Assenagon Asset Management S.A. Trims Stake in BridgeBio Pharma, Inc. $BBIO

Assenagon Asset Management S.A. decreased its holdings in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 26.1% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 258,904 shares of the company’s stock after selling 91,507 shares during the period. Assenagon Asset Management S.A. owned approximately 0.14% of BridgeBio Pharma worth $13,447,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of BridgeBio Pharma in the 2nd quarter valued at about $84,488,000. Driehaus Capital Management LLC bought a new position in shares of BridgeBio Pharma in the first quarter worth approximately $51,874,000. Invesco Ltd. raised its stake in BridgeBio Pharma by 27.0% in the second quarter. Invesco Ltd. now owns 2,801,065 shares of the company’s stock valued at $120,950,000 after purchasing an additional 594,902 shares in the last quarter. Franklin Resources Inc. lifted its position in BridgeBio Pharma by 142.1% during the second quarter. Franklin Resources Inc. now owns 821,405 shares of the company’s stock valued at $35,468,000 after purchasing an additional 482,149 shares during the last quarter. Finally, Duquesne Family Office LLC bought a new stake in BridgeBio Pharma during the first quarter valued at approximately $15,143,000. 99.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on BBIO shares. Sanford C. Bernstein started coverage on shares of BridgeBio Pharma in a research report on Thursday, December 11th. They set an “outperform” rating and a $94.00 price objective on the stock. JPMorgan Chase & Co. increased their target price on BridgeBio Pharma from $76.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, November 7th. Leerink Partners raised their price target on BridgeBio Pharma from $75.00 to $86.00 and gave the company an “outperform” rating in a research report on Monday, December 15th. Cantor Fitzgerald lifted their price target on BridgeBio Pharma from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. Finally, HC Wainwright reiterated a “buy” rating and set a $90.00 price objective on shares of BridgeBio Pharma in a research report on Monday, November 3rd. Twenty-one equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $76.25.

BridgeBio Pharma Price Performance

BBIO opened at $76.30 on Friday. The stock’s 50 day simple moving average is $66.10 and its 200 day simple moving average is $53.98. The firm has a market cap of $14.70 billion, a price-to-earnings ratio of -18.25 and a beta of 1.26. BridgeBio Pharma, Inc. has a 1 year low of $26.02 and a 1 year high of $77.20.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings data on Wednesday, October 29th. The company reported ($0.95) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.07). The firm had revenue of $120.70 million during the quarter, compared to analysts’ expectations of $107.71 million. The business’s revenue for the quarter was up 4318.0% on a year-over-year basis. During the same period in the previous year, the business posted ($0.86) earnings per share. As a group, sell-side analysts anticipate that BridgeBio Pharma, Inc. will post -3.67 EPS for the current year.

Insider Buying and Selling at BridgeBio Pharma

In related news, CEO Neil Kumar sold 40,000 shares of BridgeBio Pharma stock in a transaction on Wednesday, October 8th. The shares were sold at an average price of $54.78, for a total value of $2,191,200.00. Following the sale, the chief executive officer owned 855,686 shares in the company, valued at $46,874,479.08. The trade was a 4.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Andrew Lo sold 55,000 shares of the business’s stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $65.69, for a total transaction of $3,612,950.00. Following the transaction, the director directly owned 50,583 shares in the company, valued at approximately $3,322,797.27. The trade was a 52.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 587,215 shares of company stock worth $38,801,501 over the last three months. 18.20% of the stock is owned by corporate insiders.

About BridgeBio Pharma

BridgeBio Pharma, Inc is a clinical-stage biopharmaceutical company headquartered in Palo Alto, California. Founded in 2015 by Neil Kumar, the company is dedicated to discovering, developing and delivering transformative medicines for patients with genetic diseases and cancers. BridgeBio operates an integrated model that spans target identification, preclinical research, clinical development and commercialization, aiming to streamline the process from bench to bedside.

BridgeBio’s pipeline comprises multiple therapeutic modalities, including small molecules, biologics and genetic therapies.