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

BridgeBio Pharma, Inc. (NASDAQ:BBIO)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $34.57, but opened at $33.85. BridgeBio Pharma shares last traded at $32.99, with a volume of 1,457,896 shares.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Evercore ISI upped their price target on shares of BridgeBio Pharma from $45.00 to $50.00 and gave the stock an “outperform” rating in a research report on Monday, December 23rd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $95.00 price target on shares of BridgeBio Pharma in a research note on Friday, February 21st. Citigroup boosted their price objective on BridgeBio Pharma from $45.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, February 21st. HC Wainwright restated a “buy” rating and set a $49.00 price target on shares of BridgeBio Pharma in a report on Thursday, February 13th. Finally, Redburn Atlantic initiated coverage on BridgeBio Pharma in a research report on Monday. They set a “buy” rating and a $50.00 target price for the company. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $52.64.

BridgeBio Pharma Stock Down 4.2 %

The company’s 50 day simple moving average is $34.28 and its 200-day simple moving average is $29.35. The firm has a market cap of $6.30 billion, a P/E ratio of -11.62 and a beta of 1.07.

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

Insider Activity at BridgeBio Pharma

In other news, CFO Brian C. Stephenson sold 68,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $36.29, for a total value of $2,467,720.00. Following the completion of the sale, the chief financial officer now owns 93,758 shares of the company’s stock, valued at approximately $3,402,477.82. This represents a 42.04 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Neil Kumar sold 326,932 shares of BridgeBio Pharma stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $36.29, for a total transaction of $11,864,362.28. Following the transaction, the chief executive officer now directly owns 5,371,515 shares in the company, valued at approximately $194,932,279.35. The trade was a 5.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 9,654,739 shares of company stock worth $325,937,151. Company insiders own 24.66% of the company’s stock.

Institutional Investors Weigh In On BridgeBio Pharma

A number of institutional investors have recently added to or reduced their stakes in BBIO. Charles Schwab Investment Management Inc. lifted its position in shares of BridgeBio Pharma by 8.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,284,802 shares of the company’s stock valued at $32,711,000 after buying an additional 95,605 shares during the last quarter. Rockefeller Capital Management L.P. lifted its position in BridgeBio Pharma by 11.7% during the third quarter. Rockefeller Capital Management L.P. now owns 41,259 shares of the company’s stock valued at $1,050,000 after acquiring an additional 4,317 shares during the last quarter. Erste Asset Management GmbH acquired a new stake in BridgeBio Pharma in the third quarter valued at approximately $3,497,000. HighVista Strategies LLC increased its position in shares of BridgeBio Pharma by 54.9% during the third quarter. HighVista Strategies LLC now owns 69,054 shares of the company’s stock worth $1,758,000 after purchasing an additional 24,482 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of BridgeBio Pharma by 11.7% during the 3rd quarter. Janus Henderson Group PLC now owns 4,818,012 shares of the company’s stock valued at $122,658,000 after purchasing an additional 505,481 shares during the last quarter. Institutional investors own 99.85% of the company’s stock.

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.