BridgeBio Pharma (NASDAQ:BBIO) Trading 7.2% Higher - Here's Why

BridgeBio Pharma, Inc. (NASDAQ:BBIO - Get Free Report)'s share price was up 7.2% during mid-day trading on Friday . The stock traded as high as $34.11 and last traded at $33.83. Approximately 1,491,798 shares were traded during trading, a decline of 44% from the average daily volume of 2,661,410 shares. The stock had previously closed at $31.56.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on BBIO shares. Scotiabank lifted their price target on shares of BridgeBio Pharma from $48.00 to $49.00 and gave the stock a "sector outperform" rating in a report on Wednesday, February 12th. HC Wainwright reaffirmed a "buy" rating and issued a $49.00 target price on shares of BridgeBio Pharma in a research note on Thursday, February 13th. Bank of America increased their price target on BridgeBio Pharma from $42.00 to $45.00 and gave the stock a "buy" rating in a research note on Monday, November 25th. Finally, Evercore ISI lifted their price objective on BridgeBio Pharma from $45.00 to $50.00 and gave the company an "outperform" rating in a research report on Monday, December 23rd. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $49.08.

BridgeBio Pharma Stock Down 1.9 %

The company's fifty day moving average is $31.25 and its 200 day moving average is $27.66. The stock has a market cap of $6.47 billion, a PE ratio of -14.37 and a beta of 1.07.

Insider Buying and Selling at BridgeBio Pharma

In other BridgeBio Pharma news, CEO Neil Kumar sold 326,932 shares of BridgeBio Pharma stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $36.29, for a total transaction of $11,864,362.28. Following the transaction, the chief executive officer now directly owns 5,371,515 shares in the company, valued at approximately $194,932,279.35. The trade was a 5.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Global Investors Lp Viking sold 3,065,616 shares of the company's stock in a transaction dated Friday, January 31st. The shares were 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 owns 22,055,375 shares in the company, valued at $769,732,587.50. This represents a 12.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,460,548 shares of company stock valued at $121,322,081 over the last three months. 24.66% of the stock is owned by company insiders.

Institutional Trading of BridgeBio Pharma

A number of institutional investors have recently added to or reduced their stakes in the business. Polar Asset Management Partners Inc. bought a new stake in shares of BridgeBio Pharma in the third quarter valued at approximately $1,286,000. First Turn Management LLC acquired a new position in shares of BridgeBio Pharma in the third quarter valued at $10,178,000. Janus Henderson Group PLC lifted its position in BridgeBio Pharma by 11.7% in the third quarter. Janus Henderson Group PLC now owns 4,818,012 shares of the company's stock worth $122,658,000 after purchasing an additional 505,481 shares during the period. Intech Investment Management LLC acquired a new stake in BridgeBio Pharma during the third quarter worth $1,136,000. Finally, Principal Financial Group Inc. increased its holdings in BridgeBio Pharma by 1.8% in the 3rd quarter. Principal Financial Group Inc. now owns 1,145,123 shares of the company's stock valued at $29,155,000 after buying an additional 19,978 shares during the period. 99.85% of the stock is currently owned by institutional investors and hedge funds.

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.