Frank Mccormick Sells 198,359 Shares of BridgeBio Pharma (NASDAQ:BBIO) Stock

BridgeBio Pharma, Inc. (NASDAQ:BBIO) Director Frank Mccormick sold 198,359 shares of the stock in a transaction on Wednesday, October 29th. The stock was sold at an average price of $66.58, for a total value of $13,206,742.22. Following the sale, the director directly owned 679,979 shares in the company, valued at approximately $45,273,001.82. This trade represents a 22.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Frank Mccormick also recently made the following trade(s):

• On Monday, October 27th, Frank Mccormick sold 1,641 shares of BridgeBio Pharma stock. The stock was sold at an average price of $65.00, for a total value of $106,665.00.
• On Friday, September 5th, Frank Mccormick sold 74,000 shares of BridgeBio Pharma stock. The stock was sold at an average price of $53.16, for a total value of $3,933,840.00.

BridgeBio Pharma Stock Performance

BBIO opened at $62.64 on Friday. The firm has a market cap of $12.07 billion, a P/E ratio of -14.99 and a beta of 1.36. BridgeBio Pharma, Inc. has a 52-week low of $21.72 and a 52-week high of $69.48. The business’s fifty day moving average is $53.91 and its 200-day moving average is $45.61.

BridgeBio Pharma (NASDAQ:BBIO) last released its earnings results on Wednesday, October 29th. The company reported ($0.95) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.88) by ($0.07). The firm had revenue of $108.11 million during the quarter, compared to the consensus estimate of $107.71 million. The business’s quarterly revenue was up 4318.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.86) earnings per share. On average, research analysts predict that BridgeBio Pharma, Inc. will post -3.67 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

BBIO has been the topic of several analyst reports. Jefferies Financial Group initiated coverage on BridgeBio Pharma in a report on Monday, July 14th. They set a “buy” rating and a $70.00 target price on the stock. Wall Street Zen upgraded BridgeBio Pharma from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. UBS Group upped their price objective on BridgeBio Pharma from $72.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, September 12th. The Goldman Sachs Group upped their price objective on BridgeBio Pharma from $55.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Cowen restated a “positive” rating on shares of BridgeBio Pharma in a research report on Thursday. Twenty investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $73.05.

Hedge Funds Weigh In On BridgeBio Pharma

Several large investors have recently bought and sold shares of the company. Geode Capital Management LLC raised its position in BridgeBio Pharma by 5.1% in the second quarter. Geode Capital Management LLC now owns 3,681,580 shares of the company’s stock valued at $158,991,000 after purchasing an additional 178,686 shares during the last quarter. Invesco Ltd. raised its position in BridgeBio Pharma by 27.0% in the second quarter. Invesco Ltd. now owns 2,801,065 shares of the company’s stock valued at $120,950,000 after purchasing an additional 594,902 shares during the last quarter. Cormorant Asset Management LP raised its position in BridgeBio Pharma by 25.0% in the first quarter. Cormorant Asset Management LP now owns 2,000,000 shares of the company’s stock valued at $69,140,000 after purchasing an additional 400,000 shares during the last quarter. Norges Bank bought a new position in BridgeBio Pharma in the second quarter valued at about $84,488,000. Finally, Driehaus Capital Management LLC bought a new position in BridgeBio Pharma in the first quarter valued at about $51,874,000. 99.85% of the stock is currently owned by institutional investors.

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.