BridgeBio Pharma (NASDAQ:BBIO) Shares Gap Down to $18.55

BridgeBio Pharma, Inc. (NASDAQ:BBIO – Get Rating)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $18.55, but opened at $17.77. BridgeBio Pharma shares last traded at $15.94, with a volume of 3,872,165 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Cowen started coverage on shares of BridgeBio Pharma in a research report on Monday, February 6th. They issued an “outperform” rating on the stock. Bank of America lifted their price objective on shares of BridgeBio Pharma from $15.00 to $18.00 in a research note on Tuesday. SVB Leerink dropped their target price on shares of BridgeBio Pharma from $23.00 to $19.00 and set an “outperform” rating on the stock in a research report on Monday, January 23rd. Cowen started coverage on shares of BridgeBio Pharma in a research report on Monday, February 6th. They issued an “outperform” rating on the stock. Finally, JPMorgan Chase & Co. raised their price target on shares of BridgeBio Pharma from $18.00 to $23.00 and gave the stock an “overweight” rating in a report on Tuesday. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, BridgeBio Pharma has an average rating of “Buy” and an average price target of $23.14.

BridgeBio Pharma Stock Down 5.9 %

The stock’s 50-day moving average is $10.52 and its 200-day moving average is $10.13. The firm has a market cap of $2.34 billion, a P/E ratio of -4.72 and a beta of 0.63.

Insider Buying and Selling at BridgeBio Pharma

In other BridgeBio Pharma news, CFO Brian C. Stephenson sold 61,040 shares of the business’s stock in a transaction on Thursday, January 5th. The shares were sold at an average price of $7.67, for a total value of $468,176.80. Following the sale, the chief financial officer now owns 280,224 shares of the company’s stock, valued at approximately $2,149,318.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Brian C. Stephenson sold 61,040 shares of the company’s stock in a transaction dated Thursday, January 5th. The shares were sold at an average price of $7.67, for a total transaction of $468,176.80. Following the transaction, the chief financial officer now owns 280,224 shares in the company, valued at approximately $2,149,318.08. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Neil Kumar sold 120,000 shares of the company’s stock in a transaction dated Thursday, January 5th. The stock was sold at an average price of $7.67, for a total transaction of $920,400.00. Following the transaction, the chief executive officer now owns 1,492,722 shares in the company, valued at approximately $11,449,177.74. The disclosure for this sale can be found here. Insiders have sold 607,287 shares of company stock valued at $6,178,072 in the last 90 days. 29.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On BridgeBio Pharma

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of BridgeBio Pharma by 1.1% in the 3rd quarter. Vanguard Group Inc. now owns 10,004,271 shares of the company’s stock valued at $99,442,000 after buying an additional 108,734 shares during the last quarter. Laurion Capital Management LP increased its position in shares of BridgeBio Pharma by 9.8% in the fourth quarter. Laurion Capital Management LP now owns 2,223,254 shares of the company’s stock worth $16,941,000 after purchasing an additional 198,614 shares during the period. Geode Capital Management LLC increased its position in shares of BridgeBio Pharma by 5.2% in the fourth quarter. Geode Capital Management LLC now owns 2,065,907 shares of the company’s stock worth $15,742,000 after purchasing an additional 102,030 shares during the period. Renaissance Technologies LLC grew its position in BridgeBio Pharma by 230.7% in the third quarter. Renaissance Technologies LLC now owns 1,366,746 shares of the company’s stock valued at $13,585,000 after acquiring an additional 953,500 shares during the last quarter. Finally, Barclays PLC grew its position in BridgeBio Pharma by 268.2% in the fourth quarter. Barclays PLC now owns 1,201,885 shares of the company’s stock valued at $9,159,000 after acquiring an additional 875,468 shares during the last quarter. Institutional investors and hedge funds own 96.46% of the company’s stock.

About BridgeBio Pharma

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BridgeBio Pharma, Inc engages in identifying and advancing transformative medicines to treat patients who suffer from Mendelian diseases. Its pipeline of development programs includes product candidates ranging from early discovery to late-stage development. The company was founded by Charles Homcy, Frank McCormick, Philip Reilly, and Neil Kumar in 2015 and is headquartered in Palo Alto, CA.