Insider Selling: BridgeBio Pharma (NASDAQ:BBIO) CEO Sells 34,980 Shares of Stock

Key Points

• CEO Neil Kumar sold 34,980 BridgeBio Pharma shares at an average price of $82.53, generating approximately $2.89 million. The Rule 10b5-1 transaction reduced his holdings by 12.57%, leaving him with 243,327 shares.
• BridgeBio reported a quarterly loss of $0.78 per share, missing estimates of $0.58, while revenue rose 120.4% year over year to $243.68 million. Analysts expect a full-year loss of $2.62 per share.
• Despite the insider selling and a 1.2% stock decline to $82.94, analysts maintain a “Moderate Buy” consensus with an average price target of $100.79; 99.85% of shares are held by institutional investors.

BridgeBio Pharma, Inc. (NASDAQ:BBIO - Get Free Report) CEO Neil Kumar sold 34,980 shares of the company's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $82.53, for a total transaction of $2,886,899.40. Following the completion of the sale, the chief executive officer owned 243,327 shares in the company, valued at approximately $20,081,777.31. This trade represents a 12.57% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Neil Kumar also recently made the following trade(s):

• On Wednesday, August 19th, Neil Kumar sold 10,000 shares of BridgeBio Pharma stock. The stock was sold at an average price of $84.03, for a total value of $840,300.00.
• On Thursday, June 4th, Neil Kumar sold 40,000 shares of BridgeBio Pharma stock. The stock was sold at an average price of $67.46, for a total value of $2,698,400.00.

BridgeBio Pharma Trading Down 1.2%

BridgeBio Pharma stock traded down $1.01 during midday trading on Thursday, hitting $82.94. The stock had a trading volume of 1,885,678 shares, compared to its average volume of 2,985,242. The business has a fifty day moving average price of $78.25 and a 200 day moving average price of $73.22. BridgeBio Pharma, Inc. has a 12 month low of $46.81 and a 12 month high of $93.42. The stock has a market cap of $16.21 billion, a P/E ratio of -23.23 and a beta of 0.96.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last released its earnings results on Monday, August 10th. The company reported ($0.78) EPS for the quarter, missing analysts' consensus estimates of ($0.58) by ($0.20). The business had revenue of $243.68 million during the quarter, compared to the consensus estimate of $220.91 million. During the same quarter in the previous year, the company posted ($0.95) earnings per share. The firm's revenue was up 120.4% compared to the same quarter last year. On average, equities analysts anticipate that BridgeBio Pharma, Inc. will post -2.62 EPS for the current fiscal year.

Wall Street Analyst Weigh In

BBIO has been the subject of several recent research reports. Raymond James Financial lowered shares of BridgeBio Pharma from an "outperform" rating to a "market perform" rating in a research note on Tuesday, May 26th. Weiss Ratings downgraded shares of BridgeBio Pharma from a "sell (d)" rating to a "sell (d-)" rating in a research report on Tuesday, August 11th. Wells Fargo & Company lifted their price target on shares of BridgeBio Pharma from $98.00 to $102.00 and gave the company an "overweight" rating in a report on Tuesday, August 11th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $110.00 price objective on shares of BridgeBio Pharma in a research report on Tuesday, August 11th. Finally, Truist Financial increased their price objective on shares of BridgeBio Pharma from $102.00 to $107.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. Twenty investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $100.79.

Institutional Investors Weigh In On BridgeBio Pharma

A number of hedge funds have recently added to or reduced their stakes in BBIO. Jones Financial Companies Lllp acquired a new position in shares of BridgeBio Pharma during the first quarter valued at $35,000. First Trust Advisors LP increased its holdings in shares of BridgeBio Pharma by 200.4% in the 2nd quarter. First Trust Advisors LP now owns 263,693 shares of the company's stock worth $11,386,000 after acquiring an additional 175,918 shares during the period. Baird Financial Group Inc. lifted its position in BridgeBio Pharma by 1.8% in the 2nd quarter. Baird Financial Group Inc. now owns 42,057 shares of the company's stock valued at $1,816,000 after purchasing an additional 731 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in BridgeBio Pharma during the 2nd quarter valued at about $1,650,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in BridgeBio Pharma by 2.4% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 95,326 shares of the company's stock valued at $4,132,000 after purchasing an additional 2,206 shares during the period. 99.85% of the stock is currently owned by institutional investors.

About BridgeBio Pharma

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source