BridgeBio Pharma (NASDAQ:BBIO) Shares Down 4.6% - Here's What Happened

BridgeBio Pharma, Inc. (NASDAQ:BBIO - Get Free Report) traded down 4.6% on Wednesday . The stock traded as low as $23.55 and last traded at $23.60. 1,468,816 shares changed hands during trading, a decline of 22% from the average session volume of 1,872,254 shares. The stock had previously closed at $24.73.

Analysts Set New Price Targets

BBIO has been the topic of a number of recent research reports. Oppenheimer assumed coverage on shares of BridgeBio Pharma in a research note on Thursday, October 3rd. They set a "market perform" rating on the stock. Bank of America reaffirmed a "buy" rating and set a $42.00 price target on shares of BridgeBio Pharma in a research note on Wednesday, September 11th. JPMorgan Chase & Co. lowered their price target on shares of BridgeBio Pharma from $46.00 to $43.00 and set an "overweight" rating for the company in a research note on Wednesday, August 7th. HC Wainwright reissued a "buy" rating and set a $43.00 price objective on shares of BridgeBio Pharma in a research note on Monday, September 30th. Finally, Piper Sandler assumed coverage on BridgeBio Pharma in a report on Wednesday, September 4th. They set an "overweight" rating and a $46.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, BridgeBio Pharma currently has an average rating of "Moderate Buy" and a consensus price target of $47.92.

BridgeBio Pharma Trading Down 5.5 %

The company has a market capitalization of $4.38 billion, a price-to-earnings ratio of -7.68 and a beta of 1.08. The company has a 50-day moving average of $26.03 and a 200-day moving average of $26.85.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last released its quarterly earnings data on Thursday, August 1st. The company reported ($0.39) EPS for the quarter, topping the consensus estimate of ($1.00) by $0.61. The company had revenue of $2.17 million during the quarter, compared to analysts' expectations of $3.96 million. During the same quarter in the prior year, the company posted ($0.98) EPS. The company's revenue for the quarter was up 32.1% on a year-over-year basis. On average, research analysts expect that BridgeBio Pharma, Inc. will post -2.54 EPS for the current year.

Insider Buying and Selling at BridgeBio Pharma

In other news, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the company's stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $25.75, for a total value of $149,350,000.00. Following the completion of the sale, the insider now directly owns 25,260,971 shares in the company, valued at $650,470,003.25. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CFO Brian C. Stephenson sold 4,155 shares of BridgeBio Pharma stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $24.69, for a total transaction of $102,586.95. Following the sale, the chief financial officer now owns 85,192 shares of the company's stock, valued at approximately $2,103,390.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the company's stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $25.75, for a total value of $149,350,000.00. Following the completion of the transaction, the insider now owns 25,260,971 shares in the company, valued at $650,470,003.25. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,831,544 shares of company stock worth $150,128,821. Insiders own 24.66% of the company's stock.

Institutional Investors Weigh In On BridgeBio Pharma

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in BridgeBio Pharma by 3.3% in the 1st quarter. Vanguard Group Inc. now owns 13,222,126 shares of the company's stock valued at $408,828,000 after buying an additional 421,832 shares during the period. Frazier Life Sciences Management L.P. raised its stake in shares of 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 acquiring an additional 217,000 shares during the period. Janus Henderson Group PLC raised its stake in shares of BridgeBio Pharma by 189.7% in the 1st quarter. Janus Henderson Group PLC now owns 3,312,706 shares of the company's stock valued at $102,402,000 after acquiring an additional 2,169,143 shares during the period. Capital Research Global Investors increased its holdings in BridgeBio Pharma by 101.1% in the 1st quarter. Capital Research Global Investors now owns 2,212,085 shares of the company's stock valued at $68,398,000 after purchasing an additional 1,111,975 shares during the last quarter. Finally, Ensign Peak Advisors Inc raised its position in BridgeBio Pharma by 44.5% in the second quarter. Ensign Peak Advisors Inc now owns 1,646,202 shares of the company's stock valued at $41,698,000 after purchasing an additional 506,845 shares during the period. Hedge funds and other institutional investors own 99.85% of the company's stock.

BridgeBio Pharma Company Profile

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.

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