BridgeBio Pharma (NASDAQ:BBIO) Trading Down 4.9% – Here’s What Happened

BridgeBio Pharma, Inc. (NASDAQ:BBIO) was down 4.9% on Tuesday . The company traded as low as $25.70 and last traded at $25.86. Approximately 799,085 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 1,904,318 shares. The stock had previously closed at $27.19.

Analyst Ratings Changes

A number of equities analysts have weighed in on BBIO shares. Bank of America upped their price target on BridgeBio Pharma from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Monday. Oppenheimer initiated coverage on BridgeBio Pharma in a research note on Thursday, October 3rd. They set a “market perform” rating for the company. Piper Sandler initiated coverage on BridgeBio Pharma in a research note on Wednesday, September 4th. They set an “overweight” rating and a $46.00 target price for the company. Scotiabank increased their target price on BridgeBio Pharma from $45.00 to $48.00 and gave the company a “sector outperform” rating in a research note on Monday. Finally, Evercore ISI reduced their target price on BridgeBio Pharma from $50.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.43.

BridgeBio Pharma Stock Up 4.0 %

The company has a 50 day moving average of $25.00 and a 200-day moving average of $26.22. The stock has a market capitalization of $5.20 billion, a P/E ratio of -11.41 and a beta of 1.09.

Insiders Place Their Bets

In other BridgeBio Pharma news, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $25.75, for a total value of $149,350,000.00. Following the sale, the insider now directly owns 25,260,971 shares of the company’s stock, valued at $650,470,003.25. This trade represents a 18.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Neil Kumar sold 27,389 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $22.41, for a total value of $613,787.49. Following the completion of the sale, the chief executive officer now directly owns 4,897,443 shares in the company, valued at $109,751,697.63. This represents a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,831,545 shares of company stock valued at $150,056,923 over the last three months. Company insiders own 24.66% of the company’s stock.

Institutional Investors Weigh In On BridgeBio Pharma

Large investors have recently added to or reduced their stakes in the stock. Ensign Peak Advisors Inc increased its holdings in shares of BridgeBio Pharma by 44.5% during the second quarter. Ensign Peak Advisors Inc now owns 1,646,202 shares of the company’s stock valued at $41,698,000 after purchasing an additional 506,845 shares during the period. Janus Henderson Group PLC increased its holdings in shares of BridgeBio Pharma by 11.7% during the third 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 period. The Manufacturers Life Insurance Company increased its holdings in shares of BridgeBio Pharma by 40.5% during the second quarter. The Manufacturers Life Insurance Company now owns 1,534,972 shares of the company’s stock valued at $38,881,000 after purchasing an additional 442,248 shares during the period. Emerald Advisers LLC increased its holdings in shares of BridgeBio Pharma by 65.6% during the third quarter. Emerald Advisers LLC now owns 1,103,508 shares of the company’s stock valued at $28,095,000 after purchasing an additional 437,164 shares during the period. Finally, First Turn Management LLC acquired a new position in shares of BridgeBio Pharma during the third quarter valued at $10,178,000. 99.85% of the stock is owned by institutional investors and hedge funds.

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.