BridgeBio Pharma (NASDAQ:BBIO) Shares Gap Down – What’s Next?

Shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) gapped down prior to trading on Tuesday . The stock had previously closed at $33.01, but opened at $31.81. BridgeBio Pharma shares last traded at $31.75, with a volume of 171,088 shares traded.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on BBIO shares. Citigroup upped their price target on BridgeBio Pharma from $45.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Cantor Fitzgerald restated an “overweight” rating and issued a $95.00 price target on shares of BridgeBio Pharma in a report on Friday, February 21st. 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. Bank of America lifted their target price on shares of BridgeBio Pharma from $42.00 to $45.00 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, Scotiabank boosted their price objective on BridgeBio Pharma from $49.00 to $52.00 and gave the stock a “sector outperform” rating in a research note on Friday, February 21st. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $51.55.

BridgeBio Pharma Price Performance

The company has a fifty day moving average price of $33.72 and a two-hundred day moving average price of $28.94. The firm has a market cap of $6.14 billion, a price-to-earnings ratio of -11.31 and a beta of 1.07.

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

Insider Buying and Selling

In related news, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $32.96, for a total transaction of $197,760,000.00. Following the sale, the insider now directly owns 19,260,971 shares in the company, valued at $634,841,604.16. This represents a 23.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian C. Stephenson sold 4,148 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $36.16, for a total transaction of $149,991.68. Following the completion of the transaction, the chief financial officer now owns 102,464 shares of the company’s stock, valued at $3,705,098.24. This trade represents a 3.89 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,579,739 shares of company stock worth $323,171,901. Corporate insiders own 24.66% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. State of New Jersey Common Pension Fund D grew its stake in shares of BridgeBio Pharma by 13.7% during the third quarter. State of New Jersey Common Pension Fund D now owns 76,586 shares of the company’s stock worth $1,950,000 after purchasing an additional 9,225 shares during the period. Royce & Associates LP acquired a new position in BridgeBio Pharma during the third quarter valued at approximately $3,105,000. Swiss National Bank increased its stake in BridgeBio Pharma by 1.1% in the third quarter. Swiss National Bank now owns 219,300 shares of the company’s stock valued at $5,583,000 after purchasing an additional 2,400 shares in the last quarter. Quest Partners LLC raised its holdings in BridgeBio Pharma by 134.0% in the third quarter. Quest Partners LLC now owns 31,173 shares of the company’s stock worth $794,000 after purchasing an additional 17,849 shares during the period. Finally, First Turn Management LLC bought a new position in shares of BridgeBio Pharma during the third quarter worth $10,178,000. 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.