BridgeBio Pharma (NASDAQ:BBIO) Shares Gap Down – Here’s What Happened

Shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) gapped down before the market opened on Tuesday . The stock had previously closed at $34.57, but opened at $33.85. BridgeBio Pharma shares last traded at $32.99, with a volume of 1,457,896 shares.

Analysts Set New Price Targets

BBIO has been the topic of a number of recent analyst reports. Scotiabank increased their price objective on shares of BridgeBio Pharma from $49.00 to $52.00 and gave the stock a “sector outperform” rating in a research report on Friday, February 21st. Evercore ISI increased their price target on BridgeBio Pharma from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Monday, December 23rd. Redburn Atlantic initiated coverage on BridgeBio Pharma in a research note on Monday. They set a “buy” rating and a $50.00 price target for the company. JPMorgan Chase & Co. upped their price objective on BridgeBio Pharma from $44.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, March 24th. Finally, Citigroup lifted their target price on BridgeBio Pharma from $45.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, BridgeBio Pharma presently has an average rating of “Moderate Buy” and an average price target of $52.64.

BridgeBio Pharma Stock Down 1.6 %

The firm has a 50 day moving average price of $34.19 and a 200 day moving average price of $29.43. The stock has a market cap of $6.48 billion, a PE ratio of -11.95 and a beta of 1.07.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings results on Thursday, February 20th. The company reported ($1.31) earnings per share for the quarter, missing the consensus estimate of ($1.09) by ($0.22). The firm had revenue of $5.88 million for the quarter, compared to analysts’ expectations of $4.04 million. Equities analysts forecast that BridgeBio Pharma, Inc. will post -3.67 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Andrea Ellis sold 30,000 shares of the business’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $34.05, for a total value of $1,021,500.00. Following the completion of the transaction, the director now directly owns 12,000 shares of the company’s stock, valued at approximately $408,600. The trade was a 71.43 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Global Investors Lp Viking sold 3,065,616 shares of the firm’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $34.90, for a total value of $106,989,998.40. Following the sale, the insider now directly owns 22,055,375 shares in the company, valued at approximately $769,732,587.50. The trade was a 12.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,684,739 shares of company stock worth $326,958,651 over the last 90 days. Company insiders own 24.66% of the company’s stock.

Institutional Investors Weigh In On BridgeBio Pharma

A number of hedge funds and other institutional investors have recently bought and sold shares of BBIO. Vanguard Group Inc. increased its position in shares of BridgeBio Pharma by 6.2% during the fourth quarter. Vanguard Group Inc. now owns 15,077,915 shares of the company’s stock worth $413,738,000 after purchasing an additional 879,059 shares in the last quarter. Janus Henderson Group PLC grew its stake in BridgeBio Pharma by 1.9% during the 4th quarter. Janus Henderson Group PLC now owns 4,907,533 shares of the company’s stock worth $134,672,000 after buying an additional 89,521 shares during the last quarter. Farallon Capital Management LLC increased its position in BridgeBio Pharma by 140.1% during the 4th quarter. Farallon Capital Management LLC now owns 4,195,000 shares of the company’s stock valued at $115,111,000 after buying an additional 2,448,000 shares in the last quarter. Frazier Life Sciences Management L.P. raised its stake in BridgeBio Pharma by 1.1% in the fourth quarter. Frazier Life Sciences Management L.P. now owns 3,800,457 shares of the company’s stock valued at $104,285,000 after buying an additional 40,000 shares during the last quarter. Finally, Capital Research Global Investors boosted its holdings in BridgeBio Pharma by 34.9% in the fourth quarter. Capital Research Global Investors now owns 3,526,747 shares of the company’s stock worth $96,774,000 after acquiring an additional 912,439 shares in the last quarter. 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.