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Neil Kumar, the CEO of BridgeBio Pharma, Inc. (NASDAQ:BBIO), recently sold 75,000 shares of the company’s common stock. The transaction, which took place on March 25, was conducted under a Rule 10b5-1 sales plan that Kumar adopted on March 22, 2024. The shares were sold at a weighted average price of $36.87, within a range of $36.55 to $37.53, amounting to a total value of approximately $2.76 million. The sale comes as BridgeBio, now valued at $6.93 billion, has seen its stock surge 44.75% over the past six months. According to InvestingPro analysis, the stock appears to be trading near its Fair Value.
Following this sale, Kumar holds 4,948,447 shares indirectly, through the Kumar Haldea Revocable Trust and the Kumar Haldea Family Irrevocable Trust, where he serves as a co-trustee. Additionally, he directly owns 211,718 shares of BridgeBio Pharma stock.
The transaction highlights Kumar’s continued involvement in the company, while also managing his investment portfolio through structured sales plans.
In other recent news, BridgeBio Pharma, Inc. announced the Japanese Ministry of Health, Labour and Welfare’s approval of its drug Beyonttra for treating transthyretin-mediated amyloid cardiomyopathy (ATTR-CM). This approval follows successful Phase 3 trials showing significant reductions in cardiovascular hospitalizations and mortality. As a result, BridgeBio will receive a $30 million milestone payment from Alexion (NASDAQ:ALXN), AstraZeneca (NASDAQ:AZN) Rare Disease, and earn royalties from future sales in Japan. Meanwhile, Cantor Fitzgerald maintained an Overweight rating on BridgeBio Pharma, setting a price target of $95, reflecting confidence in the company’s market strategy despite complexities in Medicare drug coverage. In a separate development, BridgeBio announced a $500 million convertible notes offering, aimed at refinancing existing debt to reduce interest expenses and enhance operational flexibility. The company plans to use some proceeds to repurchase shares, potentially impacting stock market dynamics. Additionally, Deep Track Capital, holding a significant stake in Dynavax (NASDAQ:DVAX) Technologies Corporation, has nominated candidates for Dynavax’s board, advocating for strategic changes and improved shareholder representation. Deep Track Capital is pushing for a board revamp, highlighting concerns about Dynavax’s financial strategies, particularly the issuance of convertible notes.
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