Insider Selling: BridgeBio Pharma, Inc. (NASDAQ:BBIO) Major Shareholder Sells 6,000,000 Shares of Stock

BridgeBio Pharma, Inc. (NASDAQ:BBIO) major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the company’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $32.96, for a total value of $197,760,000.00. Following the transaction, the insider now directly owns 19,260,971 shares in the company, valued at $634,841,604.16. This represents a 23.75 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

BridgeBio Pharma Stock Down 2.0 %

Shares of BridgeBio Pharma stock traded down $0.66 during trading on Friday, reaching $31.57. 3,266,167 shares of the stock were exchanged, compared to its average volume of 3,214,343. BridgeBio Pharma, Inc. has a 1 year low of $21.62 and a 1 year high of $39.47. The stock’s fifty day moving average is $33.09 and its 200 day moving average is $28.54. The firm has a market cap of $6.00 billion, a price-to-earnings ratio of -11.08 and a beta of 1.07.

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

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Citigroup lifted their price objective on shares of BridgeBio Pharma from $45.00 to $49.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Bank of America upped their price target on BridgeBio Pharma from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Scotiabank upped their target price on shares of BridgeBio Pharma from $49.00 to $52.00 and gave the stock a “sector outperform” rating in a report on Friday, February 21st. Evercore ISI raised their price target on shares of BridgeBio Pharma from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Monday, December 23rd. Finally, HC Wainwright reissued a “buy” rating and set a $49.00 price objective on shares of BridgeBio Pharma in a research note on Thursday, February 13th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, BridgeBio Pharma presently has an average rating of “Moderate Buy” and an average price target of $51.55.

Institutional Investors Weigh In On BridgeBio Pharma

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BBIO. Ironwood Investment Management LLC grew its stake in shares of BridgeBio Pharma by 0.5% in the fourth quarter. Ironwood Investment Management LLC now owns 63,157 shares of the company’s stock worth $1,733,000 after acquiring an additional 338 shares during the period. Summit Investment Advisors Inc. boosted its holdings in shares of BridgeBio Pharma by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 14,706 shares of the company’s stock worth $404,000 after buying an additional 466 shares during the last quarter. Steward Partners Investment Advisory LLC increased its holdings 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 buying an additional 472 shares during the last quarter. Mackenzie Financial Corp raised its position in BridgeBio Pharma by 6.6% in the fourth quarter. Mackenzie Financial Corp now owns 9,505 shares of the company’s stock worth $261,000 after acquiring an additional 592 shares during the period. Finally, Xponance Inc. grew its position in shares of BridgeBio Pharma by 9.1% during the 4th quarter. Xponance Inc. now owns 10,089 shares of the company’s stock valued at $277,000 after acquiring an additional 844 shares during the period. 99.85% of the stock is owned by hedge funds and other institutional investors.

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.