BridgeBio Pharma, Inc. (NASDAQ:BBIO) Short Interest Up 6.5% in March

BridgeBio Pharma, Inc. (NASDAQ:BBIO) was the target of a large increase in short interest during the month of March. As of March 31st, there was short interest totalling 14,280,000 shares, an increase of 6.5% from the March 15th total of 13,410,000 shares. Based on an average trading volume of 1,730,000 shares, the days-to-cover ratio is presently 8.3 days. Currently, 10.3% of the shares of the stock are short sold.

Insiders Place Their Bets

In other news, Director Randal W. Scott sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $34.00, for a total transaction of $85,000.00. Following the transaction, the director now owns 6,500 shares of the company’s stock, valued at approximately $221,000. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 28.52% of the company’s stock.

Institutional Trading of BridgeBio Pharma

Several hedge funds and other institutional investors have recently bought and sold shares of BBIO. Clear Street Markets LLC acquired a new stake in BridgeBio Pharma during the first quarter worth about $33,000. Quantbot Technologies LP grew its holdings in BridgeBio Pharma by 500.0% during the first quarter. Quantbot Technologies LP now owns 4,200 shares of the company’s stock worth $42,000 after acquiring an additional 3,500 shares during the period. Quarry LP acquired a new stake in BridgeBio Pharma during the fourth quarter worth about $50,000. Assetmark Inc. acquired a new stake in BridgeBio Pharma during the third quarter worth about $53,000. Finally, Sandia Investment Management LP acquired a new stake in BridgeBio Pharma during the first quarter worth about $83,000. 99.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BBIO. Mizuho lowered their target price on BridgeBio Pharma from $60.00 to $53.00 and set a “buy” rating for the company in a report on Tuesday, March 5th. Citigroup upped their target price on BridgeBio Pharma from $42.00 to $46.00 and gave the stock a “buy” rating in a report on Friday, February 23rd. BMO Capital Markets began coverage on BridgeBio Pharma in a research note on Wednesday, January 31st. They set a “market perform” rating and a $37.00 price objective for the company. HC Wainwright restated a “buy” rating and set a $47.00 price objective on shares of BridgeBio Pharma in a research note on Monday, March 4th. Finally, JPMorgan Chase & Co. upped their price objective on BridgeBio Pharma from $35.00 to $45.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 20th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, BridgeBio Pharma currently has a consensus rating of “Moderate Buy” and an average target price of $47.17.

BridgeBio Pharma Stock Performance

Shares of BBIO stock opened at $24.98 on Thursday. The stock’s 50-day simple moving average is $30.88 and its 200-day simple moving average is $31.77. The firm has a market capitalization of $4.39 billion, a PE ratio of -6.34 and a beta of 1.03. BridgeBio Pharma has a fifty-two week low of $12.75 and a fifty-two week high of $44.32.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($0.96) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.87) by ($0.09). The firm had revenue of $1.74 million during the quarter, compared to analyst estimates of $4.78 million. The business’s revenue for the quarter was down 8.4% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.92) earnings per share. Sell-side analysts forecast that BridgeBio Pharma will post -3.09 earnings per share for the current year.

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.