BridgeBio Pharma, Inc. (NASDAQ:BBIO) Sees Large Growth in Short Interest

BridgeBio Pharma, Inc. (NASDAQ:BBIO) was the target of a significant increase in short interest in May. As of May 31st, there was short interest totalling 16,630,000 shares, an increase of 5.4% from the May 15th total of 15,780,000 shares. Based on an average trading volume of 1,600,000 shares, the short-interest ratio is presently 10.4 days. Currently, 11.9% of the company’s stock are short sold.

Insider Buying and Selling

In related news, Director Randal W. Scott sold 1,000 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $28.84, for a total transaction of $28,840.00. Following the completion of the transaction, the director now owns 5,500 shares in the company, valued at $158,620. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 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 made changes to their positions in BBIO. Amalgamated Bank raised its holdings in shares of BridgeBio Pharma by 3.8% in the third quarter. Amalgamated Bank now owns 15,775 shares of the company’s stock valued at $416,000 after buying an additional 576 shares during the last quarter. Swiss National Bank raised its holdings in BridgeBio Pharma by 1.2% during the third quarter. Swiss National Bank now owns 194,100 shares of the company’s stock worth $5,118,000 after purchasing an additional 2,300 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in BridgeBio Pharma by 9.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,056,275 shares of the company’s stock worth $27,854,000 after purchasing an additional 93,324 shares in the last quarter. State of New Jersey Common Pension Fund D purchased a new position in BridgeBio Pharma during the third quarter worth about $2,167,000. Finally, Rhumbline Advisers raised its holdings in BridgeBio Pharma by 1.1% during the third quarter. Rhumbline Advisers now owns 179,759 shares of the company’s stock worth $4,740,000 after purchasing an additional 1,924 shares in the last quarter. 99.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on BBIO. Mizuho lowered their target price on shares of BridgeBio Pharma from $60.00 to $53.00 and set a “buy” rating for the company in a research note on Tuesday, March 5th. Raymond James started coverage on shares of BridgeBio Pharma in a research note on Thursday, March 21st. They issued an “outperform” rating and a $45.00 price objective for the company. HC Wainwright restated a “buy” rating and issued a $43.00 price objective on shares of BridgeBio Pharma in a research note on Wednesday, June 5th. Evercore ISI started coverage on shares of BridgeBio Pharma in a research note on Tuesday, May 14th. They issued an “outperform” rating and a $50.00 price objective for the company. Finally, UBS Group decreased their price objective on shares of BridgeBio Pharma from $51.00 to $47.00 and set a “buy” rating for the company in a research note on Tuesday, May 28th. Two research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $47.62.

BridgeBio Pharma Stock Performance

Shares of NASDAQ:BBIO opened at $27.61 on Thursday. The company has a 50-day simple moving average of $27.50 and a 200-day simple moving average of $31.95. BridgeBio Pharma has a one year low of $14.78 and a one year high of $44.32. The stock has a market capitalization of $5.17 billion, a price-to-earnings ratio of -8.57 and a beta of 1.08.

BridgeBio Pharma (NASDAQ:BBIO) last announced its earnings results on Thursday, May 2nd. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.35. The business had revenue of $211.12 million during the quarter, compared to analysts’ expectations of $140.06 million. As a group, research analysts forecast that BridgeBio Pharma will post -3.2 EPS for the current fiscal year.

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.