BridgeBio Pharma (NASDAQ:BBIO) Shares Gap Down – Time to Sell?

BridgeBio Pharma, Inc. (NASDAQ:BBIO) gapped down before the market opened on Thursday . The stock had previously closed at $34.97, but opened at $32.50. BridgeBio Pharma shares last traded at $32.97, with a volume of 1,151,089 shares.

Analysts Set New Price Targets

Several research firms have weighed in on BBIO. Bank of America lifted their price target on shares of BridgeBio Pharma from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Scotiabank increased 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. Evercore ISI boosted their price target on shares of BridgeBio Pharma from $45.00 to $50.00 and gave the company an “outperform” rating in a research note on Monday, December 23rd. HC Wainwright reaffirmed a “buy” rating and issued a $49.00 price objective on shares of BridgeBio Pharma in a research note on Thursday, February 13th. Finally, Citigroup boosted their target price on shares of BridgeBio Pharma from $45.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $51.55.

BridgeBio Pharma Stock Down 2.0 %

The company has a 50-day moving average price of $33.16 and a two-hundred day moving average price of $28.58. The stock has a market capitalization of $6.00 billion, a P/E ratio of -11.08 and a beta of 1.07.

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

Insiders Place Their Bets

In related news, CFO Brian C. Stephenson sold 68,000 shares of BridgeBio Pharma stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $36.29, for a total value of $2,467,720.00. Following the transaction, the chief financial officer now directly owns 93,758 shares of the company’s stock, valued at $3,402,477.82. The trade was a 42.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the company’s stock in a transaction dated Wednesday, March 5th. The shares were 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 of the company’s stock, valued at approximately $634,841,604.16. This trade represents a 23.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,579,739 shares of company stock valued at $323,171,901. 24.66% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On BridgeBio Pharma

A number of large investors have recently made changes to their positions in BBIO. Steward Partners Investment Advisory LLC boosted its holdings in BridgeBio Pharma by 85.8% in the fourth 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 in the last quarter. Itau Unibanco Holding S.A. purchased a new position in shares of BridgeBio Pharma during the 4th quarter worth approximately $41,000. Sterling Capital Management LLC raised its position 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 worth $49,000 after acquiring an additional 1,514 shares in the last quarter. GF Fund Management CO. LTD. purchased a new position in shares of BridgeBio Pharma in the 4th quarter valued at approximately $109,000. Finally, Advisors Asset Management Inc. boosted 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 valued at $117,000 after purchasing an additional 1,645 shares in the last quarter. 99.85% of the stock is currently owned by institutional investors.

About BridgeBio Pharma

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.