Jennison Associates LLC Sells 944 Shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO)

Jennison Associates LLC decreased its stake in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 4.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 19,357 shares of the company’s stock after selling 944 shares during the quarter. Jennison Associates LLC’s holdings in BridgeBio Pharma were worth $781,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Assetmark Inc. bought a new stake in BridgeBio Pharma in the third quarter valued at about $53,000. China Universal Asset Management Co. Ltd. increased its stake in BridgeBio Pharma by 98.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 4,171 shares of the company’s stock valued at $110,000 after acquiring an additional 2,067 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in BridgeBio Pharma in the third quarter valued at about $132,000. Strs Ohio bought a new stake in BridgeBio Pharma in the third quarter valued at about $181,000. Finally, Caxton Associates LP bought a new stake in BridgeBio Pharma in the third quarter valued at about $207,000. Institutional investors own 99.85% of the company’s stock.

BridgeBio Pharma Price Performance

Shares of NASDAQ BBIO opened at $24.88 on Friday. The company’s 50 day simple moving average is $29.42 and its 200 day simple moving average is $31.76. BridgeBio Pharma, Inc. has a fifty-two week low of $12.75 and a fifty-two week high of $44.32. The firm has a market capitalization of $4.37 billion, a P/E ratio of -6.31 and a beta of 1.03.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of ($0.87) by ($0.09). The company had revenue of $1.74 million for the quarter, compared to analyst estimates of $4.78 million. During the same quarter in the prior year, the company earned ($0.92) EPS. BridgeBio Pharma’s revenue for the quarter was down 8.4% compared to the same quarter last year. Sell-side analysts expect that BridgeBio Pharma, Inc. will post -3.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BBIO. Raymond James began coverage on shares of BridgeBio Pharma in a research note on Thursday, March 21st. They set an “outperform” rating and a $45.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and set a $47.00 price objective on shares of BridgeBio Pharma in a research note on Monday, March 4th. Citigroup upped their price objective on shares of BridgeBio Pharma from $42.00 to $46.00 and gave the stock a “buy” rating in a research note on Friday, February 23rd. Cantor Fitzgerald upped their price objective on shares of BridgeBio Pharma from $60.00 to $70.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 19th. Finally, Mizuho decreased their price objective on shares of BridgeBio Pharma from $60.00 to $53.00 and set a “buy” rating on the stock in a research note on Tuesday, March 5th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, BridgeBio Pharma has a consensus rating of “Moderate Buy” and an average price target of $47.82.

Insider Activity at BridgeBio Pharma

In related news, Director Randal W. Scott sold 2,500 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $34.00, for a total value of $85,000.00. Following the transaction, the director now directly owns 6,500 shares in the company, valued at $221,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 28.52% of the stock is currently owned by company insiders.

BridgeBio Pharma Company Profile

BridgeBio Pharma, Inc, a commercial-stage biopharmaceutical company, discovers, creates, tests, and delivers transformative medicines to treat patients who suffer from genetic diseases and cancers. Its products in development programs include AG10, a next-generation oral small molecule near-complete TTR stabilizer that is in Phase 3 clinical trial for the treatment of TTR amyloidosis, or transthyretin amyloid cardiomyopathy (ATTR-CM); low-dose infigratinib, an oral FGFR1-3 selective tyrosine kinase inhibitor, which is in Phase 3 double-blinded, placebo-controlled pivotal study for the treatment option for children with achondroplasia; and BBP-631, an AAV5 gene transfer product candidate that is in Phase 1/2 clinical trial for the treatment of congenital adrenal hyperplasia, or CAH, driven by 21-hydroxylase deficiency, or 21OHD.