BridgeBio Pharma, Inc. (NASDAQ:BBIO) Sees Significant Decrease in Short Interest

BridgeBio Pharma, Inc. (NASDAQ:BBIO) was the recipient of a significant decline in short interest during the month of January. As of January 31st, there was short interest totalling 18,780,000 shares, a decline of 7.9% from the January 15th total of 20,380,000 shares. Currently, 12.7% of the shares of the stock are sold short. Based on an average trading volume of 2,470,000 shares, the short-interest ratio is currently 7.6 days.

Insider Transactions at BridgeBio Pharma

In other news, CEO Neil Kumar sold 326,932 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The shares were 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 of the company’s stock, valued at approximately $194,932,279.35. This trade represents a 5.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Brian C. Stephenson sold 68,000 shares of the company’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $36.29, for a total transaction of $2,467,720.00. Following the sale, the chief financial officer now directly owns 93,758 shares of the company’s stock, valued at approximately $3,402,477.82. This represents a 42.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,460,548 shares of company stock valued at $121,322,081 over the last ninety days. Insiders own 24.66% of the company’s stock.

Institutional Trading of BridgeBio Pharma

Institutional investors and hedge funds have recently bought and sold shares of the business. Ironwood Investment Management LLC grew its holdings in shares of BridgeBio Pharma by 0.5% in the fourth quarter. Ironwood Investment Management LLC now owns 63,157 shares of the company’s stock valued at $1,733,000 after purchasing an additional 338 shares in the last quarter. Summit Investment Advisors Inc. boosted its position in BridgeBio Pharma by 3.3% in the 4th quarter. Summit Investment Advisors Inc. now owns 14,706 shares of the company’s stock valued at $404,000 after buying an additional 466 shares during the period. Steward Partners Investment Advisory LLC grew its stake in shares of BridgeBio Pharma by 85.8% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,022 shares of the company’s stock worth $28,000 after acquiring an additional 472 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of BridgeBio Pharma by 17.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 5,322 shares of the company’s stock worth $135,000 after acquiring an additional 801 shares during the period. Finally, Xponance Inc. raised its stake in shares of BridgeBio Pharma by 9.1% in the fourth quarter. Xponance Inc. now owns 10,089 shares of the company’s stock valued at $277,000 after acquiring an additional 844 shares in the last quarter. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on BBIO. HC Wainwright restated a “buy” rating and set a $49.00 target price on shares of BridgeBio Pharma in a report on Thursday, February 13th. Scotiabank raised their target price on BridgeBio Pharma from $48.00 to $49.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, February 12th. Bank of America boosted their price target on shares of BridgeBio Pharma from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Finally, Evercore ISI lifted their target price on shares of BridgeBio Pharma from $45.00 to $50.00 and gave the stock an “outperform” rating in a research note on Monday, December 23rd. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, BridgeBio Pharma presently has an average rating of “Moderate Buy” and an average price target of $49.08.

BridgeBio Pharma Stock Up 10.6 %

Shares of NASDAQ BBIO opened at $34.90 on Tuesday. BridgeBio Pharma has a twelve month low of $21.62 and a twelve month high of $41.04. The stock has a fifty day simple moving average of $31.25 and a 200-day simple moving average of $27.66.

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.