Prosight Management LP Reduces Stock Holdings in BridgeBio Pharma, Inc. $BBIO

Prosight Management LP lessened its stake in BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 44.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 264,500 shares of the company’s stock after selling 208,187 shares during the quarter. BridgeBio Pharma makes up approximately 3.2% of Prosight Management LP’s investment portfolio, making the stock its 10th largest position. Prosight Management LP’s holdings in BridgeBio Pharma were worth $13,738,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Strs Ohio increased its holdings in BridgeBio Pharma by 1.1% during the third quarter. Strs Ohio now owns 18,600 shares of the company’s stock worth $966,000 after buying an additional 200 shares during the last quarter. GAMMA Investing LLC lifted its stake in BridgeBio Pharma by 28.6% in the third quarter. GAMMA Investing LLC now owns 1,020 shares of the company’s stock valued at $53,000 after acquiring an additional 227 shares during the last quarter. Steward Partners Investment Advisory LLC grew its position in shares of BridgeBio Pharma by 22.3% in the 2nd 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. Gabelli Funds LLC grew its position in shares of BridgeBio Pharma by 0.3% in the 2nd quarter. Gabelli Funds LLC now owns 73,750 shares of the company’s stock valued at $3,185,000 after acquiring an additional 250 shares during the period. Finally, Main Management ETF Advisors LLC increased its stake in shares of BridgeBio Pharma by 1.7% during the 2nd quarter. Main Management ETF Advisors LLC now owns 22,723 shares of the company’s stock worth $981,000 after purchasing an additional 372 shares during the last quarter. 99.85% of the stock is owned by institutional investors.

BridgeBio Pharma Stock Performance

NASDAQ BBIO opened at $69.41 on Friday. The firm has a 50-day moving average of $72.97 and a 200-day moving average of $65.95. The stock has a market cap of $13.46 billion, a PE ratio of -18.36 and a beta of 1.13. BridgeBio Pharma, Inc. has a 52-week low of $28.33 and a 52-week high of $84.94.

BridgeBio Pharma (NASDAQ:BBIO) last announced its earnings results on Tuesday, February 24th. The company reported ($1.00) EPS for the quarter, missing the consensus estimate 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 period last year, the firm earned ($1.40) earnings per share. The business’s revenue for the quarter was up 2521.2% compared to the same quarter last year. As a group, analysts predict that BridgeBio Pharma, Inc. will post -3.67 EPS for the current fiscal year.

Insider Activity

In other news, Director Randal W. Scott sold 10,000 shares of the stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $75.46, for a total transaction of $754,600.00. Following the transaction, the director owned 11,589 shares in the company, valued at approximately $874,505.94. This trade represents a 46.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Maricel Apuli sold 510 shares of BridgeBio Pharma stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $74.31, for a total value of $37,898.10. Following the sale, the chief accounting officer directly owned 123,945 shares of the company’s stock, valued at approximately $9,210,352.95. The trade was a 0.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 227,095 shares of company stock valued at $16,099,240. Company insiders own 18.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley upped their target price on shares of BridgeBio Pharma from $96.00 to $98.00 and gave the company an “overweight” rating in a report on Wednesday, February 25th. Truist Financial boosted their price target on BridgeBio Pharma from $86.00 to $95.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. 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. Leerink Partners reaffirmed an “outperform” rating and issued a $98.00 price objective on shares of BridgeBio Pharma in a research report on Thursday. Finally, JPMorgan Chase & Co. lifted their target price on BridgeBio Pharma from $89.00 to $94.00 and gave the stock an “overweight” rating in a research note on Tuesday. Twenty-three analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $83.95.

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.