The Manufacturers Life Insurance Company Has $38.88 Million Stock Position in BridgeBio Pharma, Inc. (NASDAQ:BBIO)

The Manufacturers Life Insurance Company increased its holdings in BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 40.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,534,972 shares of the company’s stock after acquiring an additional 442,248 shares during the period. The Manufacturers Life Insurance Company owned about 0.82% of BridgeBio Pharma worth $38,881,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of BBIO. Bfsg LLC increased its stake in shares of BridgeBio Pharma by 175.6% in the second quarter. Bfsg LLC now owns 1,240 shares of the company’s stock worth $31,000 after acquiring an additional 790 shares during the last quarter. YHB Investment Advisors Inc. bought a new position in BridgeBio Pharma during the first quarter valued at about $34,000. Headlands Technologies LLC acquired a new stake in shares of BridgeBio Pharma in the second quarter worth about $48,000. Quarry LP bought a new stake in shares of BridgeBio Pharma during the 4th quarter worth about $50,000. Finally, EntryPoint Capital LLC bought a new stake in shares of BridgeBio Pharma during the 1st quarter worth about $117,000. 99.85% of the stock is currently owned by institutional investors and hedge funds.

BridgeBio Pharma Stock Up 1.9 %

Shares of BBIO opened at $24.94 on Monday. The stock’s 50-day moving average price is $26.24 and its 200 day moving average price is $27.01. The firm has a market capitalization of $4.67 billion, a price-to-earnings ratio of -7.75 and a beta of 1.07. BridgeBio Pharma, Inc. has a 12-month low of $21.62 and a 12-month high of $44.32.

BridgeBio Pharma (NASDAQ:BBIO) last issued its earnings results on Thursday, August 1st. The company reported ($0.39) EPS for the quarter, topping the consensus estimate of ($1.00) by $0.61. The firm had revenue of $2.17 million during the quarter, compared to the consensus estimate of $3.96 million. The firm’s revenue for the quarter was up 32.1% compared to the same quarter last year. During the same period last year, the business earned ($0.98) earnings per share. Equities research analysts expect that BridgeBio Pharma, Inc. will post -2.54 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on BBIO shares. Piper Sandler initiated coverage on BridgeBio Pharma in a report on Wednesday, September 4th. They issued an “overweight” rating and a $46.00 target price for the company. Cantor Fitzgerald restated an “overweight” rating and issued a $70.00 price objective on shares of BridgeBio Pharma in a research note on Monday, September 16th. JPMorgan Chase & Co. lowered their target price on shares of BridgeBio Pharma from $46.00 to $43.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. HC Wainwright reissued a “buy” rating and set a $43.00 target price on shares of BridgeBio Pharma in a research report on Monday, September 16th. Finally, Bank of America restated a “buy” rating and set a $42.00 price target on shares of BridgeBio Pharma in a report on Wednesday, September 11th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $47.92.

Insider Activity at BridgeBio Pharma

In other BridgeBio Pharma news, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of BridgeBio Pharma stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $25.75, for a total transaction of $149,350,000.00. Following the sale, the insider now directly owns 25,260,971 shares of the company’s stock, valued at $650,470,003.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $25.75, for a total value of $149,350,000.00. Following the sale, the insider now owns 25,260,971 shares in the company, valued at approximately $650,470,003.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian C. Stephenson sold 4,155 shares of BridgeBio Pharma stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $24.69, for a total transaction of $102,586.95. Following the transaction, the chief financial officer now directly owns 85,192 shares of the company’s stock, valued at $2,103,390.48. The disclosure for this sale can be found here. Insiders have sold a total of 5,831,544 shares of company stock valued at $150,128,821 over the last quarter. 24.66% of the stock is owned by company insiders.

BridgeBio Pharma Company Profile

BridgeBio Pharma, Inc, a commercial-stage biopharmaceutical company, discovers, creates, tests, and delivers transformative medicines to treat patients who suffer from genetic diseases and cancers. Its products in development programs include AG10, a next-generation oral small molecule near-complete TTR stabilizer that is in Phase 3 clinical trial for the treatment of TTR amyloidosis, or transthyretin amyloid cardiomyopathy (ATTR-CM); low-dose infigratinib, an oral FGFR1-3 selective tyrosine kinase inhibitor, which is in Phase 3 double-blinded, placebo-controlled pivotal study for the treatment option for children with achondroplasia; and BBP-631, an AAV5 gene transfer product candidate that is in Phase 1/2 clinical trial for the treatment of congenital adrenal hyperplasia, or CAH, driven by 21-hydroxylase deficiency, or 21OHD.