Vanguard Group Inc. Cuts Stock Position in BridgeBio Pharma, Inc. (NASDAQ:BBIO)

Vanguard Group Inc. cut its holdings in BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 1.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,900,145 shares of the company’s stock after selling 177,770 shares during the quarter. Vanguard Group Inc. owned 7.85% of BridgeBio Pharma worth $515,098,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cambridge Investment Research Advisors Inc. increased its position in shares of BridgeBio Pharma by 29.4% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 30,802 shares of the company’s stock valued at $1,065,000 after buying an additional 6,997 shares in the last quarter. Capital Research Global Investors increased its position in shares of BridgeBio Pharma by 34.9% in the fourth quarter. Capital Research Global Investors now owns 3,526,747 shares of the company’s stock valued at $96,774,000 after buying an additional 912,439 shares in the last quarter. GAMMA Investing LLC increased its position in shares of BridgeBio Pharma by 71.0% in the first quarter. GAMMA Investing LLC now owns 920 shares of the company’s stock valued at $32,000 after buying an additional 382 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of BridgeBio Pharma in the first quarter valued at approximately $251,000. Finally, Legal & General Group Plc increased its position in shares of BridgeBio Pharma by 2.8% in the fourth quarter. Legal & General Group Plc now owns 134,038 shares of the company’s stock valued at $3,678,000 after buying an additional 3,706 shares in the last quarter. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Neil Kumar sold 75,000 shares of the company’s stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $33.40, for a total value of $2,505,000.00. Following the transaction, the chief executive officer owned 4,798,447 shares of the company’s stock, valued at $160,268,129.80. This represents a 1.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Global Investors Lp Viking sold 3,500,000 shares of the company’s stock in a transaction on Friday, June 27th. The shares were sold at an average price of $44.00, for a total value of $154,000,000.00. Following the completion of the transaction, the insider directly owned 18,555,375 shares in the company, valued at approximately $816,436,500. This trade represents a 15.87% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,108,322 shares of company stock worth $180,497,526. Corporate insiders own 18.20% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on BBIO. UBS Group boosted their price target on BridgeBio Pharma from $65.00 to $72.00 and gave the stock a “buy” rating in a research report on Wednesday, April 30th. Wells Fargo & Company boosted their price target on BridgeBio Pharma from $67.00 to $76.00 and gave the stock an “overweight” rating in a research report on Monday, June 30th. Oppenheimer boosted their price target on BridgeBio Pharma from $60.00 to $61.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 6th. Scotiabank boosted their price target on BridgeBio Pharma from $55.00 to $57.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, August 6th. Finally, Bank of America boosted their price target on BridgeBio Pharma from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, June 25th. One analyst has rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $61.35.

BridgeBio Pharma Stock Performance

NASDAQ BBIO opened at $51.18 on Friday. The stock’s fifty day moving average is $44.65 and its two-hundred day moving average is $37.83. The firm has a market capitalization of $9.78 billion, a P/E ratio of -12.51 and a beta of 1.23. BridgeBio Pharma, Inc. has a fifty-two week low of $21.72 and a fifty-two week high of $51.86.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings data on Tuesday, August 5th. The company reported ($0.95) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.83) by ($0.12). The business had revenue of $110.57 million during the quarter, compared to the consensus estimate of $98.46 million. During the same quarter in the prior year, the business earned ($0.39) earnings per share. The business’s revenue was up 4999.9% compared to the same quarter last year. As a group, sell-side analysts forecast that BridgeBio Pharma, Inc. will post -3.67 EPS for the current year.

About BridgeBio Pharma

BridgeBio Pharma, Inc, a commercial-stage biopharmaceutical company, discovers, creates, tests, and delivers transformative medicines to treat patients who suffer from genetic diseases and cancers. Its products in development programs include AG10, a next-generation oral small molecule near-complete TTR stabilizer that is in Phase 3 clinical trial for the treatment of TTR amyloidosis, or transthyretin amyloid cardiomyopathy (ATTR-CM); low-dose infigratinib, an oral FGFR1-3 selective tyrosine kinase inhibitor, which is in Phase 3 double-blinded, placebo-controlled pivotal study for the treatment option for children with achondroplasia; and BBP-631, an AAV5 gene transfer product candidate that is in Phase 1/2 clinical trial for the treatment of congenital adrenal hyperplasia, or CAH, driven by 21-hydroxylase deficiency, or 21OHD.