BridgeBio Pharma (NASDAQ:BBIO) Shares Down 2.2%

Shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) dropped 2.2% during trading on Friday . The stock traded as low as $26.37 and last traded at $26.37. Approximately 566,881 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 1,833,924 shares. The stock had previously closed at $26.95.

Wall Street Analysts Forecast Growth

BBIO has been the subject of several research analyst reports. Piper Sandler initiated coverage on shares of BridgeBio Pharma in a research note on Wednesday, September 4th. They issued an “overweight” rating and a $46.00 price objective for the company. UBS Group reduced their price objective on shares of BridgeBio Pharma from $51.00 to $47.00 and set a “buy” rating for the company in a research note on Tuesday, May 28th. Bank of America reiterated a “buy” rating and issued a $42.00 price objective on shares of BridgeBio Pharma in a research report on Wednesday. HC Wainwright reaffirmed a “buy” rating and set a $43.00 price objective on shares of BridgeBio Pharma in a research report on Tuesday, September 3rd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $70.00 price target on shares of BridgeBio Pharma in a research note on Monday. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $47.92.

BridgeBio Pharma Stock Performance

The firm has a market cap of $4.98 billion, a price-to-earnings ratio of -8.37 and a beta of 1.07. The stock’s 50 day simple moving average is $26.49 and its 200-day simple moving average is $27.53.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings data on Thursday, August 1st. The company reported ($0.39) EPS for the quarter, topping the consensus estimate of ($1.00) by $0.61. The company had revenue of $2.17 million during the quarter, compared to analysts’ expectations of $3.96 million. During the same quarter in the prior year, the company posted ($0.98) EPS. The company’s revenue for the quarter was up 32.1% on a year-over-year basis. On average, analysts expect that BridgeBio Pharma, Inc. will post -2.49 EPS for the current fiscal year.

Insiders Place Their Bets

In other BridgeBio Pharma news, CFO Brian C. Stephenson sold 4,155 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $24.69, for a total transaction of $102,586.95. Following the completion of the sale, the chief financial officer now owns 85,192 shares of the company’s stock, valued at $2,103,390.48. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CFO Brian C. Stephenson sold 4,155 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $24.69, for a total value of $102,586.95. Following the sale, the chief financial officer now owns 85,192 shares of the company’s stock, valued at $2,103,390.48. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Neil Kumar sold 27,389 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $24.69, for a total transaction of $676,234.41. Following the transaction, the chief executive officer now owns 4,897,443 shares of the company’s stock, valued at approximately $120,917,867.67. The disclosure for this sale can be found here. 24.66% of the stock is owned by insiders.

Hedge Funds Weigh In On BridgeBio Pharma

Several institutional investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its position in shares of BridgeBio Pharma by 6.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,123,220 shares of the company’s stock valued at $45,344,000 after buying an additional 66,945 shares during the last quarter. Principal Financial Group Inc. raised its holdings in BridgeBio Pharma by 26.5% in the fourth quarter. Principal Financial Group Inc. now owns 943,484 shares of the company’s stock valued at $38,088,000 after acquiring an additional 197,818 shares in the last quarter. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of BridgeBio Pharma during the fourth quarter worth $300,000. Panagora Asset Management Inc. lifted its holdings in shares of BridgeBio Pharma by 9.2% in the 4th quarter. Panagora Asset Management Inc. now owns 192,842 shares of the company’s stock worth $7,785,000 after purchasing an additional 16,298 shares during the last quarter. Finally, Norges Bank acquired a new position in BridgeBio Pharma during the 4th quarter worth $46,843,000. 99.85% of the stock is owned by institutional investors and hedge funds.

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.