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

BridgeBio Pharma, Inc. (NASDAQ:BBIO) gapped down prior to trading on Thursday . The stock had previously closed at $77.90, but opened at $75.01. BridgeBio Pharma shares last traded at $76.68, with a volume of 162,325 shares trading hands.

Analyst Ratings Changes

Several analysts have weighed in on the company. TD Cowen boosted their price objective on BridgeBio Pharma from $60.00 to $95.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. Weiss Ratings reissued a “sell (d-)” rating on shares of BridgeBio Pharma in a research report on Wednesday, October 8th. HC Wainwright reissued a “buy” rating and issued a $90.00 target price on shares of BridgeBio Pharma in a research note on Monday, November 3rd. Sanford C. Bernstein initiated coverage on BridgeBio Pharma in a research report on Thursday, December 11th. They issued an “outperform” rating and a $94.00 price objective for the company. Finally, Piper Sandler increased their target price on BridgeBio Pharma from $93.00 to $98.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. Twenty-two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, BridgeBio Pharma currently has a consensus rating of “Moderate Buy” and a consensus price target of $78.85.

BridgeBio Pharma Trading Down 2.4%

The company has a 50 day simple moving average of $72.41 and a 200 day simple moving average of $58.55. The stock has a market cap of $14.65 billion, a P/E ratio of -18.18 and a beta of 1.17.

BridgeBio Pharma (NASDAQ:BBIO) last posted its quarterly earnings data on Wednesday, October 29th. The company reported ($0.95) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.07). The firm had revenue of $120.70 million for the quarter, compared to the consensus estimate of $107.71 million. During the same quarter in the previous year, the business earned ($0.86) EPS. The firm’s revenue was up 4318.0% compared to the same quarter last year. As a group, sell-side analysts expect that BridgeBio Pharma, Inc. will post -3.67 earnings per share for the current year.

Insider Activity at BridgeBio Pharma

In related news, Director Hannah Valantine sold 25,484 shares of BridgeBio Pharma stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $66.07, for a total value of $1,683,727.88. Following the sale, the director owned 7,465 shares of the company’s stock, valued at approximately $493,212.55. The trade was a 77.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Neil Kumar sold 40,000 shares of the company’s stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $63.15, for a total value of $2,526,000.00. Following the sale, the chief executive officer owned 815,686 shares in the company, valued at $51,510,570.90. The trade was a 4.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 587,215 shares of company stock worth $39,569,101. Corporate insiders own 18.20% of the company’s stock.

Institutional Investors Weigh In On BridgeBio Pharma

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC grew its stake in shares of BridgeBio Pharma by 14,211.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 994,220 shares of the company’s stock valued at $77,783,000 after buying an additional 987,273 shares in the last quarter. Central Pacific Bank Trust Division bought a new position in shares of BridgeBio Pharma in the 4th quarter valued at about $789,000. GAMMA Investing LLC increased its stake in shares of BridgeBio Pharma by 39.0% during the 4th quarter. GAMMA Investing LLC now owns 1,418 shares of the company’s stock worth $108,000 after purchasing an additional 398 shares during the last quarter. Swiss Life Asset Management Ltd bought a new stake in shares of BridgeBio Pharma in the 3rd quarter valued at about $346,000. Finally, CIBC Private Wealth Group LLC lifted its stake in BridgeBio Pharma by 384.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 7,759 shares of the company’s stock valued at $403,000 after purchasing an additional 6,156 shares during the last quarter. Institutional investors own 99.85% of the company’s stock.

BridgeBio Pharma Company Profile

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.