Castleark Management LLC Has $6.07 Million Position in BridgeBio Pharma, Inc. $BBIO

Castleark Management LLC lessened its holdings in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 28.3% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 81,737 shares of the company’s stock after selling 32,280 shares during the period. Castleark Management LLC’s holdings in BridgeBio Pharma were worth $6,070,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BBIO. Jones Financial Companies Lllp acquired a new position in BridgeBio Pharma during the 1st quarter worth about $35,000. First Trust Advisors LP increased its position in BridgeBio Pharma by 200.4% in the 2nd quarter. First Trust Advisors LP now owns 263,693 shares of the company’s stock valued at $11,386,000 after acquiring an additional 175,918 shares in the last quarter. Baird Financial Group Inc. raised its stake in shares of BridgeBio Pharma by 1.8% in the second quarter. Baird Financial Group Inc. now owns 42,057 shares of the company’s stock worth $1,816,000 after acquiring an additional 731 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in shares of BridgeBio Pharma in the second quarter worth about $1,650,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of BridgeBio Pharma by 2.4% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 95,326 shares of the company’s stock worth $4,132,000 after purchasing an additional 2,206 shares in the last quarter. 99.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Mizuho decreased their price target on shares of BridgeBio Pharma from $106.00 to $96.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 16th. Raymond James Financial cut shares of BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 26th. Canaccord Genuity Group assumed coverage on BridgeBio Pharma in a report on Wednesday, June 3rd. They set a “buy” rating and a $104.00 price objective on the stock. Citigroup increased their price objective on BridgeBio Pharma from $82.00 to $93.00 and gave the company a “neutral” rating in a research report on Thursday, July 16th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of BridgeBio Pharma in a research note on Friday, May 15th. Twenty analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $95.21.

BridgeBio Pharma Stock Performance

BBIO opened at $84.12 on Tuesday. The company has a fifty day moving average price of $73.07 and a two-hundred day moving average price of $72.59. The firm has a market capitalization of $16.48 billion, a PE ratio of -22.49 and a beta of 0.95. BridgeBio Pharma, Inc. has a 52 week low of $42.09 and a 52 week high of $93.42.

BridgeBio Pharma (NASDAQ:BBIO) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.84) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.14). The firm had revenue of $194.51 million during the quarter, compared to the consensus estimate of $178.07 million. During the same quarter in the prior year, the business posted ($0.88) earnings per share. The firm’s revenue for the quarter was up 66.8% compared to the same quarter last year. Equities analysts forecast that BridgeBio Pharma, Inc. will post -2.27 EPS for the current year.

Insiders Place Their Bets

In other BridgeBio Pharma news, Director Hannah Valantine sold 2,196 shares of the stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $68.57, for a total value of $150,579.72. Following the transaction, the director owned 9,259 shares of the company’s stock, valued at approximately $634,889.63. This represents a 19.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Thomas Trimarchi sold 13,651 shares of the firm’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $65.08, for a total value of $888,407.08. Following the transaction, the chief financial officer owned 359,194 shares in the company, valued at approximately $23,376,345.52. This trade represents a 3.66% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 432,117 shares of company stock valued at $32,633,740 in the last ninety days. 14.23% of the stock is currently owned by 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.