Intel stock spikes after report of possible US government stake
PALO ALTO, CA—BridgeBio Pharma, Inc. (NASDAQ:BBIO), a $6.5 billion market cap biotech company whose stock has gained 37% over the past six months despite a recent 7% weekly decline, saw its CFO and Treasurer Brian C. Stephenson execute a series of stock transactions, according to a Form 4 filing with the Securities and Exchange Commission. On February 25, Stephenson sold 8,500 shares of BridgeBio’s common stock, generating a total of $282,114. The shares were sold at a weighted average price ranging between $33.1782 and $34.18 per share.
In addition to the stock sale, Stephenson exercised options to acquire 8,500 shares at $17 per share, with a total transaction value of $144,500. These transactions were conducted under a Rule 10b5-1 sales plan, which was adopted by Stephenson on March 22, 2024. Following these transactions, Stephenson holds 102,464 shares directly.
The stock sales and option exercises are part of routine financial planning and portfolio management activities by company executives. Investors often monitor such transactions for insights into executive sentiment and company performance. InvestingPro analysis suggests the stock is currently trading slightly above its Fair Value, with analyst price targets ranging from $36 to $95. Get access to 8 additional ProTips and comprehensive financial analysis through InvestingPro’s detailed research reports.
In other recent news, BridgeBio Pharma has announced a $500 million convertible notes offering, with an additional $75 million option for buyers. The proceeds are intended to repay and terminate the company’s existing Financing Agreement, which will reduce interest expenses and enhance operational flexibility. BridgeBio plans to use up to $50 million of the remaining proceeds to repurchase shares of its common stock. In another development, Scotiabank (TSX:BNS) analyst Greg Harrison raised the price target for BridgeBio shares to $52, citing the successful commercial performance of Attruby for transthyretin amyloid cardiomyopathy. BridgeBio’s fourth-quarter net product revenues of $2.9 million exceeded both Scotiabank’s and consensus estimates. Piper Sandler also reaffirmed its Overweight rating and $46 price target for BridgeBio shares based on a survey of cardiologists indicating promising prospects for Attruby in 2025. Additionally, the European Commission has granted marketing authorization for acoramidis, branded as Beyonttra, expanding the potential market for BridgeBio and its partner Bayer (OTC:BAYRY).
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