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

BridgeBio Pharma, Inc. (NASDAQ:BBIO) shares gapped down before the market opened on Tuesday . The stock had previously closed at $36.25, but opened at $34.18. BridgeBio Pharma shares last traded at $33.74, with a volume of 961,714 shares changing hands.

Analyst Ratings Changes

BBIO has been the topic of a number of recent analyst reports. Bank of America lifted their price objective on BridgeBio Pharma from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Evercore ISI upped their price objective on shares of BridgeBio Pharma from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Monday, December 23rd. Cantor Fitzgerald reiterated an “overweight” rating and set a $95.00 price target on shares of BridgeBio Pharma in a research report on Friday. Scotiabank raised their price objective on shares of BridgeBio Pharma from $49.00 to $52.00 and gave the stock a “sector outperform” rating in a report on Friday. Finally, HC Wainwright reiterated a “buy” rating and set a $49.00 target price on shares of BridgeBio Pharma in a report on Thursday, February 13th. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $51.67.

BridgeBio Pharma Trading Down 6.1 %

The firm has a market capitalization of $6.47 billion, a P/E ratio of -11.82 and a beta of 1.07. The business’s 50 day simple moving average is $32.07 and its two-hundred day simple moving average is $28.06.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings results on Thursday, February 20th. The company reported ($1.31) earnings per share for the quarter, missing the consensus estimate of ($1.09) by ($0.22). The company had revenue of $5.88 million for the quarter, compared to the consensus estimate of $4.04 million. Analysts predict that BridgeBio Pharma, Inc. will post -3.67 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Global Investors Lp Viking sold 3,065,616 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $34.90, for a total value of $106,989,998.40. Following the transaction, the insider now owns 22,055,375 shares in the company, valued at $769,732,587.50. This represents a 12.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Neil Kumar sold 326,932 shares of BridgeBio Pharma stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $36.29, for a total value of $11,864,362.28. Following the transaction, the chief executive officer now owns 5,371,515 shares in the company, valued at $194,932,279.35. This trade represents a 5.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,496,239 shares of company stock valued at $122,612,036 over the last ninety days. 24.66% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Farallon Capital Management LLC increased its holdings in BridgeBio Pharma by 140.1% in the 4th quarter. Farallon Capital Management LLC now owns 4,195,000 shares of the company’s stock worth $115,111,000 after acquiring an additional 2,448,000 shares in the last quarter. Woodline Partners LP raised its position in shares of BridgeBio Pharma by 132.9% during the 4th quarter. Woodline Partners LP now owns 2,211,521 shares of the company’s stock valued at $60,684,000 after purchasing an additional 1,261,772 shares during the period. Norges Bank bought a new stake in shares of BridgeBio Pharma during the 4th quarter valued at $29,237,000. Alyeska Investment Group L.P. bought a new position in BridgeBio Pharma in the 4th quarter worth $25,805,000. Finally, Capital Research Global Investors increased its stake in BridgeBio Pharma by 34.9% in the 4th quarter. Capital Research Global Investors now owns 3,526,747 shares of the company’s stock worth $96,774,000 after buying an additional 912,439 shares in the last quarter. Institutional investors 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.