Insider Selling: BridgeBio Pharma, Inc. (NASDAQ:BBIO) Major Shareholder Sells 6,000,000 Shares of Stock

BridgeBio Pharma, Inc. (NASDAQ:BBIO) major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was 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 in the company, valued at approximately $634,841,604.16. This represents a 23.75 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

BridgeBio Pharma Price Performance

Shares of BBIO stock opened at $31.57 on Monday. The company’s fifty day moving average price is $33.16 and its two-hundred day moving average price is $28.63. The firm has a market capitalization of $6.00 billion, a P/E ratio of -11.08 and a beta of 1.07. BridgeBio Pharma, Inc. has a 12 month low of $21.62 and a 12 month high of $39.47.

BridgeBio Pharma (NASDAQ:BBIO) last issued its quarterly earnings results on Thursday, February 20th. The company reported ($1.31) EPS for the quarter, missing analysts’ consensus estimates of ($1.09) by ($0.22). The company had revenue of $5.88 million during the quarter, compared to analysts’ expectations of $4.04 million. On average, sell-side analysts anticipate that BridgeBio Pharma, Inc. will post -3.67 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on BBIO shares. HC Wainwright reaffirmed a “buy” rating and issued a $49.00 target price on shares of BridgeBio Pharma in a research report on Thursday, February 13th. Cantor Fitzgerald restated an “overweight” rating and issued a $95.00 price objective on shares of BridgeBio Pharma in a report on Friday, February 21st. Scotiabank boosted their target price on BridgeBio Pharma from $49.00 to $52.00 and gave the stock a “sector outperform” rating in a report on Friday, February 21st. 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. Finally, Evercore ISI lifted their price target on shares of BridgeBio Pharma from $45.00 to $50.00 and gave the company an “outperform” rating in a research report on Monday, December 23rd. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $51.55.

Institutional Trading of BridgeBio Pharma

A number of hedge funds have recently made changes to their positions in the stock. Steward Partners Investment Advisory LLC boosted its stake in BridgeBio Pharma by 85.8% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,022 shares of the company’s stock valued at $28,000 after acquiring an additional 472 shares during the last quarter. Itau Unibanco Holding S.A. bought a new stake in shares of BridgeBio Pharma in the 4th quarter worth about $41,000. Sterling Capital Management LLC raised its stake in shares of BridgeBio Pharma by 554.6% in the 4th quarter. Sterling Capital Management LLC now owns 1,787 shares of the company’s stock valued at $49,000 after purchasing an additional 1,514 shares in the last quarter. GF Fund Management CO. LTD. bought a new position in shares of BridgeBio Pharma during the fourth quarter worth about $109,000. Finally, Advisors Asset Management Inc. lifted its position in shares of BridgeBio Pharma by 56.1% during the third quarter. Advisors Asset Management Inc. now owns 4,576 shares of the company’s stock worth $117,000 after purchasing an additional 1,645 shares during the last quarter. Institutional investors and hedge funds own 99.85% of the company’s stock.

BridgeBio Pharma Company Profile

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.