BridgeBio Pharma (NASDAQ:BBIO) Shares Down 5.5% Following Insider Selling

BridgeBio Pharma, Inc. (NASDAQ:BBIO) fell 5.5% during mid-day trading on Monday following insider selling activity. The company traded as low as $32.48 and last traded at $32.33. 1,082,052 shares traded hands during trading, a decline of 61% from the average session volume of 2,802,673 shares. The stock had previously closed at $34.21.

Specifically, major shareholder Global Investors Lp Viking sold 3,065,616 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $34.90, for a total value of $106,989,998.40. Following the completion of the sale, the insider now directly owns 22,055,375 shares in the company, valued at $769,732,587.50. This represents a 12.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Neil Kumar sold 326,932 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $36.29, for a total value of $11,864,362.28. Following the transaction, the chief executive officer now directly owns 5,371,515 shares in the company, valued at $194,932,279.35. This trade represents a 5.74 % decrease in their position. The disclosure for this sale can be found here. In other news, CFO Brian C. Stephenson sold 68,000 shares of BridgeBio Pharma stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $36.29, for a total transaction of $2,467,720.00. Following the transaction, the chief financial officer now owns 93,758 shares in the company, valued at $3,402,477.82. The trade was a 42.04 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. HC Wainwright restated a “buy” rating and set a $49.00 price objective on shares of BridgeBio Pharma in a research report on Monday, December 16th. 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. Leerink Partners cut their target price on BridgeBio Pharma from $47.00 to $46.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. Bank of America upped their price target on BridgeBio Pharma from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Finally, Scotiabank boosted their price objective on shares of BridgeBio Pharma from $45.00 to $48.00 and gave the company a “sector outperform” rating in a report on Monday, November 25th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $49.00.

BridgeBio Pharma Trading Down 5.5 %

The company has a market capitalization of $6.11 billion, a price-to-earnings ratio of -13.38 and a beta of 1.07. The stock’s fifty day simple moving average is $30.11 and its 200-day simple moving average is $27.19.

Institutional Trading of BridgeBio Pharma

Several hedge funds have recently modified their holdings of BBIO. Dimensional Fund Advisors LP increased its holdings in BridgeBio Pharma by 5.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 73,230 shares of the company’s stock worth $1,855,000 after purchasing an additional 3,624 shares during the period. Marshall Wace LLP acquired a new position in shares of BridgeBio Pharma during the second quarter worth about $781,000. Handelsbanken Fonder AB increased its stake in shares of BridgeBio Pharma by 17.7% during the third quarter. Handelsbanken Fonder AB now owns 32,550 shares of the company’s stock worth $829,000 after buying an additional 4,900 shares during the period. Diversified Trust Co raised its holdings in BridgeBio Pharma by 3.0% in the third quarter. Diversified Trust Co now owns 36,772 shares of the company’s stock valued at $936,000 after acquiring an additional 1,059 shares in the last quarter. Finally, CWM LLC lifted its stake in BridgeBio Pharma by 132.9% in the third quarter. CWM LLC now owns 3,442 shares of the company’s stock worth $88,000 after acquiring an additional 1,964 shares during the last quarter. 99.85% of the stock is currently owned by institutional investors and hedge funds.

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.