BridgeBio Pharma (NASDAQ:BBIO) Sees Large Volume Increase – Here’s Why

Shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) saw strong trading volume on Wednesday . 4,827,296 shares changed hands during mid-day trading, an increase of 58% from the previous session’s volume of 3,046,861 shares.The stock last traded at $34.86 and had previously closed at $34.35.

Analyst Upgrades and Downgrades

BBIO has been the subject of several analyst reports. Bank of America raised their price target 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. Citigroup lifted their price objective on shares of BridgeBio Pharma from $45.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, February 21st. HC Wainwright reiterated a “buy” rating and set a $49.00 price objective on shares of BridgeBio Pharma in a research report on Thursday, February 13th. Scotiabank boosted their price target on BridgeBio Pharma from $49.00 to $52.00 and gave the company a “sector outperform” rating in a report on Friday, February 21st. Finally, Evercore ISI lifted their price target on BridgeBio Pharma from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Monday, December 23rd. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $51.67.

BridgeBio Pharma Trading Down 0.2 %

The firm has a 50 day simple moving average of $32.20 and a two-hundred day simple moving average of $28.13. The company has a market capitalization of $6.52 billion, a PE ratio of -12.04 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) EPS for the quarter, missing the consensus estimate of ($1.09) by ($0.22). The firm had revenue of $5.88 million during the quarter, compared to analyst estimates of $4.04 million. Research analysts expect that BridgeBio Pharma, Inc. will post -3.67 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Brian C. Stephenson sold 4,148 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $36.16, for a total value of $149,991.68. Following the transaction, the chief financial officer now directly owns 102,464 shares in the company, valued at approximately $3,705,098.24. This trade represents a 3.89 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Global Investors Lp Viking sold 3,065,616 shares of the company’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $34.90, for a total transaction of $106,989,998.40. Following the transaction, the insider now owns 22,055,375 shares of the company’s stock, valued at $769,732,587.50. This represents a 12.20 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,496,239 shares of company stock valued at $122,612,036. 24.66% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On BridgeBio Pharma

Institutional investors and hedge funds have recently bought and sold shares of the business. Steward Partners Investment Advisory LLC raised its holdings in shares of BridgeBio Pharma by 85.8% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,022 shares of the company’s stock worth $28,000 after purchasing an additional 472 shares in the last quarter. Itau Unibanco Holding S.A. bought a new position in shares of BridgeBio Pharma in the fourth quarter valued at $41,000. Sterling Capital Management LLC lifted its position in shares of BridgeBio Pharma by 554.6% during the 4th quarter. Sterling Capital Management LLC now owns 1,787 shares of the company’s stock valued at $49,000 after acquiring an additional 1,514 shares during the last quarter. GF Fund Management CO. LTD. bought a new stake in shares of BridgeBio Pharma during the 4th quarter worth $109,000. Finally, Advisors Asset Management Inc. raised its position in shares of BridgeBio Pharma by 56.1% during the third 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. 99.85% of the stock is owned by institutional investors and hedge funds.

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.