DAVENPORT & Co LLC Makes New Investment in BridgeBio Pharma, Inc. $BBIO

DAVENPORT & Co LLC bought a new position in BridgeBio Pharma, Inc. (NASDAQ:BBIO) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 4,800 shares of the company’s stock, valued at approximately $207,000.

Several other hedge funds and other institutional investors have also bought and sold shares of BBIO. GAMMA Investing LLC boosted its stake in BridgeBio Pharma by 5,811.5% in the first quarter. GAMMA Investing LLC now owns 31,804 shares of the company’s stock worth $1,099,000 after buying an additional 31,266 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in BridgeBio Pharma by 29.4% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 30,802 shares of the company’s stock worth $1,065,000 after buying an additional 6,997 shares in the last quarter. Diversified Trust Co boosted its stake in shares of BridgeBio Pharma by 25.3% during the first quarter. Diversified Trust Co now owns 34,866 shares of the company’s stock valued at $1,205,000 after purchasing an additional 7,039 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in shares of BridgeBio Pharma during the first quarter valued at approximately $251,000. Finally, First Bank & Trust boosted its stake in shares of BridgeBio Pharma by 13.7% during the first quarter. First Bank & Trust now owns 8,493 shares of the company’s stock valued at $294,000 after purchasing an additional 1,022 shares during the period. Hedge funds and other institutional investors own 99.85% of the company’s stock.

Insiders Place Their Bets

In other BridgeBio Pharma news, Director Andrea Ellis sold 17,167 shares of the stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $49.00, for a total value of $841,183.00. Following the completion of the transaction, the director owned 18,589 shares in the company, valued at approximately $910,861. This represents a 48.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Neil Kumar sold 40,000 shares of the stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $54.78, for a total value of $2,191,200.00. Following the completion of the transaction, the chief executive officer owned 855,686 shares of the company’s stock, valued at approximately $46,874,479.08. This trade represents a 4.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 597,913 shares of company stock valued at $29,034,227 in the last 90 days. Corporate insiders own 18.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on BBIO. Piper Sandler increased their price objective on BridgeBio Pharma from $63.00 to $68.00 and gave the company an “overweight” rating in a research note on Monday, July 14th. Truist Financial began coverage on BridgeBio Pharma in a research note on Monday, July 21st. They set a “buy” rating and a $66.00 price objective for the company. Citigroup increased their price objective on BridgeBio Pharma from $58.00 to $67.00 and gave the company a “buy” rating in a research note on Friday, July 11th. JPMorgan Chase & Co. increased their price objective on BridgeBio Pharma from $55.00 to $70.00 and gave the company an “overweight” rating in a research note on Wednesday, September 3rd. Finally, Bank of America increased their price objective on BridgeBio Pharma from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, June 25th. Seventeen research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $63.94.

BridgeBio Pharma Trading Up 0.8%

BBIO opened at $55.96 on Tuesday. The stock has a fifty day simple moving average of $51.26 and a two-hundred day simple moving average of $43.12. The company has a market cap of $10.70 billion, a price-to-earnings ratio of -13.68 and a beta of 1.36. BridgeBio Pharma, Inc. has a 12-month low of $21.72 and a 12-month high of $56.24.

BridgeBio Pharma (NASDAQ:BBIO) last posted its quarterly earnings data on Tuesday, August 5th. The company reported ($0.95) earnings per share (EPS) 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 analyst estimates of $98.46 million. The company’s quarterly revenue was up 4999.9% compared to the same quarter last year. During the same period last year, the business posted ($0.39) EPS. On average, analysts predict that BridgeBio Pharma, Inc. will post -3.67 EPS for the current year.

BridgeBio Pharma Company Profile

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.