Cinctive Capital Management LP Sells 98,688 Shares of BridgeBio Pharma, Inc. $BBIO

Cinctive Capital Management LP trimmed its stake in BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 50.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 95,672 shares of the company’s stock after selling 98,688 shares during the quarter. Cinctive Capital Management LP’s holdings in BridgeBio Pharma were worth $4,969,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of BridgeBio Pharma in the 2nd quarter worth approximately $25,000. Aster Capital Management DIFC Ltd purchased a new position in BridgeBio Pharma in the third quarter valued at approximately $31,000. Harvest Fund Management Co. Ltd bought a new position in BridgeBio Pharma during the third quarter valued at $34,000. Jones Financial Companies Lllp bought a new position in BridgeBio Pharma during the first quarter valued at $35,000. Finally, First Horizon Corp purchased a new stake in BridgeBio Pharma in the third quarter worth $36,000. 99.85% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on BBIO shares. Barclays restated an “overweight” rating on shares of BridgeBio Pharma in a research note on Tuesday, March 10th. Leerink Partners reissued an “outperform” rating and issued a $98.00 price objective on shares of BridgeBio Pharma in a report on Thursday. Raymond James Financial set a $89.00 price objective on BridgeBio Pharma and gave the company an “outperform” rating in a research note on Thursday, February 12th. HC Wainwright upped their price objective on shares of BridgeBio Pharma from $90.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, February 17th. Finally, Wells Fargo & Company increased their target price on shares of BridgeBio Pharma from $88.00 to $98.00 and gave the stock an “overweight” rating in a research report on Friday, February 13th. Twenty-three research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.95.

BridgeBio Pharma Price Performance

NASDAQ BBIO opened at $69.41 on Monday. The company’s 50 day simple moving average is $72.97 and its two-hundred day simple moving average is $66.18. BridgeBio Pharma, Inc. has a 1 year low of $28.33 and a 1 year high of $84.94. The stock has a market capitalization of $13.46 billion, a PE ratio of -18.36 and a beta of 1.13.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings results on Tuesday, February 24th. The company reported ($1.00) EPS for the quarter, missing analysts’ consensus estimates of ($0.75) by ($0.25). The firm had revenue of $154.18 million for the quarter, compared to analysts’ expectations of $150.71 million. BridgeBio Pharma’s quarterly revenue was up 2521.2% on a year-over-year basis. During the same period in the prior year, the business earned ($1.40) EPS. On average, research analysts anticipate that BridgeBio Pharma, Inc. will post -3.67 EPS for the current year.

Insider Activity at BridgeBio Pharma

In other BridgeBio Pharma news, Director Andrea Ellis sold 64,921 shares of the firm’s stock in a transaction dated 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 sale, the director owned 18,589 shares of the company’s stock, valued at $1,205,868.43. This trade represents a 77.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Thomas Trimarchi sold 13,600 shares of BridgeBio Pharma stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $74.72, for a total value of $1,016,192.00. Following the sale, the chief financial officer owned 336,585 shares of the company’s stock, valued at approximately $25,149,631.20. This trade represents a 3.88% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 197,084 shares of company stock valued at $13,859,219 in the last ninety days. 18.20% of the stock is currently owned by corporate insiders.

BridgeBio Pharma Profile

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.