Stock of the Day

July 12, 2019

BridgeBio Pharma (BBIO)

$76.59
-$0.01 (-0.0%)
Market Cap: $14.97B

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. The company also develops Encaleret, a small molecule antagonist of the calcium sensing receptor, or CaSR, which is in phase 3 clinical trial for treating autosomal dominant hypocalcemia type 1, or ADH1; and BBP-418, a glycosylation substrate pro-drug that is in Phase 3 clinical trial for treating limb-girdle muscular dystrophy type 2I/R9 (LGMD2I/R9). In addition, it engages in developing products for mendelian, oncology, and gene therapy diseases. BridgeBio Pharma, Inc. has license and collaboration agreements with the Leland Stanford Junior University; and Leidos Biomedical Research, Inc. The company was founded in 2015 and is headquartered in Palo Alto, California.

Today's Trend

BridgeBio Pharma, Inc. (NASDAQ: BBIO) has faced selling pressure after an existing shareholder launched a large secondary offering. The transaction does not dilute the company because BridgeBio is not issuing shares and will receive no proceeds, but the additional stock supply may weigh on the share price in the near term.

  • BridgeBio priced the oversubscribed sale of 5 million shares by KKR Genetic Disorder L.P. The company said the offering should diversify its institutional shareholder base and support greater long-term ownership. BridgeBio Pharma Announces Pricing of Oversubscribed Secondary Offering
  • Analyst sentiment remains broadly constructive. Truist raised its price target to $107, while TD Cowen lifted its target to $110; Canaccord Genuity, JPMorgan, Wells Fargo and Piper Sandler analysts also reportedly expect further appreciation. Truist Raises BridgeBio Price Target TD Cowen Raises BridgeBio Price Target
  • KKR reportedly allocated nearly 60% of the offering to five firms, suggesting meaningful institutional demand and potentially reducing uncertainty around the resale. KKR Assigned BridgeBio Stock Sale to Five Firms
  • The 5 million-share secondary offering creates a near-term supply overhang, particularly because the company will not benefit financially from the sale. KKR’s decision to sell may also prompt investor concerns about shareholder support, even though the offering is not a new issuance by BridgeBio. BridgeBio Launches Secondary Offering
  • Morgan Stanley issued a pessimistic forecast, providing a counterweight to the otherwise favorable analyst commentary. Morgan Stanley BridgeBio Forecast
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