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

BridgeBio Pharma, Inc. (NASDAQ:BBIO) saw unusually large options trading on Monday. Stock investors purchased 8,235 call options on the company. This represents an increase of approximately 88% compared to the average volume of 4,371 call options.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. JPMorgan Chase & Co. lifted their price target on BridgeBio Pharma from $44.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, March 24th. Redburn Atlantic initiated coverage on shares of BridgeBio Pharma in a research report on Monday. They set a “buy” rating and a $50.00 price target on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $95.00 price objective on shares of BridgeBio Pharma in a report on Friday, February 21st. Scotiabank raised their target price on shares of BridgeBio Pharma from $49.00 to $52.00 and gave the stock a “sector outperform” rating in a research note on Friday, February 21st. Finally, HC Wainwright restated a “buy” rating and issued a $49.00 price target on shares of BridgeBio Pharma in a research report on Thursday, February 13th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $52.64.

BridgeBio Pharma Price Performance

BBIO traded down $0.50 during trading hours on Monday, reaching $34.61. The company’s stock had a trading volume of 766,276 shares, compared to its average volume of 2,189,417. The stock has a market cap of $6.58 billion, a PE ratio of -12.16 and a beta of 1.07. BridgeBio Pharma has a fifty-two week low of $21.62 and a fifty-two week high of $39.47. The business’s 50-day moving average is $34.26 and its 200-day moving average is $29.29.

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

Insiders Place Their Bets

In other news, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of BridgeBio Pharma stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $32.96, for a total value of $197,760,000.00. Following the sale, the insider now owns 19,260,971 shares in the company, valued at $634,841,604.16. This trade represents a 23.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Neil Kumar sold 326,932 shares of the company’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $36.29, for a total transaction of $11,864,362.28. Following the transaction, the chief executive officer now owns 5,371,515 shares of the company’s stock, valued at approximately $194,932,279.35. This trade represents a 5.74 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,654,739 shares of company stock worth $325,937,151. 24.66% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of BBIO. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of BridgeBio Pharma in the 3rd quarter valued at approximately $309,000. Charles Schwab Investment Management Inc. lifted its stake in BridgeBio Pharma by 8.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,284,802 shares of the company’s stock worth $32,711,000 after purchasing an additional 95,605 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of BridgeBio Pharma during the third quarter worth $383,000. Rockefeller Capital Management L.P. grew its stake in shares of BridgeBio Pharma by 11.7% in the third quarter. Rockefeller Capital Management L.P. now owns 41,259 shares of the company’s stock valued at $1,050,000 after buying an additional 4,317 shares in the last quarter. Finally, Erste Asset Management GmbH acquired a new position in BridgeBio Pharma during the 3rd quarter worth about $3,497,000. Institutional investors and hedge funds own 99.85% of the company’s stock.

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.