BridgeBio Pharma enters the final stretch before its June 22 earnings with a cluster of insider sales at the top, a dramatic single-day shift in options sentiment, and a short position that — while elevated — has quietly been unwinding.
The most striking development this week is a coordinated wave of insider selling from BridgeBio's own leadership. CEO and founder Neil Kumar sold approximately 26,000 shares across multiple tranches on May 21, realising close to $1.8 million, just days after a separate 36,000-share sale on May 15 worth another $2.4 million. CFO Thomas Trimarchi sold nearly 13,700 shares on May 18 for roughly $888,000. Combined, the two most senior executives have sold well over $5 million worth of stock in a ten-day window, all at prices in the mid-to-high $60s. Trade significance scores are modest, suggesting these are likely structured plan sales rather than opportunistic exits, but the volume and timing — weeks ahead of a Q2 earnings date — is worth noting.
Options sentiment flipped hard on Tuesday. The put/call ratio jumped to 0.88, nearly three standard deviations above its 20-day mean of 0.28. That's close to the 52-week high of 0.95, and it contrasts sharply with the preceding three weeks, where the ratio sat consistently below 0.25. One session doesn't rewrite a trend, but the abruptness of the move — from deeply call-heavy to near-maximum defensiveness in a single day — points to fresh demand for downside protection right as the stock dipped 2% on the day.
Short interest tells a less alarming story. At 12.1% of the free float, the position is meaningful but has been drifting lower — down roughly 1.7% over the past month and fractionally softer on the week. Borrowing costs have ticked up 31% over the past week to around 0.48%, but that remains well within normal territory for a clinical-stage biotech. Availability is genuinely loose at 848%, meaning shares to borrow are plentiful relative to existing short positions. There is no squeeze dynamic building here.
The Street remains broadly constructive, despite a lone downgrade. Raymond James moved to Market Perform from Outperform on May 26, citing no price target — a cautious step back rather than an active bear call. That sits against a backdrop of recent upgrades and target raises: Evercore ISI lifted its target to $130 in early May, HC Wainwright raised to $110, and Truist moved to $102, all after the Q1 beat. Citigroup initiated at Neutral with an $82 target on May 19. The mean Street target is $102.65, around 52% above the current price of $67.73, implying the consensus sees significant room to run — though multiple compression has been the story recently, with the EV/EBITDA ratio deteriorating around 20 points over 30 days in a company still running deeply negative earnings. Among peers, EDIT gained 22% on the week and DYN added nearly 10%, while BBIO itself managed only a 2.6% weekly gain — suggesting some sector tailwind is not fully carrying through to BridgeBio.
The bull case rests on Attruby's multi-geography launch momentum, the tafamidis exclusivity runway extended to 2031 after recent settlements, and the encaleret opportunity ahead of its expected 2027 launch. The bear case is narrower: competition from injectable therapies in ATTR-CM and execution risk on a product lineup that still needs to prove commercial scale. With Q2 results on June 22, the clearest thing to watch is whether Attruby's net revenue trajectory confirms or challenges the blockbuster mid-2026 run-rate projections that underpin the current bull thesis — and whether the options market's sudden defensiveness on Tuesday was a one-day anomaly or the start of a broader pre-earnings reset.
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