PALO ALTO, CA—Brian C. Stephenson, the Chief Financial Officer of BridgeBio Pharma, Inc. (NASDAQ:BBIO), has sold 4,156 shares of the company's common stock, according to a recent SEC filing. The shares were sold at a weighted average price of $22.41, totaling approximately $93,136.
The transaction was carried out under a Rule 10b5-1 sales plan, which Stephenson adopted on March 22, 2024. This plan allows insiders to set up a predetermined schedule for selling stocks, helping to avoid concerns about insider trading.
Following this sale, Stephenson maintains direct ownership of 93,758 shares of BridgeBio Pharma. The sale price of the shares ranged from $21.95 to $22.78, as detailed in the filing.
In other recent news, BridgeBio Pharma has been making significant strides in the pharmaceutical field. The company has reported encouraging results from its Phase 1/2 CANaspire trial focused on BBP-812, a gene therapy for Canavan disease, a rare and severe genetic disorder. This was underscored by Citi's reaffirmation of its Buy rating and $45.00 stock price target for BridgeBio.
In addition, BridgeBio has completed enrollment for its Phase 3 FORTIFY study of BBP-418, a potential treatment for Limb-girdle Muscular Dystrophy Type 2I/R9. The company's investigational drug, acoramidis, has also shown promising results in a post-hoc analysis of the Phase 3 ATTRibute-CM study.
Analyst firms H.C. Wainwright, BMO Capital, and Piper Sandler have maintained their respective Buy, Market Perform, and Overweight ratings on BridgeBio, reflecting the company's steady progress and potential. Furthermore, the FDA has granted Breakthrough Therapy Designation to BridgeBio's oral drug candidate infigratinib, aimed at treating children with achondroplasia.
BridgeBio has also formed a joint venture named GondolaBio, backed by a $300 million investment from a consortium of investors, aiming to expedite the development of new therapies. Despite potential regulatory challenges surrounding the drug, these recent developments underscore BridgeBio's active engagement in drug development and regulatory processes.
InvestingPro Insights
To provide additional context to Brian C. Stephenson's recent stock sale, let's examine some key financial metrics and insights from InvestingPro for BridgeBio Pharma (NASDAQ:BBIO).
As of the latest data, BridgeBio's market capitalization stands at $4.35 billion. The company's stock is currently trading near its 52-week low, which aligns with the recent insider sale at $22.41 per share. This price point represents about 52% of the stock's 52-week high, indicating a significant pullback from its peak.
An InvestingPro Tip highlights that analysts anticipate sales growth for BridgeBio in the current year. This projection could be of interest to investors considering the company's future prospects, despite the recent insider sale. However, it's worth noting that another InvestingPro Tip indicates that the company is not expected to be profitable this year, which may explain some of the stock's recent weakness.
BridgeBio's financials show a substantial revenue growth of 2,209.77% over the last twelve months as of Q3 2024, with total revenue reaching $217.76 million. This impressive growth rate suggests the company is in a rapid expansion phase, which could be a factor in the market's valuation of the stock.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights. In fact, there are 7 more InvestingPro Tips available for BridgeBio Pharma, which could provide valuable context for understanding the company's financial position and market performance.
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