M&T Bank Corp Purchases Shares of 388,019 BridgeBio Pharma, Inc. $BBIO

M&T Bank Corp purchased a new stake in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) during the fourth quarter, HoldingsChannel reports. The institutional investor purchased 388,019 shares of the company’s stock, valued at approximately $29,680,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Aster Capital Management DIFC Ltd acquired a new position in BridgeBio Pharma during the third quarter valued at approximately $31,000. Harvest Fund Management Co. Ltd acquired a new position in BridgeBio Pharma during the third quarter valued at approximately $34,000. Jones Financial Companies Lllp acquired a new position in BridgeBio Pharma during the first quarter valued at approximately $35,000. First Horizon Corp acquired a new position in BridgeBio Pharma during the third quarter valued at approximately $36,000. Finally, Huntington National Bank lifted its position in BridgeBio Pharma by 111.7% during the third quarter. Huntington National Bank now owns 743 shares of the company’s stock valued at $39,000 after buying an additional 392 shares in the last quarter. 99.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on BBIO shares. Raymond James Financial set a $89.00 price target on shares of BridgeBio Pharma and gave the company an “outperform” rating in a research report on Thursday, February 12th. Truist Financial lifted their price target on shares of BridgeBio Pharma from $86.00 to $95.00 and gave the company a “buy” rating in a research report on Wednesday, February 25th. Morgan Stanley lifted their price target on shares of BridgeBio Pharma from $96.00 to $98.00 and gave the company an “overweight” rating in a research report on Wednesday, February 25th. William Blair assumed coverage on shares of BridgeBio Pharma in a research note on Tuesday, March 10th. They set an “outperform” rating on the stock. Finally, Royal Bank Of Canada assumed coverage on shares of BridgeBio Pharma in a research note on Thursday, April 9th. They set an “outperform” rating and a $100.00 price objective on the stock. Twenty-four equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, BridgeBio Pharma presently has an average rating of “Moderate Buy” and an average price target of $87.38.

BridgeBio Pharma Trading Down 2.3%

Shares of NASDAQ:BBIO opened at $74.44 on Thursday. The company has a fifty day simple moving average of $71.59 and a 200 day simple moving average of $70.25. The firm has a market cap of $14.43 billion, a PE ratio of -19.69 and a beta of 1.09. BridgeBio Pharma, Inc. has a 12-month low of $31.77 and a 12-month high of $84.94.

BridgeBio Pharma (NASDAQ:BBIO) last issued its quarterly earnings results on Tuesday, February 24th. The company reported ($1.00) earnings per share (EPS) 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. The company’s revenue was up 2521.2% on a year-over-year basis. During the same period in the previous year, the business posted ($1.40) EPS. As a group, equities research analysts forecast that BridgeBio Pharma, Inc. will post -2.07 EPS for the current fiscal year.

Insiders Place Their Bets

In other BridgeBio Pharma news, Director Randal W. Scott sold 10,000 shares of BridgeBio Pharma stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $75.46, for a total value of $754,600.00. Following the completion of the transaction, the director owned 11,589 shares of the company’s stock, valued at $874,505.94. The trade was a 46.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Andrea Ellis sold 64,921 shares of BridgeBio Pharma stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $64.87, for a total transaction of $4,211,425.27. Following the completion of the transaction, the director directly owned 18,589 shares of the company’s stock, valued at approximately $1,205,868.43. This represents a 77.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 237,084 shares of company stock valued at $16,634,419. 18.20% of the stock is owned by insiders.

BridgeBio Pharma Company 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.