Cinctive Capital Management LP Invests $3.13 Million in BridgeBio Pharma, Inc. (NASDAQ:BBIO)

Cinctive Capital Management LP bought a new position in BridgeBio Pharma, Inc. (NASDAQ:BBIO) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 114,202 shares of the company’s stock, valued at approximately $3,134,000. Cinctive Capital Management LP owned approximately 0.06% of BridgeBio Pharma at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in BBIO. Norges Bank acquired a new stake in shares of BridgeBio Pharma during the fourth quarter worth $29,237,000. Vanguard Group Inc. increased its stake in BridgeBio Pharma by 6.2% in the 4th quarter. Vanguard Group Inc. now owns 15,077,915 shares of the company’s stock worth $413,738,000 after purchasing an additional 879,059 shares in the last quarter. Janus Henderson Group PLC raised its holdings in BridgeBio Pharma by 11.7% during the 3rd quarter. Janus Henderson Group PLC now owns 4,818,012 shares of the company’s stock worth $122,658,000 after buying an additional 505,481 shares during the period. Exome Asset Management LLC lifted its stake in BridgeBio Pharma by 167.4% during the third quarter. Exome Asset Management LLC now owns 211,000 shares of the company’s stock valued at $5,372,000 after buying an additional 132,093 shares in the last quarter. Finally, Barclays PLC boosted its holdings in shares of BridgeBio Pharma by 31.9% in the third quarter. Barclays PLC now owns 545,008 shares of the company’s stock worth $13,876,000 after buying an additional 131,743 shares during the period. 99.85% of the stock is owned by institutional investors and hedge funds.

BridgeBio Pharma Stock Up 4.8 %

NASDAQ:BBIO opened at $34.62 on Thursday. BridgeBio Pharma, Inc. has a 12 month low of $21.62 and a 12 month high of $39.47. The company’s 50 day moving average is $34.19 and its 200-day moving average is $29.43. The firm has a market cap of $6.58 billion, a price-to-earnings ratio of -12.15 and a beta of 1.07.

BridgeBio Pharma (NASDAQ:BBIO) last announced its earnings results on Thursday, February 20th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.09) by ($0.22). The company had revenue of $5.88 million for the quarter, compared to analyst estimates of $4.04 million. Research analysts predict that BridgeBio Pharma, Inc. will post -3.67 EPS for the current fiscal year.

Insider Activity

In other BridgeBio Pharma news, CEO Neil Kumar sold 326,932 shares of the stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $36.29, for a total value of $11,864,362.28. Following the transaction, the chief executive officer now directly owns 5,371,515 shares in the company, valued at approximately $194,932,279.35. This trade represents a 5.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brian C. Stephenson sold 68,000 shares of the business’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $36.29, for a total value of $2,467,720.00. Following the sale, the chief financial officer now directly owns 93,758 shares of the company’s stock, valued at $3,402,477.82. This represents a 42.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 9,654,739 shares of company stock worth $325,937,151. Corporate insiders own 24.66% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on BBIO. Redburn Atlantic began coverage on shares of BridgeBio Pharma in a research report on Monday. They issued a “buy” rating and a $50.00 price target for the company. HC Wainwright restated a “buy” rating and issued a $49.00 target price on shares of BridgeBio Pharma in a report on Thursday, February 13th. Evercore ISI lifted their price target on BridgeBio Pharma from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Monday, December 23rd. Citigroup upped their price target on BridgeBio Pharma from $45.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Finally, Scotiabank lifted their target price on BridgeBio Pharma from $49.00 to $52.00 and gave the company a “sector outperform” rating in a research note on Friday, February 21st. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $52.64.

About BridgeBio Pharma

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.