Traders Purchase Large Volume of Call Options on BridgeBio Pharma (NASDAQ:BBIO)

BridgeBio Pharma, Inc. (NASDAQ:BBIO) saw unusually large options trading activity on Thursday. Stock investors bought 5,581 call options on the stock. This is an increase of approximately 216% compared to the average daily volume of 1,766 call options.

Insider Activity at BridgeBio Pharma

In other news, CEO Neil Kumar sold 40,000 shares of BridgeBio Pharma stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $67.46, for a total value of $2,698,400.00. Following the sale, the chief executive officer owned 535,686 shares in the company, valued at $36,137,377.56. This trade represents a 6.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Randal W. Scott sold 10,000 shares of the business’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $67.15, for a total transaction of $671,500.00. Following the sale, the director directly owned 11,589 shares of the company’s stock, valued at $778,201.35. This represents a 46.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 266,361 shares of company stock valued at $18,035,642 in the last three months. Company insiders own 14.23% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Brooklands Fund Management Ltd acquired a new stake in BridgeBio Pharma during the fourth quarter worth about $210,348,000. Price T Rowe Associates Inc. MD boosted its holdings in BridgeBio Pharma by 144.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,828,746 shares of the company’s stock valued at $292,862,000 after purchasing an additional 2,261,181 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of BridgeBio Pharma by 25.8% in the 4th quarter. Janus Henderson Group PLC now owns 11,000,457 shares of the company’s stock valued at $841,349,000 after buying an additional 2,259,378 shares during the period. Norges Bank acquired a new stake in shares of BridgeBio Pharma during the 4th quarter worth approximately $116,802,000. Finally, Wellington Management Group LLP increased its holdings in shares of BridgeBio Pharma by 130.4% during the 4th quarter. Wellington Management Group LLP now owns 2,348,731 shares of the company’s stock worth $179,654,000 after buying an additional 1,329,537 shares during the last quarter. Institutional investors and hedge funds own 99.85% of the company’s stock.

BridgeBio Pharma Stock Performance

Shares of BBIO stock traded up $11.37 during trading hours on Thursday, reaching $89.70. The company had a trading volume of 6,580,061 shares, compared to its average volume of 3,006,926. The stock has a fifty day moving average of $69.05 and a 200-day moving average of $71.93. The company has a market capitalization of $17.57 billion, a price-to-earnings ratio of -24.04 and a beta of 0.95. BridgeBio Pharma has a 12-month low of $42.09 and a 12-month high of $93.42.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.84) EPS for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.14). The company had revenue of $194.51 million during the quarter, compared to analysts’ expectations of $178.07 million. The business’s quarterly revenue was up 66.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.88) EPS. On average, analysts forecast that BridgeBio Pharma will post -2.29 EPS for the current year.

Analysts Set New Price Targets

BBIO has been the topic of a number of research reports. Mizuho decreased their price target on shares of BridgeBio Pharma from $106.00 to $96.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 16th. Morgan Stanley increased their target price on BridgeBio Pharma from $94.00 to $98.00 and gave the company an “overweight” rating in a report on Thursday, May 28th. Raymond James Financial downgraded BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 26th. HC Wainwright reaffirmed a “buy” rating and issued a $110.00 price target on shares of BridgeBio Pharma in a research note on Thursday, May 28th. Finally, Royal Bank Of Canada assumed coverage on BridgeBio Pharma in a research report on Thursday, April 9th. They set an “outperform” rating and a $100.00 price target for the company. Twenty-one analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.90.

About BridgeBio Pharma

BridgeBio Pharma, Inc is a clinical-stage biopharmaceutical company headquartered in Palo Alto, California. Founded in 2015 by Neil Kumar, the company is dedicated to discovering, developing and delivering transformative medicines for patients with genetic diseases and cancers. BridgeBio operates an integrated model that spans target identification, preclinical research, clinical development and commercialization, aiming to streamline the process from bench to bedside.

BridgeBio’s pipeline comprises multiple therapeutic modalities, including small molecules, biologics and genetic therapies.