Traders Purchase Large Volume of Call Options on BridgeBio Pharma (NASDAQ:BBIO)

BridgeBio Pharma, Inc. (NASDAQ:BBIO) saw unusually large options trading on Thursday. Stock investors acquired 5,581 call options on the stock. This represents an increase of 216% compared to the average daily volume of 1,766 call options.

BridgeBio Pharma Price Performance

Shares of NASDAQ BBIO traded up $11.37 during mid-day trading on Thursday, hitting $89.70. The company had a trading volume of 6,580,061 shares, compared to its average volume of 3,006,926. The company has a market capitalization of $17.57 billion, a PE ratio of -24.04 and a beta of 0.95. The business’s 50-day simple moving average is $69.05 and its 200 day simple moving average is $71.93. BridgeBio Pharma has a 1-year low of $42.09 and a 1-year high of $93.42.

BridgeBio Pharma (NASDAQ:BBIO) last released its earnings results on Thursday, May 7th. The company reported ($0.84) EPS for the quarter, missing the consensus estimate of ($0.70) by ($0.14). The company had revenue of $194.51 million during the quarter, compared to analysts’ expectations of $178.07 million. BridgeBio Pharma’s quarterly revenue was up 66.8% compared to the same quarter last year. During the same period last year, the firm earned ($0.88) earnings per share. On average, analysts expect that BridgeBio Pharma will post -2.29 EPS for the current year.

Insider Activity at BridgeBio Pharma

In related news, Director Hannah Valantine sold 2,196 shares of the business’s stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $68.57, for a total value of $150,579.72. Following the sale, the director directly owned 9,259 shares in the company, valued at approximately $634,889.63. The trade was a 19.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Neil Kumar sold 40,000 shares of the company’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $67.46, for a total transaction of $2,698,400.00. Following the completion of the transaction, the chief executive officer directly owned 535,686 shares in the company, valued at $36,137,377.56. The trade was a 6.95% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 266,361 shares of company stock valued at $18,035,642 over the last 90 days. Corporate insiders own 14.23% of the company’s stock.

Institutional Investors Weigh In On BridgeBio Pharma

Several institutional investors have recently added to or reduced their stakes in the business. Brooklands Fund Management Ltd purchased a new stake in shares of BridgeBio Pharma during the 4th quarter worth approximately $210,348,000. Price T Rowe Associates Inc. MD grew its holdings in shares of BridgeBio Pharma by 144.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,828,746 shares of the company’s stock worth $292,862,000 after buying an additional 2,261,181 shares during the last quarter. Janus Henderson Group PLC increased its holdings in shares of BridgeBio Pharma by 25.8% in the fourth quarter. Janus Henderson Group PLC now owns 11,000,457 shares of the company’s stock valued at $841,349,000 after purchasing an additional 2,259,378 shares during the period. Norges Bank purchased a new position in BridgeBio Pharma during the 4th quarter worth $116,802,000. Finally, Wellington Management Group LLP raised its holdings in BridgeBio Pharma by 130.4% during the fourth quarter. Wellington Management Group LLP now owns 2,348,731 shares of the company’s stock worth $179,654,000 after purchasing an additional 1,329,537 shares in the last quarter. Hedge funds and other institutional investors own 99.85% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on BBIO shares. Leerink Partners reiterated an “outperform” rating and issued a $98.00 target price on shares of BridgeBio Pharma in a report on Thursday, March 12th. Raymond James Financial cut BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a research note on Tuesday, May 26th. Truist Financial lifted their price objective on BridgeBio Pharma from $95.00 to $102.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Citigroup initiated coverage on BridgeBio Pharma in a report on Tuesday, May 19th. They issued a “neutral” rating and a $82.00 price objective on the stock. Finally, HC Wainwright reissued a “buy” rating and set a $110.00 target price on shares of BridgeBio Pharma in a research note on Thursday, May 28th. Twenty-one equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, BridgeBio Pharma presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.90.

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.