Castleark Management LLC Reduces Holdings in BridgeBio Pharma, Inc. $BBIO

Castleark Management LLC trimmed its stake in BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 7.8% in the 4th quarter, HoldingsChannel reports. The firm owned 114,017 shares of the company’s stock after selling 9,690 shares during the quarter. Castleark Management LLC’s holdings in BridgeBio Pharma were worth $8,721,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Federation des caisses Desjardins du Quebec lifted its position in shares of BridgeBio Pharma by 17.5% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 9,529 shares of the company’s stock worth $729,000 after purchasing an additional 1,421 shares during the period. Brooklyn Investment Group purchased a new stake in shares of BridgeBio Pharma in the 4th quarter worth about $315,000. Orion Porfolio Solutions LLC purchased a new stake in shares of BridgeBio Pharma in the 4th quarter worth about $431,000. Cibc World Markets Corp purchased a new stake in shares of BridgeBio Pharma in the 4th quarter worth about $803,000. Finally, Commonwealth Equity Services LLC lifted its position in shares of BridgeBio Pharma by 4.9% in the 4th quarter. Commonwealth Equity Services LLC now owns 5,179 shares of the company’s stock worth $396,000 after purchasing an additional 244 shares during the period. 99.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Oppenheimer decreased their target price on BridgeBio Pharma from $83.00 to $81.00 and set an “outperform” rating for the company in a research report on Wednesday, February 25th. Canaccord Genuity Group assumed coverage on BridgeBio Pharma in a research report on Wednesday, June 3rd. They issued a “buy” rating and a $104.00 target price for the company. Raymond James Financial lowered BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 26th. Royal Bank Of Canada assumed coverage on BridgeBio Pharma in a research report on Thursday, April 9th. They issued an “outperform” rating and a $100.00 target price for the company. Finally, HC Wainwright reissued a “buy” rating and issued a $110.00 target price on shares of BridgeBio Pharma in a research report on Thursday, May 28th. Twenty-three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $89.59.

BridgeBio Pharma Stock Performance

Shares of NASDAQ BBIO opened at $66.80 on Friday. BridgeBio Pharma, Inc. has a fifty-two week low of $38.57 and a fifty-two week high of $84.94. The company has a 50 day simple moving average of $70.22 and a two-hundred day simple moving average of $72.11. The company has a market capitalization of $13.08 billion, a price-to-earnings ratio of -17.86 and a beta of 0.97.

BridgeBio Pharma (NASDAQ:BBIO) last announced its earnings results on Thursday, May 7th. The company reported ($0.84) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.14). The business had revenue of $194.52 million for the quarter, compared to analyst estimates of $178.07 million. During the same period last year, the company earned ($0.88) earnings per share. The business’s quarterly revenue was up 66.8% on a year-over-year basis. On average, analysts forecast that BridgeBio Pharma, Inc. will post -2.32 earnings per share for the current fiscal year.

Insider Activity

In other BridgeBio Pharma news, CFO Thomas Trimarchi sold 13,651 shares of the firm’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $65.08, for a total transaction of $888,407.08. Following the completion of the sale, the chief financial officer directly owned 359,194 shares in the company, valued at approximately $23,376,345.52. This trade represents a 3.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Maricel Apuli sold 2,000 shares of the firm’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $71.58, for a total transaction of $143,160.00. Following the sale, the chief accounting officer owned 134,115 shares of the company’s stock, valued at approximately $9,599,951.70. This represents a 1.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 171,754 shares of company stock valued at $11,914,859 in the last quarter. 14.23% of the stock is owned by company insiders.

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.