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Neil Kumar, the Chief Executive Officer of BridgeBio Pharma, Inc. (NASDAQ:BBIO), recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Kumar disposed of a total of 75,000 shares of common stock, amounting to approximately $2.52 million. The sales were executed at prices ranging from $33.36 to $33.79 per share, close to the current trading price of $34.25. InvestingPro data shows the stock has experienced a 9% decline over the past week, though it maintains a strong 34% gain over the past six months.
These transactions were conducted under a Rule 10b5-1 sales plan, which Kumar adopted on March 22, 2024. Following these sales, Kumar holds 5,023,447 shares indirectly through the Kumar Haldea Revocable Trust, where he serves as a co-trustee. Additionally, he directly owns 211,718 shares and has indirect ownership of 995,686 shares through the Kumar Haldea Family Irrevocable Trust. The company, currently valued at $6.5 billion, maintains strong liquidity with a current ratio of 4.67.
The sales reflect Kumar’s ongoing management of his portfolio, with the transactions aimed at diversifying his financial interests while maintaining a significant stake in BridgeBio Pharma. For deeper insights into BBIO’s valuation and financial health metrics, including exclusive ProTips and comprehensive analysis, visit InvestingPro, where you’ll find detailed research reports covering over 1,400 US stocks.
In other recent news, BridgeBio Pharma has announced a $500 million offering of convertible senior notes due in 2031 to qualified institutional buyers, with an option to purchase an additional $75 million in notes. The proceeds are intended to repay and terminate the company’s existing Financing Agreement, which will reduce interest expenses and increase operational flexibility. Additionally, BridgeBio plans to use up to $50 million of the net proceeds to repurchase shares of its common stock. In earnings news, BridgeBio reported fourth-quarter 2024 net product revenues of $2.9 million, exceeding both Scotiabank (TSX:BNS)’s initial estimate of $0 million and the consensus estimate of $0.2 million. Scotiabank subsequently raised its price target for BridgeBio shares to $52, citing the strong commercial performance of the drug Attruby. Piper Sandler maintained its $46 price target and Overweight rating based on a survey of cardiologists, which suggests promising prospects for Attruby’s launch in 2025. The survey projected Attruby’s 2025 sales at $205 million, surpassing previous estimates. Furthermore, BridgeBio’s European partner, Bayer (OTC:BAYRY), has received marketing authorization from the European Commission for acoramidis under the brand name Beyonttra, marking a significant milestone for the company.
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