Diamant Asset Management Inc. Makes New $39.15 Million Investment in BridgeBio Pharma, Inc. $BBIO

Diamant Asset Management Inc. bought a new stake in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 527,246 shares of the company’s stock, valued at approximately $39,153,000.

A number of other hedge funds have also recently modified their holdings of the business. Aster Capital Management DIFC Ltd purchased a new position in BridgeBio Pharma during the 3rd quarter valued at $31,000. Harvest Fund Management Co. Ltd bought a new position in BridgeBio Pharma in the 3rd quarter valued at $34,000. Jones Financial Companies Lllp purchased a new stake in BridgeBio Pharma in the first quarter worth $35,000. Huntington National Bank increased its stake in BridgeBio Pharma by 111.7% in the third quarter. Huntington National Bank now owns 743 shares of the company’s stock worth $39,000 after purchasing an additional 392 shares during the period. Finally, Farther Finance Advisors LLC lifted its position in shares of BridgeBio Pharma by 91.4% during the fourth quarter. Farther Finance Advisors LLC now owns 513 shares of the company’s stock worth $39,000 after purchasing an additional 245 shares during the last quarter. Institutional investors own 99.85% of the company’s stock.

Insider Activity

In related news, CEO Neil Kumar sold 40,000 shares of BridgeBio Pharma stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $67.90, for a total transaction of $2,716,000.00. Following the transaction, the chief executive officer directly owned 575,686 shares of the company’s stock, valued at $39,089,079.40. This trade represents a 6.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Hannah Valantine sold 2,808 shares of BridgeBio Pharma stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $68.00, for a total transaction of $190,944.00. Following the transaction, the director directly owned 11,455 shares in the company, valued at approximately $778,940. The trade was a 19.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 306,361 shares of company stock valued at $21,020,442. 14.23% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on BBIO. Mizuho cut their price target on shares of BridgeBio Pharma from $106.00 to $96.00 and set an “outperform” rating on the stock in a report on Tuesday, June 16th. Raymond James Financial lowered shares of BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 26th. Canaccord Genuity Group assumed coverage on shares of BridgeBio Pharma in a research report on Wednesday, June 3rd. They issued a “buy” rating and a $104.00 price objective for the company. William Blair began coverage on shares of BridgeBio Pharma in a research note on Tuesday, March 10th. They issued an “outperform” rating on the stock. Finally, Leerink Partners reaffirmed an “outperform” rating and set a $98.00 target price on shares of BridgeBio Pharma in a research report on Thursday, March 12th. Twenty-one research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $92.90.

BridgeBio Pharma Price Performance

NASDAQ:BBIO opened at $70.24 on Friday. BridgeBio Pharma, Inc. has a 1-year low of $41.80 and a 1-year high of $84.94. The company has a 50-day moving average of $68.88 and a 200 day moving average of $71.82. The firm has a market cap of $13.76 billion, a PE ratio of -18.78 and a beta of 0.97.

BridgeBio Pharma (NASDAQ:BBIO) last posted its earnings results on Thursday, May 7th. The company reported ($0.84) EPS for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.14). The business had revenue of $194.51 million for the quarter, compared to analyst estimates of $178.07 million. During the same quarter last year, the business earned ($0.88) earnings per share. The business’s revenue for the quarter was up 66.8% on a year-over-year basis. Sell-side analysts anticipate that BridgeBio Pharma, Inc. will post -2.29 EPS for the current fiscal year.

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.