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

Shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) gapped down before the market opened on Tuesday . The stock had previously closed at $33.01, but opened at $31.81. BridgeBio Pharma shares last traded at $31.75, with a volume of 171,088 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Citigroup increased their price objective on shares of BridgeBio Pharma from $45.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Evercore ISI increased their price objective 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. Bank of America increased their price objective on shares of BridgeBio Pharma from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Cantor Fitzgerald reissued an “overweight” rating and issued a $95.00 price objective on shares of BridgeBio Pharma in a research note on Friday, February 21st. Finally, 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 note on Friday, February 21st. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $51.55.

BridgeBio Pharma Price Performance

The company’s 50-day simple moving average is $33.87 and its 200 day simple moving average is $29.00. The firm has a market cap of $6.42 billion, a P/E ratio of -11.84 and a beta of 1.07.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings data on Thursday, February 20th. The company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($1.09) by ($0.22). The business had revenue of $5.88 million for the quarter, compared to analyst estimates of $4.04 million. Analysts anticipate that BridgeBio Pharma, Inc. will post -3.67 EPS for the current fiscal year.

Insider Buying and Selling at BridgeBio Pharma

In other news, major shareholder Global Investors Lp Viking sold 3,065,616 shares of the stock in a transaction on 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 owns 22,055,375 shares of the company’s stock, valued at approximately $769,732,587.50. This represents a 12.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $32.96, for a total transaction of $197,760,000.00. Following the completion of the sale, the insider now directly owns 19,260,971 shares in the company, valued at approximately $634,841,604.16. This represents a 23.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,579,739 shares of company stock worth $323,171,901 over the last 90 days. 24.66% of the stock is owned by insiders.

Institutional Investors Weigh In On BridgeBio Pharma

Several hedge funds and other institutional investors have recently made changes to their positions in BBIO. Steward Partners Investment Advisory LLC raised 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 valued at $28,000 after acquiring an additional 472 shares during the period. Itau Unibanco Holding S.A. purchased a new position in BridgeBio Pharma in the 4th quarter worth about $41,000. Sterling Capital Management LLC increased its stake in BridgeBio Pharma by 554.6% in the 4th quarter. Sterling Capital Management LLC now owns 1,787 shares of the company’s stock worth $49,000 after buying an additional 1,514 shares during the period. GF Fund Management CO. LTD. purchased a new position in BridgeBio Pharma in the 4th quarter worth about $109,000. Finally, 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 buying an additional 1,645 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.