BridgeBio Pharma (NASDAQ:BBIO) Stock Price Down 6.5% – Here’s Why

BridgeBio Pharma, Inc. (NASDAQ:BBIO)’s share price traded down 6.5% during trading on Monday . The company traded as low as $72.65 and last traded at $73.1840. 1,319,440 shares were traded during trading, a decline of 22% from the average session volume of 1,691,131 shares. The stock had previously closed at $78.24.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on BBIO. Cantor Fitzgerald increased their target price on BridgeBio Pharma from $100.00 to $110.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Wells Fargo & Company upped their price objective on shares of BridgeBio Pharma from $76.00 to $84.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 11th. HC Wainwright reiterated a “buy” rating and set a $90.00 price objective on shares of BridgeBio Pharma in a research note on Monday, November 3rd. Truist Financial restated a “buy” rating and issued a $80.00 target price (up from $66.00) on shares of BridgeBio Pharma in a research report on Thursday, October 30th. Finally, Evercore ISI reaffirmed an “outperform” rating on shares of BridgeBio Pharma in a report on Monday, October 27th. Twenty-two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, BridgeBio Pharma has a consensus rating of “Moderate Buy” and an average price target of $78.55.

BridgeBio Pharma Trading Up 0.4%

The company has a market capitalization of $14.31 billion, a P/E ratio of -17.77 and a beta of 1.17. The stock has a 50 day moving average price of $70.95 and a 200 day moving average price of $57.40.

BridgeBio Pharma (NASDAQ:BBIO) last issued its earnings results on Wednesday, October 29th. The company reported ($0.95) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.07). The business had revenue of $120.70 million during the quarter, compared to analyst estimates of $107.71 million. The firm’s quarterly revenue was up 4318.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.86) earnings per share. On average, research analysts predict that BridgeBio Pharma, Inc. will post -3.67 EPS for the current year.

Insider Buying and Selling

In related news, Director Hannah Valantine sold 25,484 shares of the firm’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $66.07, for a total value of $1,683,727.88. Following the completion of the transaction, the director owned 7,465 shares in the company, valued at $493,212.55. This trade represents a 77.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Andrew Lo sold 55,000 shares of BridgeBio Pharma stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $65.69, for a total transaction of $3,612,950.00. Following the sale, the director owned 50,583 shares in the company, valued at approximately $3,322,797.27. This represents a 52.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 547,215 shares of company stock valued at $36,610,301 over the last three months. Insiders own 18.20% of the company’s stock.

Institutional Trading of BridgeBio Pharma

Institutional investors and hedge funds have recently bought and sold shares of the stock. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of BridgeBio Pharma during the second quarter worth about $25,000. Aster Capital Management DIFC Ltd acquired a new position in shares of BridgeBio Pharma in the 3rd quarter worth approximately $31,000. Harvest Fund Management Co. Ltd bought a new stake in shares of BridgeBio Pharma in the 3rd quarter valued at $34,000. Jones Financial Companies Lllp acquired a new stake in shares of BridgeBio Pharma during the first quarter worth $35,000. Finally, First Horizon Corp acquired a new stake in shares of BridgeBio Pharma during the third quarter worth $36,000. 99.85% of the stock is currently owned by institutional investors and hedge funds.

BridgeBio Pharma Company Profile

BridgeBio Pharma, Inc is a clinical-stage biopharmaceutical company headquartered in Palo Alto, California. Founded in 2015 by Neil Kumar, the company is dedicated to discovering, developing and delivering transformative medicines for patients with genetic diseases and cancers. BridgeBio operates an integrated model that spans target identification, preclinical research, clinical development and commercialization, aiming to streamline the process from bench to bedside.

BridgeBio’s pipeline comprises multiple therapeutic modalities, including small molecules, biologics and genetic therapies.