BridgeBio Pharma (NASDAQ:BBIO) Shares Gap Up to $24.62

BridgeBio Pharma, Inc. (NASDAQ:BBIO) gapped up before the market opened on Friday . The stock had previously closed at $24.62, but opened at $26.00. BridgeBio Pharma shares last traded at $27.43, with a volume of 2,349,177 shares traded.

Analysts Set New Price Targets

Several equities research analysts recently commented on BBIO shares. Evercore ISI cut their price objective on shares of BridgeBio Pharma from $50.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. JPMorgan Chase & Co. cut their price objective on shares of BridgeBio Pharma from $46.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. HC Wainwright reaffirmed a “buy” rating and issued a $43.00 price objective on shares of BridgeBio Pharma in a research report on Thursday, August 22nd. UBS Group cut their price objective on shares of BridgeBio Pharma from $51.00 to $47.00 and set a “buy” rating on the stock in a research report on Tuesday, May 28th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $70.00 price objective on shares of BridgeBio Pharma in a research report on Monday, July 1st. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $48.09.

BridgeBio Pharma Trading Up 13.1 %

The stock has a market capitalization of $5.21 billion, a price-to-earnings ratio of -8.65 and a beta of 1.06. The firm’s 50 day simple moving average is $25.61 and its 200-day simple moving average is $27.91.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings data on Thursday, August 1st. The company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($1.00) by $0.61. The firm had revenue of $2.17 million for the quarter, compared to analyst estimates of $3.96 million. The firm’s revenue for the quarter was up 32.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.98) earnings per share. As a group, equities research analysts predict that BridgeBio Pharma, Inc. will post -3.2 earnings per share for the current year.

Insider Transactions at BridgeBio Pharma

In other news, Director Randal W. Scott sold 1,000 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $28.84, for a total transaction of $28,840.00. Following the transaction, the director now directly owns 5,500 shares in the company, valued at approximately $158,620. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Brian C. Stephenson sold 4,155 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $24.69, for a total value of $102,586.95. Following the transaction, the chief financial officer now owns 85,192 shares in the company, valued at approximately $2,103,390.48. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Randal W. Scott sold 1,000 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $28.84, for a total transaction of $28,840.00. Following the completion of the transaction, the director now owns 5,500 shares in the company, valued at approximately $158,620. The disclosure for this sale can be found here. Insiders have sold 32,544 shares of company stock worth $807,661 in the last ninety days. Insiders own 24.66% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Quarry LP grew its stake in BridgeBio Pharma by 27.1% in the 2nd quarter. Quarry LP now owns 7,500 shares of the company’s stock valued at $190,000 after buying an additional 1,600 shares during the last quarter. Frazier Life Sciences Management L.P. boosted its holdings in BridgeBio Pharma by 6.4% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 3,632,604 shares of the company’s stock valued at $92,014,000 after purchasing an additional 217,000 shares during the period. Susquehanna Fundamental Investments LLC bought a new stake in BridgeBio Pharma in the 2nd quarter valued at about $4,251,000. Lion Point Capital LP bought a new stake in BridgeBio Pharma in the 2nd quarter valued at about $1,241,000. Finally, The Manufacturers Life Insurance Company boosted its holdings in BridgeBio Pharma by 40.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,534,972 shares of the company’s stock valued at $38,881,000 after purchasing an additional 442,248 shares during the period. Institutional investors and hedge funds own 99.85% of the company’s stock.

About BridgeBio Pharma

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.