Traders Purchase High Volume of Put Options on BridgeBio Pharma (NASDAQ:BBIO)

Key Points

• BridgeBio Pharma experienced a significant increase in options trading, with investors acquiring 4,348 put options, representing a 61% rise over the average daily volume.
• Major shareholder Genetic Disorder L.P. Kkr sold 6 million shares of BridgeBio Pharma, resulting in a 31.15% decrease in their position, while corporate insiders have collectively sold nearly 9.75 million shares in the last three months.
• Analysts have raised price targets for BridgeBio Pharma, with UBS increasing their target from $65.00 to $72.00, and the stock currently holds an average rating of "Moderate Buy" with a price target of $61.24.

BridgeBio Pharma, Inc. (NASDAQ:BBIO - Get Free Report) was the target of some unusual options trading on Wednesday. Investors acquired 4,348 put options on the stock. Thisisanincreaseofapproximately61% compared to the average daily volume of 2,703 put options.

Insider Buying and Selling at BridgeBio Pharma

In other news, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $34.20, for a total transaction of $205,200,000.00. Following the completion of the transaction, the insider owned 13,260,971 shares in the company, valued at approximately $453,525,208.20. This trade represents a 31.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Frank Mccormick sold 100,000 shares of the company's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $44.23, for a total value of $4,423,000.00. Following the completion of the transaction, the director directly owned 879,979 shares in the company, valued at $38,921,471.17. This represents a 10.20% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,750,155 shares of company stock valued at $369,080,403. Corporate insiders own 18.20% of the company's stock.

Institutional Investors Weigh In On BridgeBio Pharma

Institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings in shares of BridgeBio Pharma by 71.0% during the 1st quarter. GAMMA Investing LLC now owns 920 shares of the company's stock worth $32,000 after purchasing an additional 382 shares in the last quarter. Jones Financial Companies Lllp acquired a new stake in BridgeBio Pharma during the first quarter worth $35,000. Itau Unibanco Holding S.A. bought a new stake in BridgeBio Pharma in the 4th quarter valued at $41,000. Sterling Capital Management LLC raised its stake in shares of BridgeBio Pharma by 554.6% in the 4th quarter. Sterling Capital Management LLC now owns 1,787 shares of the company's stock valued at $49,000 after buying an additional 1,514 shares in the last quarter. Finally, GF Fund Management CO. LTD. acquired a new position in shares of BridgeBio Pharma in the 4th quarter valued at $109,000. 99.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Wolfe Research began coverage on shares of BridgeBio Pharma in a research report on Tuesday, June 17th. They issued an "outperform" rating and a $49.00 price target for the company. UBS Group lifted their price objective on BridgeBio Pharma from $65.00 to $72.00 and gave the company a "buy" rating in a research report on Wednesday, April 30th. Scotiabank upped their target price on BridgeBio Pharma from $52.00 to $55.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, April 30th. Truist Financial assumed coverage on BridgeBio Pharma in a report on Monday, July 21st. They issued a "buy" rating and a $66.00 price objective on the stock. Finally, Wells Fargo & Company raised their price objective on shares of BridgeBio Pharma from $67.00 to $76.00 and gave the company an "overweight" rating in a research report on Monday, June 30th. One investment analyst has rated the stock with a sell rating and seventeen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $61.24.

BridgeBio Pharma Trading Down 12.6%

NASDAQ:BBIO traded down $6.19 during mid-day trading on Wednesday, hitting $43.02. 4,899,451 shares of the company's stock traded hands, compared to its average volume of 3,002,156. The firm has a market capitalization of $8.17 billion, a price-to-earnings ratio of -12.16 and a beta of 1.23. The firm has a 50 day moving average of $42.91 and a two-hundred day moving average of $37.26. BridgeBio Pharma has a 12 month low of $21.72 and a 12 month high of $49.77.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported ($0.95) EPS for the quarter, missing the consensus estimate of ($0.83) by ($0.12). The company had revenue of $110.57 million for the quarter, compared to analysts' expectations of $98.46 million. BridgeBio Pharma's revenue was up 4999.9% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.39) EPS. As a group, equities research analysts expect that BridgeBio Pharma will post -3.67 earnings per share for the current year.

BridgeBio Pharma Company Profile

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.

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