10,000 Shares in BridgeBio Pharma, Inc. $BBIO Bought by Avidity Partners Management LP

Avidity Partners Management LP acquired a new stake in BridgeBio Pharma, Inc. (NASDAQ:BBIO) during the first quarter, according to its most recent filing with the SEC. The firm acquired 10,000 shares of the company’s stock, valued at approximately $711,000.

Several other institutional investors also recently bought and sold shares of BBIO. Harvest Fund Management Co. Ltd purchased a new position in BridgeBio Pharma during the 3rd quarter worth $34,000. Jones Financial Companies Lllp purchased a new position in BridgeBio Pharma during the first quarter worth about $35,000. Farther Finance Advisors LLC raised its holdings in BridgeBio Pharma by 91.4% during the fourth quarter. Farther Finance Advisors LLC now owns 513 shares of the company’s stock worth $39,000 after purchasing an additional 245 shares in the last quarter. Global Retirement Partners LLC lifted its position in BridgeBio Pharma by 271.5% in the fourth quarter. Global Retirement Partners LLC now owns 509 shares of the company’s stock valued at $39,000 after purchasing an additional 372 shares during the period. Finally, Kemnay Advisory Services Inc. acquired a new stake in BridgeBio Pharma in the fourth quarter valued at about $41,000. 99.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on BBIO shares. Canaccord Genuity Group started coverage on BridgeBio Pharma in a report on Wednesday, June 3rd. They issued a “buy” rating and a $104.00 price objective on the stock. Raymond James Financial cut BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 26th. Mizuho decreased their price target on BridgeBio Pharma from $106.00 to $96.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 16th. Citigroup upped their price objective on BridgeBio Pharma from $82.00 to $93.00 and gave the stock a “neutral” rating in a report on Thursday, July 16th. Finally, Royal Bank Of Canada started coverage on shares of BridgeBio Pharma in a research report on Thursday, April 9th. They set an “outperform” rating and a $100.00 target price on the stock. Twenty investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $95.21.

BridgeBio Pharma Stock Performance

BBIO opened at $80.09 on Friday. The company has a market cap of $15.66 billion, a price-to-earnings ratio of -21.41 and a beta of 0.95. BridgeBio Pharma, Inc. has a one year low of $42.09 and a one year high of $93.42. The business’s fifty day moving average is $74.22 and its two-hundred day moving average is $72.83.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.84) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.70) by ($0.14). The firm had revenue of $194.51 million during the quarter, compared to analyst estimates of $178.07 million. During the same period in the previous year, the business earned ($0.88) earnings per share. The firm’s revenue was up 66.8% on a year-over-year basis. On average, analysts predict that BridgeBio Pharma, Inc. will post -2.27 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Andrea Ellis sold 17,167 shares of the firm’s stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $84.00, for a total transaction of $1,442,028.00. Following the completion of the transaction, the director directly owned 22,579 shares of the company’s stock, valued at $1,896,636. This trade represents a 43.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Thomas Trimarchi sold 13,651 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $65.08, for a total value 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. The trade was a 3.66% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 430,117 shares of company stock valued at $32,490,580. 14.23% of the stock is owned by company insiders.

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.