BridgeBio Pharma Sees Unusually High Options Volume (NASDAQ:BBIO)

BridgeBio Pharma, Inc. (NASDAQ:BBIO) was the recipient of some unusual options trading activity on Monday. Investors acquired 20,013 call options on the stock. This is an increase of approximately 520% compared to the typical volume of 3,226 call options.

BridgeBio Pharma Price Performance

Shares of BBIO traded up $6.28 during mid-day trading on Monday, reaching $29.70. The company had a trading volume of 8,001,476 shares, compared to its average volume of 1,881,713. The company’s 50-day moving average is $24.96 and its 200-day moving average is $26.24. The company has a market capitalization of $5.61 billion, a P/E ratio of -12.34 and a beta of 1.09. BridgeBio Pharma has a twelve month low of $21.62 and a twelve month high of $44.32.

Analyst Ratings Changes

BBIO has been the subject of a number of recent analyst reports. Cantor Fitzgerald reissued an “overweight” rating and set a $70.00 price target on shares of BridgeBio Pharma in a research report on Monday, September 16th. Oppenheimer began coverage on shares of BridgeBio Pharma in a research report on Thursday, October 3rd. They issued a “market perform” rating on the stock. Piper Sandler started coverage on BridgeBio Pharma in a report on Wednesday, September 4th. They set an “overweight” rating and a $46.00 target price for the company. Bank of America raised their price target on BridgeBio Pharma from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Monday. Finally, HC Wainwright upped their price objective on BridgeBio Pharma from $43.00 to $49.00 and gave the stock a “buy” rating in a research note on Monday. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, BridgeBio Pharma has an average rating of “Moderate Buy” and an average target price of $48.21.

Insider Activity at BridgeBio Pharma

In other news, CFO Brian C. Stephenson sold 4,156 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $22.41, for a total value of $93,135.96. Following the completion of the sale, the chief financial officer now owns 93,758 shares in the company, valued at approximately $2,101,116.78. This trade represents a 4.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Neil Kumar sold 27,389 shares of BridgeBio Pharma stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $22.41, for a total transaction of $613,787.49. Following the sale, the chief executive officer now owns 4,897,443 shares in the company, valued at $109,751,697.63. This represents a 0.56 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,831,545 shares of company stock valued at $150,056,923. 24.66% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in BBIO. Geode Capital Management LLC boosted its position in BridgeBio Pharma by 3.8% in the 3rd quarter. Geode Capital Management LLC now owns 3,413,949 shares of the company’s stock valued at $86,936,000 after buying an additional 123,540 shares during the last quarter. Frazier Life Sciences Management L.P. lifted its stake in shares of BridgeBio Pharma by 3.5% during the third quarter. Frazier Life Sciences Management L.P. now owns 3,760,457 shares of the company’s stock valued at $95,741,000 after acquiring an additional 127,853 shares during the period. Barclays PLC boosted its holdings in BridgeBio Pharma by 31.9% in the third quarter. Barclays PLC now owns 545,008 shares of the company’s stock valued at $13,876,000 after acquiring an additional 131,743 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in BridgeBio Pharma in the third quarter worth about $338,000. Finally, Quarry LP raised its holdings in BridgeBio Pharma by 33.3% during the 3rd quarter. Quarry LP now owns 10,000 shares of the company’s stock worth $255,000 after purchasing an additional 2,500 shares during the last quarter. 99.85% of the stock is owned by institutional investors.

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.