Vanguard Group Inc. Trims Stock Position in BridgeBio Pharma, Inc. (NASDAQ:BBIO)

Vanguard Group Inc. reduced its stake in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 3.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,275,981 shares of the company’s stock after selling 409,016 shares during the quarter. Vanguard Group Inc. owned approximately 6.48% of BridgeBio Pharma worth $297,348,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Wellington Management Group LLP bought a new position in BridgeBio Pharma in the 3rd quarter worth about $37,434,000. Norges Bank purchased a new stake in BridgeBio Pharma in the 4th quarter worth approximately $7,320,000. Lord Abbett & CO. LLC purchased a new stake in BridgeBio Pharma during the 3rd quarter valued at approximately $20,949,000. Principal Financial Group Inc. grew its holdings in BridgeBio Pharma by 1,744.9% during the 3rd quarter. Principal Financial Group Inc. now owns 745,666 shares of the company’s stock valued at $19,663,000 after buying an additional 705,249 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in BridgeBio Pharma by 170.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 665,604 shares of the company’s stock valued at $17,552,000 after buying an additional 419,813 shares in the last quarter. Institutional investors own 99.85% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on BBIO shares. BMO Capital Markets began coverage on BridgeBio Pharma in a research report on Wednesday, January 31st. They set a “market perform” rating and a $37.00 target price for the company. HC Wainwright reiterated a “buy” rating and issued a $47.00 target price on shares of BridgeBio Pharma in a research note on Monday, March 4th. JPMorgan Chase & Co. lifted their target price on BridgeBio Pharma from $35.00 to $45.00 and gave the company an “overweight” rating in a research note on Wednesday, March 20th. Mizuho lowered their price target on BridgeBio Pharma from $60.00 to $53.00 and set a “buy” rating for the company in a report on Tuesday, March 5th. Finally, Wells Fargo & Company initiated coverage on BridgeBio Pharma in a research report on Friday, December 8th. They issued an “overweight” rating and a $58.00 target price on the stock. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.62.

BridgeBio Pharma Price Performance

Shares of BBIO stock opened at $30.86 on Thursday. The company has a market cap of $5.43 billion, a price-to-earnings ratio of -7.84 and a beta of 1.05. The stock has a 50 day simple moving average of $33.26 and a 200-day simple moving average of $31.75. BridgeBio Pharma, Inc. has a 1-year low of $12.75 and a 1-year high of $44.32.

BridgeBio Pharma (NASDAQ:BBIO) last announced its earnings results 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 firm had revenue of $1.74 million during the quarter, compared to analyst estimates of $4.78 million. During the same period last year, the firm posted ($0.92) earnings per share. BridgeBio Pharma’s revenue for the quarter was down 8.4% on a year-over-year basis. Analysts anticipate that BridgeBio Pharma, Inc. will post -3.09 earnings per share for the current fiscal year.

Insider Activity at BridgeBio Pharma

In related news, Director Randal W. Scott sold 2,500 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $34.00, for a total value of $85,000.00. Following the completion of the transaction, the director now directly owns 6,500 shares of the company’s stock, valued at approximately $221,000. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other BridgeBio Pharma news, Director Randal W. Scott sold 2,500 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $34.00, for a total value of $85,000.00. Following the completion of the sale, the director now directly owns 6,500 shares of the company’s stock, valued at approximately $221,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Hannah Valantine sold 2,915 shares of the firm’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $37.97, for a total value of $110,682.55. Following the completion of the sale, the director now directly owns 1,764 shares of the company’s stock, valued at $66,979.08. The disclosure for this sale can be found here. 28.52% of the stock is owned by corporate 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.