BridgeBio Pharma (NASDAQ:BBIO) Trading Down 5.5% Following Insider Selling

BridgeBio Pharma, Inc. (NASDAQ:BBIO) traded down 5.5% on Monday following insider selling activity. The stock traded as low as $32.48 and last traded at $32.33. 1,082,052 shares traded hands during trading, a decline of 61% from the average session volume of 2,802,673 shares. The stock had previously closed at $34.21.

Specifically, major shareholder Global Investors Lp Viking sold 3,065,616 shares of BridgeBio Pharma stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $34.90, for a total transaction of $106,989,998.40. Following the sale, the insider now directly owns 22,055,375 shares of the company’s stock, valued at approximately $769,732,587.50. The trade was a 12.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Neil Kumar sold 326,932 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 5,371,515 shares of the company’s stock, valued at $194,932,279.35. This represents a 5.74 % decrease in their position. The disclosure for this sale can be found here. In related news, CFO Brian C. Stephenson sold 68,000 shares of BridgeBio Pharma stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $36.29, for a total value of $2,467,720.00. Following the transaction, the chief financial officer now directly owns 93,758 shares of the company’s stock, valued at $3,402,477.82. The trade was a 42.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Analysts Set New Price Targets

A number of research analysts recently issued reports on BBIO shares. Bank of America boosted their target price 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. Scotiabank increased their price target on BridgeBio Pharma from $45.00 to $48.00 and gave the company a “sector outperform” rating in a research report on Monday, November 25th. Leerink Partners cut their price target on BridgeBio Pharma from $47.00 to $46.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. Evercore ISI boosted 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. Finally, HC Wainwright reissued a “buy” rating and set a $49.00 target price on shares of BridgeBio Pharma in a report on Monday, December 16th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, BridgeBio Pharma has an average rating of “Moderate Buy” and a consensus price target of $49.00.

BridgeBio Pharma Stock Down 9.3 %

The firm’s 50-day simple moving average is $30.11 and its 200-day simple moving average is $27.19. The firm has a market capitalization of $5.86 billion, a P/E ratio of -12.88 and a beta of 1.05.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Values First Advisors Inc. bought a new position in shares of BridgeBio Pharma during the 3rd quarter valued at $57,000. CWM LLC grew its position in BridgeBio Pharma by 132.9% during the 3rd quarter. CWM LLC now owns 3,442 shares of the company’s stock worth $88,000 after acquiring an additional 1,964 shares during the last quarter. Advisors Asset Management Inc. increased its stake in BridgeBio Pharma by 56.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 4,576 shares of the company’s stock worth $117,000 after purchasing an additional 1,645 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of BridgeBio Pharma by 17.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 5,322 shares of the company’s stock worth $135,000 after purchasing an additional 801 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in BridgeBio Pharma by 21.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,801 shares of the company’s stock valued at $170,000 after buying an additional 1,214 shares during the last quarter. Institutional investors 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.