BridgeBio Pharma (NASDAQ:BBIO) Shares Down 4.9% – Time to Sell?

BridgeBio Pharma, Inc. (NASDAQ:BBIO) shares were down 4.9% during trading on Tuesday . The stock traded as low as $25.70 and last traded at $25.86. Approximately 799,085 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 1,904,318 shares. The stock had previously closed at $27.19.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BBIO. Piper Sandler began coverage on BridgeBio Pharma in a research report on Wednesday, September 4th. They set an “overweight” rating and a $46.00 target price on the stock. Bank of America boosted their price objective on BridgeBio Pharma from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Monday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $70.00 target price on shares of BridgeBio Pharma in a research report on Monday, September 16th. Scotiabank boosted their target price on BridgeBio Pharma from $45.00 to $48.00 and gave the stock a “sector outperform” rating in a research report on Monday. Finally, HC Wainwright boosted their target price on BridgeBio Pharma from $43.00 to $49.00 and gave the stock a “buy” rating in a research report on Monday. Two analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $48.43.

BridgeBio Pharma Stock Up 0.1 %

The company has a 50 day simple moving average of $24.98 and a two-hundred day simple moving average of $26.23. The company has a market capitalization of $5.15 billion, a P/E ratio of -11.10 and a beta of 1.09.

Insider Activity

In related news, CFO Brian C. Stephenson sold 4,156 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $22.41, for a total value of $93,135.96. Following the completion of the sale, the chief financial officer now owns 93,758 shares in the company, valued at approximately $2,101,116.78. The trade was a 4.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $25.75, for a total value of $149,350,000.00. Following the completion of the sale, the insider now owns 25,260,971 shares of the company’s stock, valued at $650,470,003.25. The trade was a 18.67 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,831,545 shares of company stock valued at $150,056,923. 24.66% of the stock is currently owned by insiders.

Institutional Trading of BridgeBio Pharma

A number of large investors have recently modified their holdings of BBIO. Price T Rowe Associates Inc. MD lifted its holdings in BridgeBio Pharma by 22.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 803,956 shares of the company’s stock worth $24,859,000 after buying an additional 145,594 shares during the period. First Turn Management LLC purchased a new stake in BridgeBio Pharma during the third quarter worth $10,178,000. Jennison Associates LLC purchased a new stake in BridgeBio Pharma during the third quarter worth $767,000. Comerica Bank lifted its holdings in BridgeBio Pharma by 3,013.5% during the first quarter. Comerica Bank now owns 38,514 shares of the company’s stock worth $1,191,000 after buying an additional 37,277 shares during the period. Finally, Frazier Life Sciences Management L.P. lifted its holdings in BridgeBio Pharma by 6.4% during the second quarter. Frazier Life Sciences Management L.P. now owns 3,632,604 shares of the company’s stock worth $92,014,000 after buying an additional 217,000 shares during the period. Hedge funds and other institutional investors own 99.85% of the company’s stock.

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.