Castleark Management LLC Invests $5.85 Million in BridgeBio Pharma, Inc. $BBIO

Castleark Management LLC purchased a new position in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 78,497 shares of the company’s stock, valued at approximately $5,846,000.

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

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Truist Financial increased their price target on BridgeBio Pharma from $102.00 to $107.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Mizuho dropped their price objective 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. Morgan Stanley cut their price objective on shares of BridgeBio Pharma from $98.00 to $97.00 and set an “overweight” rating for the company in a research report on Tuesday, August 11th. Weiss Ratings cut shares of BridgeBio Pharma from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, August 11th. Finally, Raymond James Financial downgraded 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 assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $100.79.

BridgeBio Pharma Stock Performance

BridgeBio Pharma stock opened at $80.40 on Wednesday. BridgeBio Pharma, Inc. has a fifty-two week low of $47.26 and a fifty-two week high of $93.42. The company has a market capitalization of $15.72 billion, a price-to-earnings ratio of -22.52 and a beta of 0.96. The stock has a fifty day moving average of $79.38 and a two-hundred day moving average of $73.34.

BridgeBio Pharma (NASDAQ:BBIO) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.58) by ($0.20). The firm had revenue of $243.68 million during the quarter, compared to analyst estimates of $220.91 million. The firm’s quarterly revenue was up 120.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.95) EPS. On average, analysts forecast that BridgeBio Pharma, Inc. will post -2.62 EPS for the current fiscal year.

Insider Activity

In other BridgeBio Pharma news, CEO Neil Kumar sold 40,000 shares of the firm’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $67.46, for a total transaction of $2,698,400.00. Following the sale, the chief executive officer directly owned 535,686 shares of the company’s stock, valued at $36,137,377.56. This trade represents a 6.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 dated Monday, June 22nd. The stock was sold at an average price of $68.00, for a total transaction of $190,944.00. Following the sale, the director owned 11,455 shares of the company’s stock, valued at approximately $778,940. This trade represents a 19.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 387,343 shares of company stock valued at $30,289,400 in the last 90 days. Company insiders own 14.23% of the company’s stock.

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.