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

Shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) gapped up prior to trading on Friday . The stock had previously closed at $63.73, but opened at $70.07. BridgeBio Pharma shares last traded at $68.4410, with a volume of 782,051 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Piper Sandler raised their price objective on shares of BridgeBio Pharma from $93.00 to $98.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. Raymond James Financial reissued an “outperform” rating and set a $71.00 target price (up from $69.00) on shares of BridgeBio Pharma in a research note on Thursday, October 30th. Truist Financial lifted their price target on BridgeBio Pharma from $80.00 to $86.00 and gave the company a “buy” rating in a research note on Thursday, January 8th. Wells Fargo & Company raised their target price on shares of BridgeBio Pharma from $84.00 to $88.00 and gave the company an “overweight” rating in a research report on Tuesday, January 20th. Finally, Cantor Fitzgerald raised their target price on shares of BridgeBio Pharma from $100.00 to $110.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. Twenty-two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $79.05.

BridgeBio Pharma Stock Performance

The firm has a market cap of $13.39 billion, a P/E ratio of -16.60 and a beta of 1.13. The stock’s 50 day simple moving average is $75.60 and its 200 day simple moving average is $61.96.

Insider Activity

In related news, Director Andrew Lo sold 55,000 shares of the stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $65.69, for a total value of $3,612,950.00. Following the completion of the sale, the director directly owned 50,583 shares of the company’s stock, valued at approximately $3,322,797.27. This represents a 52.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Maricel Apuli sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $74.26, for a total value of $148,520.00. Following the completion of the transaction, the chief accounting officer directly owned 130,297 shares of the company’s stock, valued at approximately $9,675,855.22. This represents a 1.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 286,184 shares of company stock worth $19,840,799. Company insiders own 18.20% of the company’s stock.

Institutional Trading of BridgeBio Pharma

Several hedge funds have recently added to or reduced their stakes in the stock. Corient Private Wealth LLC purchased a new position in BridgeBio Pharma during the second quarter worth $643,000. WINTON GROUP Ltd purchased a new position in shares of BridgeBio Pharma during the second quarter valued at approximately $3,856,000. Principal Financial Group Inc. boosted its position in shares of BridgeBio Pharma by 23.0% during the third quarter. Principal Financial Group Inc. now owns 1,267,412 shares of the company’s stock valued at $65,829,000 after buying an additional 236,885 shares during the period. Federated Hermes Inc. grew its stake in shares of BridgeBio Pharma by 53.0% during the third quarter. Federated Hermes Inc. now owns 424,695 shares of the company’s stock valued at $22,059,000 after buying an additional 147,108 shares during the last quarter. Finally, Bosun Asset Management LLC lifted its stake in shares of BridgeBio Pharma by 119.7% during the 2nd quarter. Bosun Asset Management LLC now owns 26,154 shares of the company’s stock worth $1,129,000 after acquiring an additional 14,250 shares during the last quarter. Institutional investors own 99.85% of the company’s stock.

About BridgeBio Pharma

BridgeBio Pharma, Inc is a clinical-stage biopharmaceutical company headquartered in Palo Alto, California. Founded in 2015 by Neil Kumar, the company is dedicated to discovering, developing and delivering transformative medicines for patients with genetic diseases and cancers. BridgeBio operates an integrated model that spans target identification, preclinical research, clinical development and commercialization, aiming to streamline the process from bench to bedside.

BridgeBio’s pipeline comprises multiple therapeutic modalities, including small molecules, biologics and genetic therapies.