BridgeBio Oncology Therapeutics, Inc (NASDAQ:BBOT) Sees Significant Decline in Short Interest

BridgeBio Oncology Therapeutics, Inc (NASDAQ:BBOT) was the recipient of a significant decrease in short interest during the month of September. As of September 15th, there was short interest totaling 3,595,979 shares, a decrease of 41.9% from the August 31st total of 6,193,538 shares. Based on an average daily trading volume, of 824,822 shares, the short-interest ratio is currently 4.4 days. Approximately 5.9% of the company’s stock are sold short.

BridgeBio Oncology Therapeutics Stock Performance

BridgeBio Oncology Therapeutics stock opened at $3.94 on Friday. BridgeBio Oncology Therapeutics has a fifty-two week low of $3.79 and a fifty-two week high of $14.87. The firm’s 50-day simple moving average is $7.48 and its 200 day simple moving average is $8.11. The stock has a market cap of $315.87 million, a PE ratio of -1.43 and a beta of 0.67.

BridgeBio Oncology Therapeutics (NASDAQ:BBOT) last posted its earnings results on Tuesday, August 11th. The company reported ($705.20) EPS for the quarter. As a group, analysts predict that BridgeBio Oncology Therapeutics will post -2.79 EPS for the current fiscal year.

Analysts Set New Price Targets

BBOT has been the subject of several recent research reports. Canaccord Genuity Group decreased their target price on shares of BridgeBio Oncology Therapeutics from $23.00 to $20.00 and set a “buy” rating for the company in a research report on Wednesday, September 9th. Oppenheimer started coverage on shares of BridgeBio Oncology Therapeutics in a research report on Monday, June 22nd. They issued an “outperform” rating and a $22.00 price target on the stock. Wall Street Zen downgraded BridgeBio Oncology Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Saturday, September 12th. Stifel Nicolaus decreased their price objective on BridgeBio Oncology Therapeutics from $23.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, September 9th. Finally, JPMorgan Chase & Co. lowered their price objective on BridgeBio Oncology Therapeutics from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Friday, September 11th. Nine equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, BridgeBio Oncology Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $22.88.

Hedge Funds Weigh In On BridgeBio Oncology Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Tema ETFs LLC increased its stake in shares of BridgeBio Oncology Therapeutics by 13.6% during the 2nd quarter. Tema ETFs LLC now owns 93,339 shares of the company’s stock worth $711,000 after purchasing an additional 11,167 shares during the last quarter. Tidal Investments LLC lifted its stake in BridgeBio Oncology Therapeutics by 13.6% in the second quarter. Tidal Investments LLC now owns 93,339 shares of the company’s stock valued at $711,000 after purchasing an additional 11,167 shares during the last quarter. BIT Capital GmbH purchased a new position in BridgeBio Oncology Therapeutics in the fourth quarter valued at approximately $313,000. Renaissance Technologies LLC grew its holdings in BridgeBio Oncology Therapeutics by 37.1% during the first quarter. Renaissance Technologies LLC now owns 101,900 shares of the company’s stock valued at $912,000 after purchasing an additional 27,600 shares during the period. Finally, Avidity Partners Management LP bought a new position in BridgeBio Oncology Therapeutics during the first quarter valued at $392,000. 54.89% of the stock is owned by hedge funds and other institutional investors.

BridgeBio Oncology Therapeutics Company Profile

BridgeBio Oncology Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing precision medicines for genetically defined cancers. The company seeks to address cancer-driving alterations that may be underserved by existing treatments, using targeted therapies designed to match the molecular characteristics of individual tumors.

Its pipeline includes BBO-8520, an investigational KRAS G12C inhibitor designed to target both active and inactive forms of the KRAS G12C protein.