns 4,897,443 shares of the company’s stock, valued at approximately $109,751,697.63. This trade represents a 0.56 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,831,545 shares of company stock valued at $150,056,923. 24.66% of the stock is currently owned by corporate insiders.

Institutional Trading of BridgeBio Pharma

Institutional investors and hedge funds have recently bought and sold shares of the business. Janus Henderson Group PLC boosted its holdings in BridgeBio Pharma by 11.7% in the 3rd quarter. Janus Henderson Group PLC now owns 4,818,012 shares of the company’s stock worth $122,658,000 after acquiring an additional 505,481 shares during the period. Frazier Life Sciences Management L.P. boosted its holdings in BridgeBio Pharma by 3.5% in the 3rd quarter. Frazier Life Sciences Management L.P. now owns 3,760,457 shares of the company’s stock worth $95,741,000 after acquiring an additional 127,853 shares during the period. Geode Capital Management LLC boosted its holdings in BridgeBio Pharma by 3.8% in the 3rd quarter. Geode Capital Management LLC now owns 3,413,949 shares of the company’s stock worth $86,936,000 after acquiring an additional 123,540 shares during the period. Ensign Peak Advisors Inc boosted its holdings in BridgeBio Pharma by 44.5% in the 2nd quarter. Ensign Peak Advisors Inc now owns 1,646,202 shares of the company’s stock worth $41,698,000 after acquiring an additional 506,845 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its holdings in BridgeBio Pharma by 40.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,534,972 shares of the company’s stock worth $38,881,000 after acquiring an additional 442,248 shares during the period. Institutional investors and hedge funds own 99.85% of the company’s stock.

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.