BridgeBio Pharma (NASDAQ:BBIO) Shares Gap Down – Time to Sell?

BridgeBio Pharma, Inc. (NASDAQ:BBIO)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $33.01, but opened at $31.81. BridgeBio Pharma shares last traded at $31.75, with a volume of 171,088 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on BBIO. HC Wainwright restated a “buy” rating and issued a $49.00 price target on shares of BridgeBio Pharma in a report on Thursday, February 13th. Citigroup raised their price target on shares of BridgeBio Pharma from $45.00 to $49.00 and gave the company a “buy” rating in a report on Friday, February 21st. Cantor Fitzgerald restated an “overweight” rating and issued a $95.00 price target on shares of BridgeBio Pharma in a report on Friday, February 21st. Bank of America raised their price target on shares of BridgeBio Pharma from $42.00 to $45.00 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, 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. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $51.55.

BridgeBio Pharma Stock Performance

The business’s 50 day moving average is $33.87 and its 200 day moving average is $29.00. The company has a market capitalization of $6.42 billion, a price-to-earnings ratio of -11.84 and a beta of 1.07.

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

Insiders Place Their Bets

In other news, CFO Brian C. Stephenson sold 8,500 shares of BridgeBio Pharma stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $33.19, for a total transaction of $282,115.00. Following the completion of the transaction, the chief financial officer now directly owns 102,464 shares of the company’s stock, valued at $3,400,780.16. The trade was a 7.66 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of BridgeBio Pharma stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $32.96, for a total transaction of $197,760,000.00. Following the transaction, the insider now directly owns 19,260,971 shares of the company’s stock, valued at approximately $634,841,604.16. This trade represents a 23.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,579,739 shares of company stock valued at $323,171,901. 24.66% of the stock is owned by insiders.

Hedge Funds Weigh In On BridgeBio Pharma

Institutional investors have recently made changes to their positions in the company. Polar Asset Management Partners Inc. purchased a new position in shares of BridgeBio Pharma during the 3rd quarter valued at approximately $1,286,000. Janus Henderson Group PLC increased its holdings in BridgeBio Pharma by 11.7% in the 3rd quarter. Janus Henderson Group PLC now owns 4,818,012 shares of the company’s stock worth $122,658,000 after acquiring an additional 505,481 shares in the last quarter. Intech Investment Management LLC purchased a new stake in BridgeBio Pharma in the 3rd quarter worth $1,136,000. Principal Financial Group Inc. increased its holdings in BridgeBio Pharma by 1.8% in the 3rd quarter. Principal Financial Group Inc. now owns 1,145,123 shares of the company’s stock worth $29,155,000 after acquiring an additional 19,978 shares in the last quarter. Finally, Jennison Associates LLC purchased a new stake in BridgeBio Pharma in the 3rd quarter worth $767,000. 99.85% of the stock is owned by hedge funds and other institutional investors.

About BridgeBio Pharma

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.