BridgeBio Pharma (NASDAQ:BBIO) Trading Down 6.4% - Here's Why

Key Points

• BridgeBio Pharma shares fell 6.4% to $67.77 in mid-day trading, with volume 68% below the average session level.
• Despite the decline, analysts maintain a broadly positive outlook: 20 rate the stock a Buy, with a consensus “Moderate Buy” rating and an average price target of $102.61.
• The company reported stronger-than-expected quarterly revenue of $243.68 million, up 120.4% year over year, but its adjusted loss of $0.78 per share exceeded the expected loss of $0.58; insiders sold $21.6 million of stock during the last quarter.

Shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Get Free Report) were down 6.4% on Tuesday . The stock traded as low as $69.17 and last traded at $67.77. 911,774 shares were traded during mid-day trading, a decline of 68% from the average session volume of 2,860,165 shares. The stock had previously closed at $72.38.

Analyst Upgrades and Downgrades

BBIO has been the subject of several research analyst reports. HC Wainwright reiterated a "buy" rating and issued a $120.00 price objective on shares of BridgeBio Pharma in a report on Thursday, September 10th. Mizuho raised their price target on shares of BridgeBio Pharma from $96.00 to $110.00 and gave the company an "outperform" rating in a report on Tuesday, September 1st. Citigroup lifted their price target on shares of BridgeBio Pharma from $82.00 to $93.00 and gave the stock a "neutral" rating in a research note on Thursday, July 16th. Wells Fargo & Company increased their price objective on shares of BridgeBio Pharma from $98.00 to $102.00 and gave the company an "overweight" rating in a research report on Tuesday, August 11th. Finally, UBS Group reaffirmed a "buy" rating on shares of BridgeBio Pharma in a research report on Wednesday, September 2nd. 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, BridgeBio Pharma has a consensus rating of "Moderate Buy" and an average price target of $102.61.

BridgeBio Pharma Price Performance

The company has a market capitalization of $13.35 billion, a P/E ratio of -19.10 and a beta of 0.97. The firm's 50-day moving average is $80.54 and its 200-day moving average is $73.74.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The company reported ($0.78) earnings per share for the quarter, missing the consensus estimate of ($0.58) by ($0.20). The business had revenue of $243.68 million for the quarter, compared to analyst estimates of $220.91 million. During the same quarter in the previous year, the firm earned ($0.95) EPS. The company's revenue for the quarter was up 120.4% on a year-over-year basis. As a group, analysts forecast that BridgeBio Pharma, Inc. will post -2.64 EPS for the current fiscal year.

Insider Buying and Selling

In other BridgeBio Pharma news, Director Jennifer E. Cook sold 148,589 shares of the company's stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $88.54, for a total value of $13,156,070.06. Following the completion of the sale, the director owned 8,383 shares in the company, valued at $742,230.82. This represents a 94.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Hannah Valantine sold 2,808 shares of the firm's stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $68.00, for a total value of $190,944.00. Following the completion of the transaction, the director directly owned 11,455 shares in the company, valued at $778,940. This trade represents a 19.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 257,103 shares of company stock worth $21,579,211 in the last quarter. Company insiders own 14.23% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Jupiter Topco LLC purchased a new stake in shares of BridgeBio Pharma in the second quarter worth about $1,050,762,000. Janus Henderson Group PLC grew its holdings in BridgeBio Pharma by 19.8% during the 1st quarter. Janus Henderson Group PLC now owns 13,179,013 shares of the company's stock valued at $978,608,000 after buying an additional 2,178,556 shares in the last quarter. Geode Capital Management LLC grew its holdings in BridgeBio Pharma by 12.9% during the 4th quarter. Geode Capital Management LLC now owns 4,412,523 shares of the company's stock valued at $344,689,000 after buying an additional 502,582 shares in the last quarter. Brooklands Fund Management Ltd bought a new stake in BridgeBio Pharma in the 4th quarter worth approximately $210,348,000. Finally, Franklin Resources Inc. raised its holdings in shares of BridgeBio Pharma by 49.9% during the 4th quarter. Franklin Resources Inc. now owns 2,164,928 shares of the company's stock worth $165,595,000 after acquiring an additional 720,905 shares in the last quarter. 99.85% of the stock is currently owned by institutional investors.

BridgeBio Pharma Company Profile

BridgeBio Pharma, Inc is a biopharmaceutical company focused on discovering, developing and delivering medicines for patients with genetically driven diseases and cancers. Founded in 2015, the company operates through a group of subsidiary biotechnology businesses, each generally focused on a specific disease area or therapeutic program.

BridgeBio's research and development activities span rare diseases, genetically defined cancers, cardiovascular conditions and other serious disorders.

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