BridgeBio Pharma, Inc. (NASDAQ:BBIO) Director Frank Mccormick Sells 100,000 Shares

BridgeBio Pharma, Inc. (NASDAQ:BBIO - Get Free Report) Director Frank Mccormick sold 100,000 shares of BridgeBio Pharma stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $44.23, for a total value of $4,423,000.00. Following the transaction, the director now owns 879,979 shares of the company's stock, valued at $38,921,471.17. The trade was a 10.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

BridgeBio Pharma Stock Performance

Shares of NASDAQ BBIO traded down $0.26 during midday trading on Friday, reaching $44.86. The company's stock had a trading volume of 8,450,111 shares, compared to its average volume of 2,479,027. BridgeBio Pharma, Inc. has a fifty-two week low of $21.72 and a fifty-two week high of $45.48. The business's 50 day moving average price is $37.11 and its two-hundred day moving average price is $34.19. The company has a market cap of $8.52 billion, a P/E ratio of -12.71 and a beta of 1.11.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The company reported ($0.88) earnings per share for the quarter, beating analysts' consensus estimates of ($1.00) by $0.12. The business had revenue of $36.74 million during the quarter, compared to analyst estimates of $57.14 million. During the same quarter in the previous year, the firm posted ($0.20) earnings per share. The firm's quarterly revenue was down 44.8% on a year-over-year basis. Sell-side analysts forecast that BridgeBio Pharma, Inc. will post -3.67 earnings per share for the current fiscal year.

Institutional Investors Weigh In On BridgeBio Pharma

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in BridgeBio Pharma by 6.2% during the fourth quarter. Vanguard Group Inc. now owns 15,077,915 shares of the company's stock valued at $413,738,000 after purchasing an additional 879,059 shares in the last quarter. Janus Henderson Group PLC raised its position in BridgeBio Pharma by 1.9% during the fourth quarter. Janus Henderson Group PLC now owns 4,907,533 shares of the company's stock valued at $134,672,000 after purchasing an additional 89,521 shares in the last quarter. Farallon Capital Management LLC raised its position in BridgeBio Pharma by 140.1% during the fourth quarter. Farallon Capital Management LLC now owns 4,195,000 shares of the company's stock valued at $115,111,000 after purchasing an additional 2,448,000 shares in the last quarter. Frazier Life Sciences Management L.P. raised its position in BridgeBio Pharma by 1.1% during the fourth quarter. Frazier Life Sciences Management L.P. now owns 3,800,457 shares of the company's stock valued at $104,285,000 after purchasing an additional 40,000 shares in the last quarter. Finally, Capital Research Global Investors raised its position in BridgeBio Pharma by 34.9% during the fourth quarter. Capital Research Global Investors now owns 3,526,747 shares of the company's stock valued at $96,774,000 after purchasing an additional 912,439 shares in the last quarter. 99.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

BBIO has been the topic of a number of research analyst reports. Wolfe Research initiated coverage on BridgeBio Pharma in a research note on Tuesday, June 17th. They issued an "outperform" rating and a $49.00 price target on the stock. JPMorgan Chase & Co. increased their price target on BridgeBio Pharma from $44.00 to $50.00 and gave the company an "overweight" rating in a research note on Monday, March 24th. Wall Street Zen upgraded shares of BridgeBio Pharma from a "sell" rating to a "hold" rating in a research report on Saturday, June 7th. Bank of America raised their price objective on shares of BridgeBio Pharma from $50.00 to $54.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, Redburn Atlantic assumed coverage on shares of BridgeBio Pharma in a research report on Monday, March 31st. They set a "buy" rating and a $50.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $57.42.

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.