BridgeBio Pharma (NASDAQ:BBIO) Shares Down 6.5% – Here’s What Happened

Shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) traded down 6.5% on Monday . The stock traded as low as $72.65 and last traded at $73.1840. 1,319,440 shares were traded during trading, a decline of 22% from the average session volume of 1,691,131 shares. The stock had previously closed at $78.24.

Analyst Ratings Changes

A number of equities research analysts have weighed in on BBIO shares. UBS Group upped their price target on shares of BridgeBio Pharma from $72.00 to $82.00 and gave the company a “buy” rating in a report on Friday, September 12th. Leerink Partners boosted their target price on shares of BridgeBio Pharma from $75.00 to $86.00 and gave the stock an “outperform” rating in a report on Monday, December 15th. Sanford C. Bernstein initiated coverage on shares of BridgeBio Pharma in a research note on Thursday, December 11th. They set an “outperform” rating and a $94.00 target price for the company. The Goldman Sachs Group raised their target price on shares of BridgeBio Pharma from $55.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $71.00 price target (up previously from $69.00) on shares of BridgeBio Pharma in a report on Thursday, October 30th. Twenty-one investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, BridgeBio Pharma presently has an average rating of “Moderate Buy” and a consensus target price of $77.63.

BridgeBio Pharma Stock Down 6.2%

The firm’s 50-day moving average price is $70.41 and its two-hundred day moving average price is $56.82. The firm has a market capitalization of $14.15 billion, a PE ratio of -17.56 and a beta of 1.17.

BridgeBio Pharma (NASDAQ:BBIO) last posted its quarterly earnings data on Wednesday, October 29th. The company reported ($0.95) EPS for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.07). The company had revenue of $120.70 million for the quarter, compared to analysts’ expectations of $107.71 million. During the same period last year, the company earned ($0.86) earnings per share. The business’s revenue for the quarter was up 4318.0% on a year-over-year basis. Equities research analysts forecast that BridgeBio Pharma, Inc. will post -3.67 EPS for the current year.

Insiders Place Their Bets

In other news, Director Randal W. Scott sold 10,000 shares of BridgeBio Pharma stock in a transaction on Monday, November 17th. The stock was sold at an average price of $66.65, for a total transaction of $666,500.00. Following the transaction, the director owned 11,589 shares in the company, valued at approximately $772,406.85. The trade was a 46.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Andrew Lo sold 55,000 shares of the company’s stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $65.69, for a total value of $3,612,950.00. Following the transaction, the director directly owned 50,583 shares in the company, valued at $3,322,797.27. The trade was a 52.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 587,215 shares of company stock valued at $38,801,501 over the last quarter. 18.20% of the stock is owned by insiders.

Institutional Trading of BridgeBio Pharma

A number of hedge funds have recently made changes to their positions in the stock. Corient Private Wealth LLC acquired a new stake in BridgeBio Pharma in the 2nd quarter worth approximately $643,000. WINTON GROUP Ltd acquired a new position in BridgeBio Pharma during the second quarter valued at approximately $3,856,000. Moss Adams Wealth Advisors LLC raised its position in shares of BridgeBio Pharma by 49.2% in the second quarter. Moss Adams Wealth Advisors LLC now owns 24,172 shares of the company’s stock valued at $1,044,000 after purchasing an additional 7,970 shares during the period. Baird Financial Group Inc. acquired a new stake in shares of BridgeBio Pharma in the first quarter worth $1,429,000. Finally, Bosun Asset Management LLC lifted its stake in shares of BridgeBio Pharma by 119.7% in the second quarter. Bosun Asset Management LLC now owns 26,154 shares of the company’s stock worth $1,129,000 after buying an additional 14,250 shares during the last quarter. 99.85% of the stock is owned by hedge funds and other institutional investors.

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.