BridgeBio Pharma, Inc. $BBIO Shares Sold by Readystate Asset Management LP

Readystate Asset Management LP lowered its holdings in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 51.3% in the third quarter, HoldingsChannel.com reports. The fund owned 117,379 shares of the company’s stock after selling 123,504 shares during the quarter. Readystate Asset Management LP’s holdings in BridgeBio Pharma were worth $6,097,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Corient Private Wealth LLC acquired a new stake in shares of BridgeBio Pharma during the 2nd quarter worth about $643,000. WINTON GROUP Ltd purchased a new position in shares of BridgeBio Pharma during the second quarter valued at approximately $3,856,000. Principal Financial Group Inc. boosted its position in BridgeBio Pharma by 23.0% during the third quarter. Principal Financial Group Inc. now owns 1,267,412 shares of the company’s stock worth $65,829,000 after acquiring an additional 236,885 shares during the last quarter. Federated Hermes Inc. grew its stake in BridgeBio Pharma by 53.0% in the 3rd quarter. Federated Hermes Inc. now owns 424,695 shares of the company’s stock worth $22,059,000 after acquiring an additional 147,108 shares during the period. Finally, Bosun Asset Management LLC raised its holdings in BridgeBio Pharma by 119.7% in the 2nd quarter. Bosun Asset Management LLC now owns 26,154 shares of the company’s stock valued at $1,129,000 after acquiring an additional 14,250 shares during the last quarter. Hedge funds and other institutional investors own 99.85% of the company’s stock.

BridgeBio Pharma Stock Performance

NASDAQ BBIO opened at $75.85 on Wednesday. The firm has a market capitalization of $14.62 billion, a price-to-earnings ratio of -18.15 and a beta of 1.13. BridgeBio Pharma, Inc. has a one year low of $28.33 and a one year high of $84.94. The company’s 50 day moving average price is $75.70 and its 200 day moving average price is $63.72.

Insiders Place Their Bets

In related news, CEO Neil Kumar sold 40,000 shares of the company’s stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $74.40, for a total transaction of $2,976,000.00. Following the completion of the sale, the chief executive officer directly owned 775,686 shares of the company’s stock, valued at approximately $57,711,038.40. This represents a 4.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Maricel Apuli sold 2,000 shares of the firm’s stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $74.26, for a total value of $148,520.00. Following the completion of the transaction, the chief accounting officer directly owned 130,297 shares in the company, valued at $9,675,855.22. This trade represents a 1.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 178,167 shares of company stock worth $12,923,052. Insiders own 18.20% of the company’s stock.

Analyst Ratings Changes

BBIO has been the topic of a number of recent analyst reports. Raymond James Financial set a $89.00 price target on BridgeBio Pharma and gave the stock an “outperform” rating in a research note on Thursday, February 12th. Sanford C. Bernstein initiated coverage on BridgeBio Pharma in a research note on Thursday, December 11th. They issued an “outperform” rating and a $94.00 price target on the stock. Leerink Partners upped their price objective on shares of BridgeBio Pharma from $75.00 to $86.00 and gave the company an “outperform” rating in a research note on Monday, December 15th. JPMorgan Chase & Co. increased their price objective on shares of BridgeBio Pharma from $76.00 to $77.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. Finally, Barclays initiated coverage on shares of BridgeBio Pharma in a report on Wednesday, January 28th. They issued an “overweight” rating for the company. Twenty-two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $82.05.

BridgeBio Pharma Company 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.