Why did BridgeBio Pharma stock go down today? Insider sales
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- BridgeBio Pharma (NASDAQ:BBIO), a drug developer targeting genetic diseases, lost ~4% on Monday after a few leading members of its management team, including its chief executive, sold more than $2M worth of company shares.
- According to two separate regulatory filings on Friday, BridgeBio (BBIO) founder and CEO Neil Kumar and CFO Brian Stephenson sold over 175K company shares last week under a previously adopted trading plan.
- Kumar has trimmed its BBIO stake by ~2% after selling 120.0K shares at $15.46 for a total value of ~$1.9M. Meanwhile, Stephenson has slashed his ownership by ~35%, selling 55.5K shares at $15.45 in a transaction worth ~$857.7K.
- The insider sales come days after the company shares surged in reaction to rumors of a decision to cancel a conference presentation amid reports of potential takeover interest from big pharma.