Prosight Management LP Sells 208,187 Shares of BridgeBio Pharma, Inc. $BBIO

Prosight Management LP trimmed its position in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 44.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 264,500 shares of the company’s stock after selling 208,187 shares during the quarter. BridgeBio Pharma accounts for 3.2% of Prosight Management LP’s portfolio, making the stock its 10th largest position. Prosight Management LP owned approximately 0.14% of BridgeBio Pharma worth $13,738,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Wellington Management Group LLP raised its stake in BridgeBio Pharma by 1,698.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,019,194 shares of the company’s stock worth $52,937,000 after buying an additional 962,525 shares during the period. Harvest Fund Management Co. Ltd bought a new stake in shares of BridgeBio Pharma in the third quarter worth about $34,000. Comerica Bank raised its position in shares of BridgeBio Pharma by 35.3% during the third quarter. Comerica Bank now owns 47,396 shares of the company’s stock worth $2,462,000 after purchasing an additional 12,367 shares during the period. GeoWealth Management LLC bought a new position in shares of BridgeBio Pharma during the 3rd quarter valued at about $998,000. Finally, Invesco Ltd. lifted its holdings in shares of BridgeBio Pharma by 40.3% during the 3rd quarter. Invesco Ltd. now owns 3,928,657 shares of the company’s stock valued at $204,054,000 after purchasing an additional 1,127,592 shares in the last quarter. Institutional investors and hedge funds own 99.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on BBIO. JPMorgan Chase & Co. raised their target price on shares of BridgeBio Pharma from $89.00 to $94.00 and gave the stock an “overweight” rating in a report on Tuesday. Oppenheimer lowered their price objective on shares of BridgeBio Pharma from $83.00 to $81.00 and set an “outperform” rating for the company in a research report on Wednesday, February 25th. Truist Financial boosted their price objective on shares of BridgeBio Pharma from $86.00 to $95.00 and gave the company a “buy” rating in a research report on Wednesday, February 25th. Leerink Partners reiterated an “outperform” rating and set a $98.00 target price on shares of BridgeBio Pharma in a report on Thursday. Finally, Morgan Stanley boosted their price target on BridgeBio Pharma from $96.00 to $98.00 and gave the company an “overweight” rating in a report on Wednesday, February 25th. Twenty-three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $83.95.

Insider Activity

In related news, CEO Neil Kumar sold 28,053 shares of BridgeBio Pharma stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $71.39, for a total value of $2,002,703.67. Following the sale, the chief executive officer owned 234,451 shares of the company’s stock, valued at approximately $16,737,456.89. The trade was a 10.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Randal W. Scott sold 10,000 shares of the company’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $75.46, for a total value of $754,600.00. Following the sale, the director owned 11,589 shares in the company, valued at $874,505.94. The trade was a 46.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 227,095 shares of company stock worth $16,099,240. 18.20% of the stock is currently owned by company insiders.

BridgeBio Pharma Stock Up 2.1%

NASDAQ BBIO opened at $69.41 on Friday. The firm’s 50 day moving average is $72.97 and its 200-day moving average is $65.95. The company has a market capitalization of $13.46 billion, a PE ratio of -18.36 and a beta of 1.13. BridgeBio Pharma, Inc. has a 12-month low of $28.33 and a 12-month high of $84.94.

BridgeBio Pharma (NASDAQ:BBIO) last announced its earnings results on Tuesday, February 24th. The company reported ($1.00) EPS for the quarter, missing the consensus estimate of ($0.75) by ($0.25). The company had revenue of $154.18 million for the quarter, compared to analyst estimates of $150.71 million. The company’s revenue was up 2521.2% compared to the same quarter last year. During the same period last year, the firm earned ($1.40) EPS. As a group, sell-side analysts expect that BridgeBio Pharma, Inc. will post -3.67 EPS for the current year.

BridgeBio Pharma 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.