Rock Springs Capital Management LP Increases Holdings in BridgeBio Pharma, Inc. $BBIO

Rock Springs Capital Management LP increased its position in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 23.9% in the first quarter, HoldingsChannel reports. The firm owned 128,250 shares of the company’s stock after acquiring an additional 24,750 shares during the quarter. Rock Springs Capital Management LP’s holdings in BridgeBio Pharma were worth $9,524,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Brooklands Fund Management Ltd acquired a new position in BridgeBio Pharma in the 4th quarter worth approximately $210,348,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of BridgeBio Pharma by 144.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,828,746 shares of the company’s stock valued at $292,862,000 after acquiring an additional 2,261,181 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of BridgeBio Pharma by 25.8% in the 4th quarter. Janus Henderson Group PLC now owns 11,000,457 shares of the company’s stock valued at $841,349,000 after acquiring an additional 2,259,378 shares during the last quarter. Norges Bank acquired a new stake in shares of BridgeBio Pharma in the fourth quarter worth $116,802,000. Finally, Wellington Management Group LLP increased its stake in shares of BridgeBio Pharma by 130.4% in the fourth quarter. Wellington Management Group LLP now owns 2,348,731 shares of the company’s stock worth $179,654,000 after acquiring an additional 1,329,537 shares during the period. Hedge funds and other institutional investors own 99.85% of the company’s stock.

Insider Activity at BridgeBio Pharma

In other news, Director Andrea Ellis sold 17,167 shares of the business’s stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $84.00, for a total value of $1,442,028.00. Following the completion of the sale, the director directly owned 22,579 shares in the company, valued at $1,896,636. The trade was a 43.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 stock was sold at an average price of $65.08, for a total value of $888,407.08. Following the transaction, the chief financial officer directly owned 359,194 shares of the company’s stock, valued at approximately $23,376,345.52. The trade was a 3.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 432,117 shares of company stock valued at $32,633,740 in the last ninety days. 14.23% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on BBIO. Raymond James Financial downgraded shares of BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 26th. Mizuho decreased their price objective on BridgeBio Pharma from $106.00 to $96.00 and set an “outperform” rating for the company in a report on Tuesday, June 16th. Canaccord Genuity Group began coverage on BridgeBio Pharma in a report on Wednesday, June 3rd. They issued a “buy” rating and a $104.00 price objective for the company. HC Wainwright upped their target price on BridgeBio Pharma from $110.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. Finally, Citigroup raised their target price on BridgeBio Pharma from $82.00 to $93.00 and gave the stock a “neutral” rating in a report on Thursday, July 16th. Twenty research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, BridgeBio Pharma has an average rating of “Moderate Buy” and an average price target of $95.21.

BridgeBio Pharma Stock Up 0.1%

BBIO stock opened at $84.12 on Tuesday. The company’s 50-day simple moving average is $73.07 and its 200-day simple moving average is $72.59. BridgeBio Pharma, Inc. has a 52-week low of $42.09 and a 52-week high of $93.42. The firm has a market cap of $16.48 billion, a P/E ratio of -22.49 and a beta of 0.95.

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

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.