Eagle Asset Management Inc. decreased its stake in BridgeBio Pharma, Inc. (NASDAQ:BBIO – Free Report) by 95.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,201 shares of the company’s stock after selling 252,383 shares during the quarter. Eagle Asset Management Inc.’s holdings in BridgeBio Pharma were worth $303,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of BBIO. Price T Rowe Associates Inc. MD boosted its holdings in BridgeBio Pharma by 22.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 803,956 shares of the company’s stock worth $24,859,000 after buying an additional 145,594 shares during the last quarter. First Turn Management LLC purchased a new position in shares of BridgeBio Pharma in the third quarter valued at approximately $10,178,000. Jennison Associates LLC acquired a new stake in shares of BridgeBio Pharma in the third quarter worth approximately $767,000. Comerica Bank increased its position in shares of BridgeBio Pharma by 3,013.5% during the first quarter. Comerica Bank now owns 38,514 shares of the company’s stock worth $1,191,000 after purchasing an additional 37,277 shares in the last quarter. Finally, Frazier Life Sciences Management L.P. increased its position in shares of BridgeBio Pharma by 6.4% during the second quarter. Frazier Life Sciences Management L.P. now owns 3,632,604 shares of the company’s stock worth $92,014,000 after purchasing an additional 217,000 shares in the last quarter. Hedge funds and other institutional investors own 99.85% of the company’s stock.
Analysts Set New Price Targets
BBIO has been the topic of several recent research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $70.00 target price on shares of BridgeBio Pharma in a research note on Monday, September 16th. Bank of America increased their price objective on shares of BridgeBio Pharma from $42.00 to $45.00 and gave the company a “buy” rating in a report on Monday. Scotiabank boosted their target price on BridgeBio Pharma from $45.00 to $48.00 and gave the stock a “sector outperform” rating in a report on Monday. Piper Sandler began coverage on BridgeBio Pharma in a research report on Wednesday, September 4th. They set an “overweight” rating and a $46.00 price objective on the stock. Finally, Leerink Partners dropped their target price on BridgeBio Pharma from $47.00 to $46.00 and set an “outperform” rating for the company in a report on Thursday, October 17th. Two equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $48.43.
BridgeBio Pharma Stock Performance
BridgeBio Pharma stock opened at $27.19 on Tuesday. The company’s 50 day simple moving average is $24.98 and its 200-day simple moving average is $26.23. BridgeBio Pharma, Inc. has a 1 year low of $21.62 and a 1 year high of $44.32. The company has a market capitalization of $5.14 billion, a price-to-earnings ratio of -11.28 and a beta of 1.09.
Insider Buying and Selling at BridgeBio Pharma
In related news, CFO Brian C. Stephenson sold 4,156 shares of BridgeBio Pharma stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $22.41, for a total value of $93,135.96. Following the completion of the transaction, the chief financial officer now owns 93,758 shares in the company, valued at approximately $2,101,116.78. The trade was a 4.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the 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 owns 25,260,971 shares in the company, valued at approximately $650,470,003.25. This trade represents a 18.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,831,545 shares of company stock valued at $150,056,923 over the last quarter. 24.66% of the stock is owned by company insiders.
BridgeBio Pharma 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.
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