abrdn plc Invests $11.51 Million in BridgeBio Pharma, Inc. (NASDAQ:BBIO)

abrdn plc acquired a new position in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 284,993 shares of the company’s stock, valued at approximately $11,505,000. abrdn plc owned about 0.16% of BridgeBio Pharma at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the business. Wellington Management Group LLP bought a new stake in BridgeBio Pharma in the third quarter worth approximately $37,434,000. Northern Trust Corp increased its holdings in BridgeBio Pharma by 2.2% in the third quarter. Northern Trust Corp now owns 1,153,915 shares of the company’s stock worth $30,429,000 after purchasing an additional 24,643 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in BridgeBio Pharma by 9.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,056,275 shares of the company’s stock worth $27,854,000 after purchasing an additional 93,324 shares in the last quarter. Primecap Management Co. CA increased its holdings in BridgeBio Pharma by 34.9% in the third quarter. Primecap Management Co. CA now owns 938,700 shares of the company’s stock worth $24,754,000 after purchasing an additional 242,608 shares in the last quarter. Finally, Lord Abbett & CO. LLC bought a new stake in BridgeBio Pharma in the third quarter worth approximately $20,949,000. 99.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on BBIO. Raymond James began coverage on BridgeBio Pharma in a report on Thursday, March 21st. They issued an “outperform” rating and a $45.00 target price for the company. Cantor Fitzgerald raised their price objective on BridgeBio Pharma from $60.00 to $70.00 and gave the company an “overweight” rating in a research note on Tuesday, March 19th. Mizuho reduced their price objective on BridgeBio Pharma from $60.00 to $53.00 and set a “buy” rating for the company in a research note on Tuesday, March 5th. BMO Capital Markets assumed coverage on BridgeBio Pharma in a research note on Wednesday, January 31st. They issued a “market perform” rating and a $37.00 price objective for the company. Finally, HC Wainwright reissued a “buy” rating and issued a $47.00 price objective on shares of BridgeBio Pharma in a research note on Monday, March 4th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, BridgeBio Pharma currently has an average rating of “Moderate Buy” and an average price target of $47.82.

BridgeBio Pharma Trading Down 2.8 %

Shares of BridgeBio Pharma stock opened at $24.33 on Friday. The firm has a market capitalization of $4.28 billion, a P/E ratio of -6.18 and a beta of 1.03. The business’s fifty day simple moving average is $29.66 and its 200 day simple moving average is $31.73. BridgeBio Pharma, Inc. has a 12 month low of $12.75 and a 12 month high of $44.32.

BridgeBio Pharma (NASDAQ:BBIO) last issued its earnings results on Thursday, February 22nd. The company reported ($0.96) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.87) by ($0.09). The business had revenue of $1.74 million during the quarter, compared to analysts’ expectations of $4.78 million. BridgeBio Pharma’s revenue for the quarter was down 8.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.92) EPS. Analysts predict that BridgeBio Pharma, Inc. will post -3.09 EPS for the current fiscal year.

Insider Buying and Selling at BridgeBio Pharma

In other BridgeBio Pharma news, Director Randal W. Scott sold 2,500 shares of the business’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 sale, the director now directly owns 6,500 shares in the company, valued at $221,000. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 28.52% of the company’s stock.

About BridgeBio Pharma

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.