Sofinnova Investments Inc. Sells 111,399 Shares of BridgeBio Pharma, Inc. $BBIO

Sofinnova Investments Inc. decreased its holdings in BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 13.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 720,448 shares of the company’s stock after selling 111,399 shares during the quarter. BridgeBio Pharma makes up 2.2% of Sofinnova Investments Inc.’s investment portfolio, making the stock its 13th biggest holding. Sofinnova Investments Inc. owned approximately 0.37% of BridgeBio Pharma worth $55,107,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of BBIO. Jones Financial Companies Lllp bought a new stake in shares of BridgeBio Pharma in the first quarter worth $35,000. First Trust Advisors LP grew its stake in shares of BridgeBio Pharma by 200.4% in the second quarter. First Trust Advisors LP now owns 263,693 shares of the company’s stock worth $11,386,000 after purchasing an additional 175,918 shares during the last quarter. Baird Financial Group Inc. grew its stake in shares of BridgeBio Pharma by 1.8% in the second quarter. Baird Financial Group Inc. now owns 42,057 shares of the company’s stock worth $1,816,000 after purchasing an additional 731 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new stake in shares of BridgeBio Pharma in the second quarter worth $1,650,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of BridgeBio Pharma by 2.4% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 95,326 shares of the company’s stock worth $4,132,000 after purchasing an additional 2,206 shares during the last quarter. Institutional investors own 99.85% of the company’s stock.

BridgeBio Pharma Trading Up 1.8%

Shares of NASDAQ BBIO opened at $68.00 on Tuesday. The firm’s 50-day moving average price is $70.12 and its 200-day moving average price is $72.10. BridgeBio Pharma, Inc. has a 1-year low of $39.63 and a 1-year high of $84.94. The firm has a market capitalization of $13.32 billion, a P/E ratio of -18.18 and a beta of 0.98.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings data 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 firm had revenue of $194.52 million for the quarter, compared to analysts’ expectations of $178.07 million. During the same quarter in the prior year, the company earned ($0.88) EPS. The company’s revenue for the quarter was up 66.8% on a year-over-year basis. Equities research analysts forecast that BridgeBio Pharma, Inc. will post -2.32 EPS for the current year.

Insider Activity at BridgeBio Pharma

In other news, CAO Maricel Apuli sold 2,000 shares of the company’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 transaction, the chief accounting officer 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Randal W. Scott sold 10,000 shares of the company’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $67.15, for a total transaction of $671,500.00. Following the transaction, the director owned 11,589 shares in the company, valued at $778,201.35. This represents a 46.32% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 worth $11,914,859 over the last three months. 14.23% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on BBIO. Mizuho reissued an “outperform” rating and issued a $106.00 price objective on shares of BridgeBio Pharma in a research note on Tuesday, April 28th. Oppenheimer dropped their target price on shares of BridgeBio Pharma from $83.00 to $81.00 and set an “outperform” rating on the stock in a report on Wednesday, February 25th. JPMorgan Chase & Co. boosted their target price on shares of BridgeBio Pharma from $89.00 to $94.00 and gave the company an “overweight” rating in a report on Tuesday, March 10th. Barclays restated an “overweight” rating on shares of BridgeBio Pharma in a report on Tuesday, March 10th. Finally, Morgan Stanley boosted their target price on shares of BridgeBio Pharma from $94.00 to $98.00 and gave the company an “overweight” rating in a report on Thursday, May 28th. Twenty-three equities research 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. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $89.59.

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.