BridgeBio Oncology Therapeutics, Inc (NASDAQ:BBOT) Short Interest Update

Key Points

• Short interest fell sharply: BridgeBio Oncology Therapeutics’ short interest dropped 41.9% to 3.60 million shares as of September 15, representing 5.9% of shares outstanding and 4.4 days to cover.
• Institutional ownership is significant: Several institutions increased or initiated positions, and institutional investors collectively own 54.89% of the company’s stock.
• Analyst sentiment is mixed despite a “Moderate Buy” consensus: Nine analysts rate the stock Buy and one rates it Sell, with a $22.88 consensus price target, while the shares recently traded near $4.10 and remain deeply below their 52-week high.

BridgeBio Oncology Therapeutics, Inc (NASDAQ:BBOT - Get Free Report) saw a large decline in short interest during the month of September. As of September 15th, there was short interest totaling 3,595,979 shares, a decline of 41.9% from the August 31st total of 6,193,538 shares. Currently, 5.9% of the shares of the stock are short sold. Based on an average daily volume of 824,822 shares, the days-to-cover ratio is currently 4.4 days.

Institutional Trading of BridgeBio Oncology Therapeutics

Several institutional investors have recently modified their holdings of the business. BIT Capital GmbH bought a new position in BridgeBio Oncology Therapeutics during the 4th quarter worth $313,000. Avidity Partners Management LP bought a new stake in shares of BridgeBio Oncology Therapeutics in the 1st quarter valued at about $392,000. Tidal Investments LLC grew its position in shares of BridgeBio Oncology Therapeutics by 13.6% in the 2nd quarter. Tidal Investments LLC now owns 93,339 shares of the company's stock valued at $711,000 after buying an additional 11,167 shares during the last quarter. Tema ETFs LLC grew its position in shares of BridgeBio Oncology Therapeutics by 13.6% in the 2nd quarter. Tema ETFs LLC now owns 93,339 shares of the company's stock valued at $711,000 after buying an additional 11,167 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of BridgeBio Oncology Therapeutics by 37.1% in the first quarter. Renaissance Technologies LLC now owns 101,900 shares of the company's stock valued at $912,000 after buying an additional 27,600 shares during the period. Institutional investors own 54.89% of the company's stock.

BridgeBio Oncology Therapeutics Trading Up 4.6%

NASDAQ:BBOT traded up $0.18 during mid-day trading on Wednesday, hitting $4.10. 736,320 shares of the company's stock were exchanged, compared to its average volume of 397,456. The company has a 50 day simple moving average of $7.67 and a 200-day simple moving average of $8.18. BridgeBio Oncology Therapeutics has a fifty-two week low of $3.79 and a fifty-two week high of $14.87. The firm has a market capitalization of $328.71 million, a P/E ratio of -1.49 and a beta of 0.38.

BridgeBio Oncology Therapeutics (NASDAQ:BBOT - Get Free Report) last posted its earnings results on Tuesday, August 11th. The company reported ($705.20) earnings per share for the quarter. As a group, analysts expect that BridgeBio Oncology Therapeutics will post -2.79 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of BridgeBio Oncology Therapeutics in a research note on Monday, September 14th. Wall Street Zen cut shares of BridgeBio Oncology Therapeutics from a "sell" rating to a "strong sell" rating in a research note on Saturday, September 12th. UBS Group downgraded shares of BridgeBio Oncology Therapeutics to an "overweight" rating in a report on Wednesday, July 8th. Wedbush reiterated an "outperform" rating and issued a $25.00 price target on shares of BridgeBio Oncology Therapeutics in a research note on Wednesday, September 9th. Finally, Raymond James Financial cut their price objective on BridgeBio Oncology Therapeutics from $24.00 to $22.00 and set an "outperform" rating on the stock in a report on Wednesday, September 9th. Nine equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $22.88.

About BridgeBio Oncology Therapeutics

BridgeBio Oncology Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing precision medicines for genetically defined cancers. The company seeks to address cancer-driving alterations that may be underserved by existing treatments, using targeted therapies designed to match the molecular characteristics of individual tumors.

Its pipeline includes BBO-8520, an investigational KRAS G12C inhibitor designed to target both active and inactive forms of the KRAS G12C protein.

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