Frank Mccormick Sells 74,000 Shares of BridgeBio Pharma (NASDAQ:BBIO) Stock

Key Points

• BridgeBio Pharma Director Frank Mccormick sold 74,000 shares of stock for approximately $3.93 million, reducing his ownership by 47.05% to 83,275 shares valued at about $4.43 million.
• The company's stock recently traded at $54.29, with a significant 12-month high of $54.60 and a low of $21.72.
• BridgeBio Pharma reported earnings of ($0.95) EPS for the last quarter, missing expectations, but saw a substantial revenue increase of 4999.9% year-over-year.

BridgeBio Pharma, Inc. (NASDAQ:BBIO - Get Free Report) Director Frank Mccormick sold 74,000 shares of the company's stock in a transaction on Friday, September 5th. The shares were sold at an average price of $53.16, for a total value of $3,933,840.00. Following the transaction, the director directly owned 83,275 shares in the company, valued at $4,426,899. This trade represents a 47.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Frank Mccormick also recently made the following trade(s):

• On Tuesday, June 24th, Frank Mccormick sold 100,000 shares of BridgeBio Pharma stock. The stock was sold at an average price of $44.23, for a total value of $4,423,000.00.

BridgeBio Pharma Stock Performance

BBIO traded down $1.39 during midday trading on Friday, reaching $51.21. 2,087,756 shares of the company were exchanged, compared to its average volume of 2,190,681. BridgeBio Pharma, Inc. has a one year low of $21.72 and a one year high of $54.60. The stock has a market capitalization of $9.79 billion, a P/E ratio of -12.52 and a beta of 1.25. The stock's 50-day simple moving average is $48.54 and its 200 day simple moving average is $40.32.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported ($0.95) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.83) by ($0.12). The business had revenue of $110.57 million during the quarter, compared to analysts' expectations of $98.46 million. During the same quarter in the prior year, the business posted ($0.39) EPS. The company's revenue was up 4999.9% on a year-over-year basis. On average, research analysts anticipate that BridgeBio Pharma, Inc. will post -3.67 earnings per share for the current year.

Institutional Investors Weigh In On BridgeBio Pharma

A number of hedge funds have recently modified their holdings of BBIO. Norges Bank acquired a new stake in shares of BridgeBio Pharma during the second quarter worth about $84,488,000. Driehaus Capital Management LLC acquired a new stake in BridgeBio Pharma in the 1st quarter valued at approximately $51,874,000. Invesco Ltd. raised its position in BridgeBio Pharma by 147.0% in the 1st quarter. Invesco Ltd. now owns 2,206,163 shares of the company's stock valued at $76,267,000 after buying an additional 1,313,036 shares during the last quarter. Woodline Partners LP raised its position in BridgeBio Pharma by 132.9% in the 4th quarter. Woodline Partners LP now owns 2,211,521 shares of the company's stock valued at $60,684,000 after buying an additional 1,261,772 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its position in BridgeBio Pharma by 4,544.6% in the 1st quarter. Assenagon Asset Management S.A. now owns 1,120,933 shares of the company's stock valued at $38,751,000 after buying an additional 1,096,799 shares during the last quarter. Institutional investors and hedge funds own 99.85% of the company's stock.

Analyst Upgrades and Downgrades

BBIO has been the topic of a number of recent analyst reports. Truist Financial initiated coverage on BridgeBio Pharma in a report on Monday, July 21st. They set a "buy" rating and a $66.00 target price on the stock. Piper Sandler raised their target price on BridgeBio Pharma from $63.00 to $68.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Oppenheimer raised their target price on BridgeBio Pharma from $60.00 to $61.00 and gave the stock an "outperform" rating in a report on Wednesday, August 6th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $95.00 price target on shares of BridgeBio Pharma in a research report on Tuesday, July 29th. Finally, Wall Street Zen raised BridgeBio Pharma from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Seventeen analysts have rated the stock with a Buy rating, According to MarketBeat.com, BridgeBio Pharma has a consensus rating of "Buy" and an average target price of $63.94.

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.