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

BridgeBio Pharma, Inc. (NASDAQ:BBIO)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $77.90, but opened at $75.01. BridgeBio Pharma shares last traded at $76.68, with a volume of 162,325 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BBIO. Piper Sandler boosted their target price on BridgeBio Pharma from $93.00 to $98.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. Truist Financial raised their price objective on shares of BridgeBio Pharma from $80.00 to $86.00 and gave the company a “buy” rating in a research report on Thursday, January 8th. Leerink Partners increased their price target on shares of BridgeBio Pharma from $75.00 to $86.00 and gave the stock an “outperform” rating in a research note on Monday, December 15th. Morgan Stanley began coverage on shares of BridgeBio Pharma in a report on Tuesday, January 6th. They set an “overweight” rating and a $96.00 price target on the stock. Finally, Sanford C. Bernstein assumed coverage on shares of BridgeBio Pharma in a report on Thursday, December 11th. They issued an “outperform” rating and a $94.00 price objective for the company. Twenty-two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $78.85.

BridgeBio Pharma Price Performance

The firm’s 50 day moving average price is $72.41 and its 200-day moving average price is $58.55. The firm has a market cap of $14.65 billion, a price-to-earnings ratio of -18.18 and a beta of 1.17.

BridgeBio Pharma (NASDAQ:BBIO) last released its earnings results on Wednesday, October 29th. The company reported ($0.95) earnings per share for the quarter, missing the consensus estimate of ($0.88) by ($0.07). The company had revenue of $120.70 million for the quarter, compared to analyst estimates of $107.71 million. During the same period in the previous year, the firm posted ($0.86) EPS. The business’s revenue for the quarter was up 4318.0% compared to the same quarter last year. Analysts expect that BridgeBio Pharma, Inc. will post -3.67 EPS for the current year.

Insider Buying and Selling

In other news, CEO Neil Kumar sold 40,000 shares of the firm’s stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $63.15, for a total transaction of $2,526,000.00. Following the completion of the transaction, the chief executive officer directly owned 815,686 shares of the company’s stock, valued at approximately $51,510,570.90. This trade represents a 4.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank Mccormick sold 198,359 shares of the stock in a transaction dated Wednesday, October 29th. The stock was sold at an average price of $66.58, for a total transaction of $13,206,742.22. Following the completion of the transaction, the director directly owned 679,979 shares of the company’s stock, valued at $45,273,001.82. This trade represents a 22.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 587,215 shares of company stock worth $39,569,101. Insiders own 18.20% of the company’s stock.

Hedge Funds Weigh In On BridgeBio Pharma

A number of institutional investors and hedge funds have recently bought and sold shares of BBIO. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of BridgeBio Pharma in the second quarter valued at about $25,000. Aster Capital Management DIFC Ltd acquired a new position in shares of BridgeBio Pharma during the third quarter worth approximately $31,000. Harvest Fund Management Co. Ltd bought a new stake in shares of BridgeBio Pharma during the third quarter valued at approximately $34,000. First Horizon Corp acquired a new stake in shares of BridgeBio Pharma in the third quarter valued at approximately $36,000. Finally, Huntington National Bank raised its position in BridgeBio Pharma by 111.7% in the 3rd quarter. Huntington National Bank now owns 743 shares of the company’s stock worth $39,000 after purchasing an additional 392 shares during the last quarter. Institutional investors and hedge funds own 99.85% of the company’s stock.

About BridgeBio Pharma

BridgeBio Pharma, Inc is a clinical-stage biopharmaceutical company headquartered in Palo Alto, California. Founded in 2015 by Neil Kumar, the company is dedicated to discovering, developing and delivering transformative medicines for patients with genetic diseases and cancers. BridgeBio operates an integrated model that spans target identification, preclinical research, clinical development and commercialization, aiming to streamline the process from bench to bedside.

BridgeBio’s pipeline comprises multiple therapeutic modalities, including small molecules, biologics and genetic therapies.