BBIO - BridgeBio jumps 18% amid rumors about decision to pull out of conference
2023-03-29 12:12:50 ET
- BridgeBio Pharma ( NASDAQ: BBIO ), a potential buyout target, added ~18% on Wednesday, recording the second-best intraday gain for the year, amid market rumors that the company has decided to pull out of a conference next week.
- BridgeBio ( BBIO ) was not immediately available for Seeking Alpha’s requests for comments on the unconfirmed reports.
- ~6.3M BBIO shares have changed hands so far, compared to the 65-day average of ~2.8M.
- A recent Bloomberg report about potential acquisition interest in the Palo Alto, California-based company sparked a brief rally in its shares late last week.
- However, despite today’s upsurge, the stock has yet to reach the levels seen in early March when the company shares surged in reaction to Phase 2 data for its achondroplasia candidate infigratinib.
- Read: Issuing a Hold rating on BBIO, Seeking Alpha contributor Chris Lau warns against falling prey to the rally.
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BridgeBio jumps 18% amid rumors about decision to pull out of conference