BridgeBio Pharma (NASDAQ:BBIO) Shares Gap Up - Here's What Happened

Key Points

• Shares gapped up premarket — BridgeBio closed at $74.52 and opened at $83.20 (last $80.62) on ~1.59M shares, while multiple firms raised ratings/targets (Morgan Stanley, Wells Fargo, RBC, HC Wainwright) leaving a MarketBeat consensus of "Moderate Buy" with an average target of $87.38.
• The company missed EPS for the quarter (reported $(1.00) vs. $(0.75) expected) but beat on revenue ($154.18M vs. $150.71M), with revenue up ~2521% year‑over‑year.
• Significant insider selling has occurred recently — CEO Neil Kumar sold 40,000 shares (and insiders sold 237,084 shares in the last 90 days), though insiders still hold about 18.2% of the stock.

Shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $74.52, but opened at $83.20. BridgeBio Pharma shares last traded at $80.6210, with a volume of 1,592,131 shares.

Analyst Ratings Changes

Several research firms have recently weighed in on BBIO. Morgan Stanley upped their price objective on BridgeBio Pharma from $96.00 to $98.00 and gave the company an "overweight" rating in a research note on Wednesday, February 25th. Wells Fargo & Company boosted their price target on BridgeBio Pharma from $88.00 to $98.00 and gave the company an "overweight" rating in a research note on Friday, February 13th. William Blair initiated coverage on BridgeBio Pharma in a research report on Tuesday, March 10th. They issued an "outperform" rating on the stock. Royal Bank Of Canada assumed coverage on BridgeBio Pharma in a research report on Thursday, April 9th. They issued an "outperform" rating and a $100.00 price target on the stock. Finally, HC Wainwright reiterated a "buy" rating and set a $100.00 price objective on shares of BridgeBio Pharma in a research note on Monday. Twenty-four analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $87.38.

BridgeBio Pharma Stock Down 5.3%

The company has a market cap of $13.67 billion, a P/E ratio of -18.61 and a beta of 1.09. The business has a 50-day moving average price of $71.45 and a two-hundred day moving average price of $70.74.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last announced its quarterly earnings data on Tuesday, February 24th. The company reported ($1.00) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.75) by ($0.25). The business had revenue of $154.18 million for the quarter, compared to analysts' expectations of $150.71 million. The business's revenue was up 2521.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.40) earnings per share. As a group, sell-side analysts expect that BridgeBio Pharma, Inc. will post -2.07 EPS for the current fiscal year.

Insider Transactions at BridgeBio Pharma

In other news, CAO Maricel Apuli sold 510 shares of the company's stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $74.31, for a total transaction of $37,898.10. Following the completion of the transaction, the chief accounting officer directly owned 123,945 shares of the company's stock, valued at $9,210,352.95. This represents a 0.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Neil Kumar sold 40,000 shares of the company's stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $71.94, for a total value of $2,877,600.00. Following the transaction, the chief executive officer directly owned 695,686 shares of the company's stock, valued at approximately $50,047,650.84. This trade represents a 5.44% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 237,084 shares of company stock worth $16,634,419. Company insiders own 18.20% of the company's stock.

Hedge Funds Weigh In On BridgeBio Pharma

A number of large investors have recently made changes to their positions in the company. Strs Ohio boosted its holdings in BridgeBio Pharma by 1.1% in the 3rd quarter. Strs Ohio now owns 18,600 shares of the company's stock worth $966,000 after buying an additional 200 shares during the period. Commonwealth Equity Services LLC raised its holdings in BridgeBio Pharma by 4.9% during the fourth quarter. Commonwealth Equity Services LLC now owns 5,179 shares of the company's stock valued at $396,000 after acquiring an additional 244 shares during the period. Farther Finance Advisors LLC raised its holdings in BridgeBio Pharma by 91.4% during the fourth quarter. Farther Finance Advisors LLC now owns 513 shares of the company's stock valued at $39,000 after acquiring an additional 245 shares during the period. State of New Jersey Common Pension Fund D lifted its position in shares of BridgeBio Pharma by 0.5% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 51,896 shares of the company's stock valued at $3,970,000 after acquiring an additional 246 shares in the last quarter. Finally, CWM LLC boosted its stake in shares of BridgeBio Pharma by 4.3% in the fourth quarter. CWM LLC now owns 6,444 shares of the company's stock worth $493,000 after acquiring an additional 265 shares during the period. Institutional investors own 99.85% of the company's stock.

BridgeBio Pharma Company Profile

BridgeBio Pharma, Inc is a clinical-stage biopharmaceutical company headquartered in Palo Alto, California. Founded in 2015 by Neil Kumar, the company is dedicated to discovering, developing and delivering transformative medicines for patients with genetic diseases and cancers. BridgeBio operates an integrated model that spans target identification, preclinical research, clinical development and commercialization, aiming to streamline the process from bench to bedside.

BridgeBio's pipeline comprises multiple therapeutic modalities, including small molecules, biologics and genetic therapies.

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