Investors Buy High Volume of BridgeBio Pharma Put Options (NASDAQ:BBIO)

BridgeBio Pharma, Inc. (NASDAQ:BBIO) was the target of unusually large options trading on Wednesday. Stock investors purchased 4,348 put options on the company. Thisrepresentsanincreaseof61% compared to the typical daily volume of 2,703 put options.

Insiders Place Their Bets

In related news, CEO Neil Kumar sold 75,000 shares of BridgeBio Pharma stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $33.40, for a total value of $2,505,000.00. Following the transaction, the chief executive officer directly owned 4,798,447 shares in the company, valued at $160,268,129.80. The trade was a 1.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Global Investors Lp Viking sold 3,500,000 shares of BridgeBio Pharma stock in a transaction on Friday, June 27th. The stock was sold at an average price of $44.00, for a total value of $154,000,000.00. Following the completion of the transaction, the insider owned 18,555,375 shares in the company, valued at $816,436,500. The trade was a 15.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,750,155 shares of company stock worth $369,080,403. Corporate insiders own 18.20% of the company’s stock.

Hedge Funds Weigh In On BridgeBio Pharma

Several large investors have recently made changes to their positions in the business. Farallon Capital Management LLC lifted its position in shares of BridgeBio Pharma by 140.1% in the 4th quarter. Farallon Capital Management LLC now owns 4,195,000 shares of the company’s stock worth $115,111,000 after acquiring an additional 2,448,000 shares during the period. Driehaus Capital Management LLC bought a new position in BridgeBio Pharma in the 1st quarter valued at $51,874,000. Invesco Ltd. raised its position in shares of BridgeBio Pharma by 147.0% during the first quarter. Invesco Ltd. now owns 2,206,163 shares of the company’s stock worth $76,267,000 after acquiring an additional 1,313,036 shares during the last quarter. Woodline Partners LP lifted its position in BridgeBio Pharma by 132.9% during the 4th quarter. Woodline Partners LP now owns 2,211,521 shares of the company’s stock valued at $60,684,000 after purchasing an additional 1,261,772 shares during the period. Finally, Assenagon Asset Management S.A. lifted its position in BridgeBio Pharma by 4,544.6% during the 1st quarter. Assenagon Asset Management S.A. now owns 1,120,933 shares of the company’s stock valued at $38,751,000 after purchasing an additional 1,096,799 shares during the period. Institutional investors and hedge funds own 99.85% of the company’s stock.

BridgeBio Pharma Price Performance

Shares of NASDAQ:BBIO opened at $44.81 on Thursday. BridgeBio Pharma has a fifty-two week low of $21.72 and a fifty-two week high of $49.77. The business has a 50-day moving average of $43.17 and a two-hundred day moving average of $37.32. The stock has a market capitalization of $8.51 billion, a P/E ratio of -10.96 and a beta of 1.23.

BridgeBio Pharma (NASDAQ:BBIO) last posted its quarterly earnings data on Tuesday, August 5th. The company reported ($0.95) earnings per share for the quarter, missing the consensus estimate of ($0.83) by ($0.12). The company had revenue of $110.57 million during the quarter, compared to analyst estimates of $98.46 million. During the same period in the previous year, the company earned ($0.39) earnings per share. The business’s revenue was up 4999.9% compared to the same quarter last year. As a group, research analysts expect that BridgeBio Pharma will post -3.67 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Wall Street Zen downgraded BridgeBio Pharma from a “hold” rating to a “sell” rating in a report on Saturday, July 26th. Wolfe Research assumed coverage on BridgeBio Pharma in a report on Tuesday, June 17th. They set an “outperform” rating and a $49.00 price target on the stock. Jefferies Financial Group assumed coverage on BridgeBio Pharma in a report on Monday, July 14th. They set a “buy” rating and a $70.00 price target on the stock. HC Wainwright lifted their price target on BridgeBio Pharma from $53.00 to $56.00 and gave the company a “buy” rating in a report on Monday, June 9th. Finally, Truist Financial assumed coverage on BridgeBio Pharma in a report on Monday, July 21st. They set a “buy” rating and a $66.00 price target on the stock. One equities research analyst has rated the stock with a sell rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $61.35.

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.