BridgeBio Pharma (NASDAQ:BBIO) Stock Price Down 5.5% Following Insider Selling

BridgeBio Pharma, Inc. (NASDAQ:BBIO - Get Free Report)'s share price fell 5.5% during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $32.48 and last traded at $32.33. 1,082,052 shares were traded during mid-day trading, a decline of 61% from the average session volume of 2,802,673 shares. The stock had previously closed at $34.21.

Specifically, major shareholder Global Investors Lp Viking sold 3,065,616 shares of the company's stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $34.90, for a total value of $106,989,998.40. Following the completion of the transaction, the insider now directly owns 22,055,375 shares of the company's stock, valued at $769,732,587.50. This represents a 12.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Neil Kumar sold 326,932 shares of the business's stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $36.29, for a total transaction of $11,864,362.28. Following the sale, the chief executive officer now owns 5,371,515 shares of the company's stock, valued at $194,932,279.35. This represents a 5.74 % decrease in their position. The disclosure for this sale can be found here. In related news, CFO Brian C. Stephenson sold 68,000 shares of BridgeBio Pharma stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $36.29, for a total transaction of $2,467,720.00. Following the sale, the chief financial officer now directly owns 93,758 shares in the company, valued at $3,402,477.82. This trade represents a 42.04 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Analyst Upgrades and Downgrades

BBIO has been the topic of a number of research reports. Leerink Partners dropped their price target on BridgeBio Pharma from $47.00 to $46.00 and set an "outperform" rating on the stock in a research note on Thursday, October 17th. HC Wainwright reaffirmed a "buy" rating and issued a $49.00 target price on shares of BridgeBio Pharma in a report on Monday, December 16th. Scotiabank increased their price target on shares of BridgeBio Pharma from $45.00 to $48.00 and gave the stock a "sector outperform" rating in a research note on Monday, November 25th. Evercore ISI lifted their price objective on shares of BridgeBio Pharma from $45.00 to $50.00 and gave the company an "outperform" rating in a research note on Monday, December 23rd. Finally, Bank of America increased their target price on shares of BridgeBio Pharma from $42.00 to $45.00 and gave the stock a "buy" rating in a research note on Monday, November 25th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $49.00.

BridgeBio Pharma Stock Performance

The firm has a market cap of $6.21 billion, a PE ratio of -13.64 and a beta of 1.07. The stock's fifty day moving average price is $30.44 and its 200-day moving average price is $27.32.

Institutional Trading of BridgeBio Pharma

Large investors have recently bought and sold shares of the company. Steward Partners Investment Advisory LLC boosted its position in shares of BridgeBio Pharma by 85.8% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,022 shares of the company's stock worth $28,000 after buying an additional 472 shares in the last quarter. Values First Advisors Inc. purchased a new stake in shares of BridgeBio Pharma in the third quarter valued at about $57,000. CWM LLC lifted its holdings in shares of BridgeBio Pharma by 132.9% in the third quarter. CWM LLC now owns 3,442 shares of the company's stock valued at $88,000 after purchasing an additional 1,964 shares in the last quarter. Advisors Asset Management Inc. grew its position in shares of BridgeBio Pharma by 56.1% in the third quarter. Advisors Asset Management Inc. now owns 4,576 shares of the company's stock valued at $117,000 after purchasing an additional 1,645 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of BridgeBio Pharma by 17.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,322 shares of the company's stock worth $135,000 after purchasing an additional 801 shares in the last quarter. 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.