BridgeBio Pharma (NASDAQ:BBIO) Shares Gap Down to $29.62

BridgeBio Pharma, Inc. (NASDAQ:BBIO) shares gapped down prior to trading on Friday . The stock had previously closed at $29.62, but opened at $28.89. BridgeBio Pharma shares last traded at $29.23, with a volume of 170,732 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts have commented on BBIO shares. Mizuho restated a “buy” rating and set a $60.00 price target on shares of BridgeBio Pharma in a research note on Monday, August 28th. The Goldman Sachs Group increased their target price on BridgeBio Pharma from $29.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 18th. JPMorgan Chase & Co. decreased their price objective on shares of BridgeBio Pharma from $42.00 to $38.00 and set an “overweight” rating for the company in a research note on Thursday, August 17th. BTIG Research upped their price objective on shares of BridgeBio Pharma from $32.00 to $42.00 in a research note on Tuesday, July 18th. Finally, Jefferies Financial Group downgraded shares of BridgeBio Pharma from a “buy” rating to a “hold” rating and increased their target price for the stock from $24.00 to $33.00 in a research note on Monday, July 17th. They noted that the move was a valuation call. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, BridgeBio Pharma presently has a consensus rating of “Moderate Buy” and an average price target of $37.30.

BridgeBio Pharma Stock Down 2.2 %

The stock has a 50 day moving average of $29.05 and a two-hundred day moving average of $19.85.

BridgeBio Pharma (NASDAQ:BBIO) last posted its quarterly earnings results on Thursday, August 3rd. The company reported ($0.98) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.18). The company had revenue of $1.60 million during the quarter, compared to analysts’ expectations of $2.99 million. During the same quarter in the previous year, the business posted ($0.07) EPS. BridgeBio Pharma’s quarterly revenue was down 97.8% on a year-over-year basis. As a group, research analysts anticipate that BridgeBio Pharma, Inc. will post -3.53 EPS for the current year.

Insiders Place Their Bets

In other BridgeBio Pharma news, CEO Neil Kumar sold 51,552 shares of the business’s stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $28.59, for a total transaction of $1,473,871.68. Following the sale, the chief executive officer now directly owns 4,813,197 shares in the company, valued at $137,609,302.23. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, major shareholder Global Investors Lp Viking sold 1,500,000 shares of the business’s stock in a transaction on Tuesday, July 18th. The stock was sold at an average price of $35.00, for a total value of $52,500,000.00. Following the completion of the transaction, the insider now directly owns 25,120,991 shares of the company’s stock, valued at $879,234,685. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Neil Kumar sold 51,552 shares of the business’s stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $28.59, for a total value of $1,473,871.68. Following the completion of the transaction, the chief executive officer now directly owns 4,813,197 shares of the company’s stock, valued at $137,609,302.23. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,574,235 shares of company stock worth $54,622,379. 28.52% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On BridgeBio Pharma

Several institutional investors have recently added to or reduced their stakes in BBIO. Bank of New York Mellon Corp increased its stake in BridgeBio Pharma by 3.2% in the first quarter. Bank of New York Mellon Corp now owns 502,713 shares of the company’s stock valued at $5,102,000 after purchasing an additional 15,368 shares during the last quarter. MetLife Investment Management LLC grew its position in BridgeBio Pharma by 52.5% during the first quarter. MetLife Investment Management LLC now owns 58,444 shares of the company’s stock valued at $593,000 after acquiring an additional 20,117 shares during the period. Vanguard Group Inc. grew its position in BridgeBio Pharma by 1.0% during the first quarter. Vanguard Group Inc. now owns 9,424,112 shares of the company’s stock valued at $95,655,000 after acquiring an additional 92,429 shares during the period. XTX Topco Ltd purchased a new stake in BridgeBio Pharma during the first quarter valued at about $153,000. Finally, Charles Schwab Investment Management Inc. grew its position in BridgeBio Pharma by 3.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,079,082 shares of the company’s stock valued at $10,953,000 after acquiring an additional 33,792 shares during the period. 90.85% of the stock is currently owned by institutional investors and hedge funds.

BridgeBio Pharma Company Profile

BridgeBio Pharma, Inc engages in the discovery, development, and delivery of various medicines for genetic diseases. The company has a pipeline of 30 development programs that include product candidates ranging from early discovery to late-stage development. Its products in development programs include AG10 and BBP-265, a small molecule stabilizer of transthyretin, or TTR that is in Phase 3 clinical trial for the treatment of TTR amyloidosis-cardiomyopathy, or ATTR-CM; BBP-831, a small molecule selective FGFR1-3 inhibitor, which is Phase 2 clinical trial to treat achondroplasia in pediatric patients; and BBP-631, an AAV5 gene transfer product candidate that is in Phase 2 clinical trial for the treatment of congenital adrenal hyperplasia, or CAH, driven by 21-hydroxylase deficiency, or 21OHD.