Avidity Partners Management LP Acquires New Position in BridgeBio Pharma, Inc. $BBIO

Avidity Partners Management LP bought a new position in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) during the first quarter, HoldingsChannel.com reports. The firm bought 10,000 shares of the company’s stock, valued at approximately $711,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BBIO. Commonwealth Equity Services LLC lifted its stake in shares of BridgeBio Pharma by 4.9% during the 4th quarter. Commonwealth Equity Services LLC now owns 5,179 shares of the company’s stock worth $396,000 after purchasing an additional 244 shares during the period. Farther Finance Advisors LLC boosted its holdings 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. State of New Jersey Common Pension Fund D grew its position in shares of BridgeBio Pharma by 0.5% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 51,896 shares of the company’s stock valued at $3,970,000 after purchasing an additional 246 shares during the period. CWM LLC grew its position in shares of BridgeBio Pharma by 4.3% in the fourth quarter. CWM LLC now owns 6,444 shares of the company’s stock valued at $493,000 after purchasing an additional 265 shares during the period. Finally, Xponance LLC increased its stake in BridgeBio Pharma by 2.2% in the fourth quarter. Xponance LLC now owns 12,536 shares of the company’s stock valued at $959,000 after purchasing an additional 272 shares during the last quarter. 99.85% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Randal W. Scott sold 10,000 shares of the stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $67.15, for a total transaction of $671,500.00. Following the completion of the sale, the director owned 11,589 shares of the company’s stock, valued at approximately $778,201.35. This represents a 46.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jennifer E. Cook sold 148,589 shares of BridgeBio Pharma stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $88.54, for a total transaction of $13,156,070.06. Following the transaction, the director directly owned 8,383 shares in the company, valued at approximately $742,230.82. This trade represents a 94.66% 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. Over the last ninety days, insiders sold 430,117 shares of company stock worth $32,490,580. 14.23% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Royal Bank Of Canada initiated coverage on BridgeBio Pharma in a research report on Thursday, April 9th. They set an “outperform” rating and a $100.00 target price on the stock. Weiss Ratings restated a “sell (d)” rating on shares of BridgeBio Pharma in a report on Friday, May 15th. HC Wainwright upped their price objective on shares of BridgeBio Pharma from $110.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Truist Financial increased their price objective on shares of BridgeBio Pharma from $95.00 to $102.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Finally, Raymond James Financial lowered shares of BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 26th. Twenty investment 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. Based on data from MarketBeat.com, BridgeBio Pharma has a consensus rating of “Moderate Buy” and an average price target of $95.21.

BridgeBio Pharma Stock Down 2.5%

BBIO stock opened at $80.09 on Friday. The company has a market cap of $15.66 billion, a price-to-earnings ratio of -21.41 and a beta of 0.95. The business has a fifty day simple moving average of $74.22 and a 200-day simple moving average of $72.83. BridgeBio Pharma, Inc. has a 52 week low of $42.09 and a 52 week high of $93.42.

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

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.