Corebridge Financial Inc. Has $1.92 Million Stock Holdings in BridgeBio Pharma, Inc. (NASDAQ:BBIO)

Corebridge Financial Inc. reduced its holdings in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 7.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 69,887 shares of the company’s stock after selling 5,275 shares during the quarter. Corebridge Financial Inc.’s holdings in BridgeBio Pharma were worth $1,918,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Steward Partners Investment Advisory LLC boosted its position in BridgeBio Pharma by 85.8% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,022 shares of the company’s stock valued at $28,000 after buying an additional 472 shares in the last quarter. Avanza Fonder AB bought a new position in shares of BridgeBio Pharma in the 4th quarter valued at $181,000. First Bank & Trust acquired a new stake in shares of BridgeBio Pharma during the 4th quarter valued at $205,000. Moss Adams Wealth Advisors LLC bought a new stake in BridgeBio Pharma during the 4th quarter worth $208,000. Finally, Legato Capital Management LLC acquired a new position in BridgeBio Pharma in the 4th quarter worth about $210,000. 99.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BBIO. JPMorgan Chase & Co. lifted their price target on BridgeBio Pharma from $44.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, March 24th. Scotiabank boosted their target price on shares of BridgeBio Pharma from $49.00 to $52.00 and gave the stock a “sector outperform” rating in a report on Friday, February 21st. HC Wainwright restated a “buy” rating and issued a $49.00 price target on shares of BridgeBio Pharma in a research report on Thursday, February 13th. Citigroup lifted their price target on shares of BridgeBio Pharma from $45.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Finally, Redburn Atlantic began coverage on BridgeBio Pharma in a report on Monday. They issued a “buy” rating and a $50.00 price objective for the company. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $52.64.

BridgeBio Pharma Trading Up 4.8 %

Shares of BBIO opened at $34.62 on Thursday. The firm’s fifty day simple moving average is $34.19 and its two-hundred day simple moving average is $29.43. BridgeBio Pharma, Inc. has a 12 month low of $21.62 and a 12 month high of $39.47. The stock has a market capitalization of $6.58 billion, a P/E ratio of -12.15 and a beta of 1.07.

BridgeBio Pharma (NASDAQ:BBIO) last announced its earnings results on Thursday, February 20th. The company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($1.09) by ($0.22). The company had revenue of $5.88 million during the quarter, compared to the consensus estimate of $4.04 million. As a group, research analysts predict that BridgeBio Pharma, Inc. will post -3.67 EPS for the current fiscal year.

Insider Activity

In other news, CFO Brian C. Stephenson sold 4,148 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $36.16, for a total transaction of $149,991.68. Following the completion of the transaction, the chief financial officer now directly owns 102,464 shares of the company’s stock, valued at $3,705,098.24. This represents a 3.89 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Neil Kumar sold 326,932 shares of the company’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $36.29, for a total value of $11,864,362.28. Following the transaction, the chief executive officer now directly owns 5,371,515 shares in the company, valued at $194,932,279.35. This represents a 5.74 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,654,739 shares of company stock worth $325,937,151. Company insiders own 24.66% of the company’s stock.

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.