BridgeBio Pharma (NASDAQ:BBIO) Sees Strong Trading Volume – Time to Buy?

BridgeBio Pharma, Inc. (NASDAQ:BBIO) shares saw strong trading volume on Wednesday . 4,827,296 shares traded hands during trading, an increase of 58% from the previous session’s volume of 3,046,861 shares.The stock last traded at $34.86 and had previously closed at $34.35.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $95.00 target price on shares of BridgeBio Pharma in a research report on Friday, February 21st. Evercore ISI increased their price target on BridgeBio Pharma from $45.00 to $50.00 and gave the stock an “outperform” rating in a research note on Monday, December 23rd. Citigroup raised their price objective on BridgeBio Pharma from $45.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Scotiabank increased their price target on shares of BridgeBio Pharma from $49.00 to $52.00 and gave the stock a “sector outperform” rating in a research report on Friday, February 21st. Finally, HC Wainwright reiterated a “buy” rating and set a $49.00 price target on shares of BridgeBio Pharma in a report on Thursday, February 13th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $51.67.

BridgeBio Pharma Price Performance

The stock has a 50-day moving average price of $32.20 and a 200 day moving average price of $28.13. The company has a market cap of $6.52 billion, a price-to-earnings ratio of -12.04 and a beta of 1.07.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings data on Thursday, February 20th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.09) by ($0.22). The business had revenue of $5.88 million during the quarter, compared to analysts’ expectations of $4.04 million. Sell-side analysts expect that BridgeBio Pharma, Inc. will post -3.67 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Global Investors Lp Viking sold 3,065,616 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $769,732,587.50. This trade represents a 12.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Neil Kumar sold 326,932 shares of BridgeBio Pharma stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $36.29, for a total transaction of $11,864,362.28. Following the completion of the sale, the chief executive officer now directly owns 5,371,515 shares in the company, valued at approximately $194,932,279.35. This represents a 5.74 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,496,239 shares of company stock worth $122,612,036. Corporate insiders own 24.66% of the company’s stock.

Hedge Funds Weigh In On BridgeBio Pharma

A number of institutional investors have recently made changes to their positions in BBIO. Steward Partners Investment Advisory LLC grew its position in BridgeBio Pharma by 85.8% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,022 shares of the company’s stock valued at $28,000 after acquiring an additional 472 shares during the last quarter. Itau Unibanco Holding S.A. purchased a new position in BridgeBio Pharma in the 4th quarter worth $41,000. Sterling Capital Management LLC lifted its stake in BridgeBio Pharma by 554.6% in the fourth quarter. Sterling Capital Management LLC now owns 1,787 shares of the company’s stock worth $49,000 after purchasing an additional 1,514 shares during the last quarter. GF Fund Management CO. LTD. purchased a new stake in BridgeBio Pharma during the fourth quarter valued at about $109,000. Finally, Advisors Asset Management Inc. boosted its position in BridgeBio Pharma by 56.1% during the third quarter. Advisors Asset Management Inc. now owns 4,576 shares of the company’s stock valued at $117,000 after buying an additional 1,645 shares during the period. 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.