Erste Asset Management GmbH Reduces Stake in BridgeBio Pharma, Inc. $BBIO

Erste Asset Management GmbH reduced its position in BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 21.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 110,225 shares of the company’s stock after selling 30,000 shares during the period. Erste Asset Management GmbH’s holdings in BridgeBio Pharma were worth $8,334,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. L & S Advisors Inc purchased a new position in shares of BridgeBio Pharma in the 3rd quarter worth $877,000. TD Asset Management Inc purchased a new position in shares of BridgeBio Pharma in the 3rd quarter worth $4,620,000. Candriam S.C.A. purchased a new position in shares of BridgeBio Pharma in the 3rd quarter worth $7,738,000. Central Pacific Bank Trust Division purchased a new position in shares of BridgeBio Pharma in the 4th quarter worth $789,000. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of BridgeBio Pharma by 14,211.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 994,220 shares of the company’s stock worth $77,783,000 after buying an additional 987,273 shares during the last quarter. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

BridgeBio Pharma Stock Performance

NASDAQ BBIO opened at $67.37 on Tuesday. The company has a market capitalization of $13.20 billion, a PE ratio of -18.01 and a beta of 0.98. The business’s fifty day moving average is $70.59 and its 200 day moving average is $72.12. BridgeBio Pharma, Inc. has a fifty-two week low of $38.57 and a fifty-two week high of $84.94.

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

Analysts Set New Price Targets

BBIO has been the topic of a number of research reports. Citigroup initiated coverage on BridgeBio Pharma in a research note on Tuesday, May 19th. They issued a “neutral” rating and a $82.00 price target on the stock. JPMorgan Chase & Co. raised their price target on BridgeBio Pharma from $89.00 to $94.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 10th. Canaccord Genuity Group initiated coverage on BridgeBio Pharma in a research note on Wednesday, June 3rd. They issued a “buy” rating and a $104.00 price target on the stock. Barclays restated an “overweight” rating on shares of BridgeBio Pharma in a research note on Tuesday, March 10th. Finally, Truist Financial lifted their target price on BridgeBio Pharma from $95.00 to $102.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Twenty-three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $89.59.

Insider Buying and Selling

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 stock was sold at an average price of $65.08, for a total transaction of $888,407.08. Following the sale, the chief financial officer directly owned 359,194 shares of the company’s stock, valued at $23,376,345.52. This trade represents a 3.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 value of $143,160.00. Following the sale, the chief accounting officer directly owned 134,115 shares in the company, 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 211,754 shares of company stock valued at $14,664,059 over the last three months. 14.23% of the stock is currently 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.