Allspring Global Investments Holdings LLC Has $77.78 Million Stock Holdings in BridgeBio Pharma, Inc. $BBIO

Allspring Global Investments Holdings LLC lifted its stake in BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 14,211.5% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 994,220 shares of the company’s stock after purchasing an additional 987,273 shares during the period. Allspring Global Investments Holdings LLC owned 0.52% of BridgeBio Pharma worth $77,783,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in BBIO. Jones Financial Companies Lllp bought a new position in BridgeBio Pharma during the first quarter worth about $35,000. Legal & General Group Plc lifted its holdings in BridgeBio Pharma by 17.5% during the second quarter. Legal & General Group Plc now owns 159,573 shares of the company’s stock worth $6,890,000 after acquiring an additional 23,716 shares in the last quarter. Steward Partners Investment Advisory LLC grew its stake in BridgeBio Pharma by 22.3% in the second quarter. Steward Partners Investment Advisory LLC now owns 1,250 shares of the company’s stock valued at $54,000 after acquiring an additional 228 shares during the period. Choreo LLC bought a new stake in shares of BridgeBio Pharma in the second quarter worth about $224,000. Finally, Capital Fund Management S.A. bought a new stake in shares of BridgeBio Pharma in the second quarter worth about $3,111,000. 99.85% of the stock is owned by institutional investors and hedge funds.

BridgeBio Pharma Trading Up 7.1%

NASDAQ BBIO opened at $74.26 on Wednesday. The company has a market cap of $14.40 billion, a PE ratio of -19.65 and a beta of 1.13. BridgeBio Pharma, Inc. has a 12 month low of $28.33 and a 12 month high of $84.94. The stock has a 50 day moving average of $71.65 and a 200-day moving average of $67.73.

BridgeBio Pharma (NASDAQ:BBIO) last issued its earnings results on Tuesday, February 24th. The company reported ($1.00) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.75) by ($0.25). The company had revenue of $154.18 million for the quarter, compared to analyst estimates of $150.71 million. During the same quarter last year, the firm posted ($1.40) EPS. The company’s revenue was up 2521.2% compared to the same quarter last year. As a group, sell-side analysts predict that BridgeBio Pharma, Inc. will post -3.67 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. TD Cowen reiterated a “buy” rating on shares of BridgeBio Pharma in a report on Monday, January 12th. JPMorgan Chase & Co. upped their price objective on BridgeBio Pharma from $89.00 to $94.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 10th. Sanford C. Bernstein began coverage on BridgeBio Pharma in a report on Thursday, December 11th. They set an “outperform” rating and a $94.00 price objective for the company. William Blair started coverage on shares of BridgeBio Pharma in a report on Tuesday, March 10th. They issued an “outperform” rating on the stock. Finally, Mizuho raised their target price on shares of BridgeBio Pharma from $91.00 to $106.00 and gave the company an “outperform” rating in a research report on Wednesday, March 18th. Twenty-three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $86.75.

Insider Transactions at BridgeBio Pharma

In other news, Director Andrea Ellis sold 64,921 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $64.87, for a total value of $4,211,425.27. Following the completion of the sale, the director directly owned 18,589 shares of the company’s stock, valued at $1,205,868.43. This trade represents a 77.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Randal W. Scott sold 10,000 shares of BridgeBio Pharma stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $75.46, for a total value of $754,600.00. Following the transaction, the director owned 11,589 shares of the company’s stock, valued at $874,505.94. This represents a 46.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 237,084 shares of company stock valued at $16,608,419. Company insiders own 18.20% of the company’s stock.

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.