Short Interest in BridgeBio Pharma, Inc. (NASDAQ:BBIO) Grows By 12.7%

BridgeBio Pharma, Inc. (NASDAQ:BBIO) was the recipient of a significant increase in short interest in December. As of December 31st, there was short interest totalling 19,300,000 shares, an increase of 12.7% from the December 15th total of 17,120,000 shares. Approximately 13.1% of the company’s stock are sold short. Based on an average trading volume of 1,940,000 shares, the days-to-cover ratio is currently 9.9 days.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Leerink Partners decreased their price target on shares of BridgeBio Pharma from $47.00 to $46.00 and set an “outperform” rating for the company in a report on Thursday, October 17th. Bank of America boosted their price objective on shares of BridgeBio Pharma from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Evercore ISI boosted their price target on BridgeBio Pharma from $45.00 to $50.00 and gave the company an “outperform” rating in a research note on Monday, December 23rd. Scotiabank lifted their price target on shares of BridgeBio Pharma from $45.00 to $48.00 and gave the stock a “sector outperform” rating in a research note on Monday, November 25th. Finally, Oppenheimer assumed coverage on shares of BridgeBio Pharma in a research note on Thursday, October 3rd. They issued a “market perform” rating on the stock. Two research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $48.08.

BridgeBio Pharma Stock Performance

Shares of NASDAQ BBIO traded down $0.32 during trading on Friday, reaching $33.79. The company had a trading volume of 2,877,156 shares, compared to its average volume of 1,403,895. BridgeBio Pharma has a 52 week low of $21.62 and a 52 week high of $41.04. The business’s 50 day moving average price is $27.67 and its 200-day moving average price is $26.53. The stock has a market cap of $6.39 billion, a PE ratio of -14.02 and a beta of 1.05.

Insider Activity at BridgeBio Pharma

In other news, CFO Brian C. Stephenson sold 4,156 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $22.41, for a total transaction of $93,135.96. Following the transaction, the chief financial officer now owns 93,758 shares of the company’s stock, valued at approximately $2,101,116.78. This represents a 4.24 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Neil Kumar sold 27,389 shares of the business’s stock in a transaction that occurred 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 owns 4,897,443 shares of the company’s stock, valued at approximately $109,751,697.63. This trade represents a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 24.66% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Polar Asset Management Partners Inc. acquired a new position in shares of BridgeBio Pharma during the third quarter valued at $1,286,000. First Turn Management LLC bought a new stake in BridgeBio Pharma during the 3rd quarter worth about $10,178,000. Janus Henderson Group PLC lifted its position in 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 period. Intech Investment Management LLC acquired a new position in BridgeBio Pharma during the 3rd quarter valued at about $1,136,000. Finally, Principal Financial Group Inc. boosted its stake in shares of BridgeBio Pharma by 1.8% in the 3rd quarter. Principal Financial Group Inc. now owns 1,145,123 shares of the company’s stock valued at $29,155,000 after purchasing an additional 19,978 shares during the last quarter. 99.85% of the stock is currently owned by 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.