1,065,479 Shares in BridgeBio Pharma, Inc. (NASDAQ:BBIO) Purchased by Norges Bank

Norges Bank acquired a new stake in BridgeBio Pharma, Inc. (NASDAQ:BBIO) during the 4th quarter, Holdings Channel reports. The institutional investor acquired 1,065,479 shares of the company’s stock, valued at approximately $29,237,000.

A number of other hedge funds also recently made changes to their positions in BBIO. Rockefeller Capital Management L.P. raised its stake in BridgeBio Pharma by 11.7% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 41,259 shares of the company’s stock valued at $1,050,000 after acquiring an additional 4,317 shares during the period. Y Intercept Hong Kong Ltd bought a new position in shares of BridgeBio Pharma in the third quarter valued at about $338,000. Barclays PLC lifted its stake in shares of BridgeBio Pharma by 31.9% during the 3rd quarter. Barclays PLC now owns 545,008 shares of the company’s stock worth $13,876,000 after buying an additional 131,743 shares during the last quarter. Frazier Life Sciences Management L.P. boosted its holdings in shares of BridgeBio Pharma by 3.5% during the 3rd quarter. Frazier Life Sciences Management L.P. now owns 3,760,457 shares of the company’s stock worth $95,741,000 after buying an additional 127,853 shares during the period. Finally, Geode Capital Management LLC grew its stake in BridgeBio Pharma by 3.8% in the 3rd quarter. Geode Capital Management LLC now owns 3,413,949 shares of the company’s stock valued at $86,936,000 after buying an additional 123,540 shares during the last quarter. 99.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Scotiabank boosted their price objective on BridgeBio Pharma from $49.00 to $52.00 and gave the stock a “sector outperform” rating in a report on Friday, February 21st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $95.00 price objective on shares of BridgeBio Pharma in a report on Friday, February 21st. JPMorgan Chase & Co. lifted their target price on BridgeBio Pharma from $44.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, March 24th. Evercore ISI upped their price target on shares of BridgeBio Pharma from $45.00 to $50.00 and gave the company an “outperform” rating in a research note on Monday, December 23rd. Finally, Redburn Atlantic initiated coverage on shares of BridgeBio Pharma in a research report on Monday, March 31st. They set a “buy” rating and a $50.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $52.64.

BridgeBio Pharma Price Performance

Shares of NASDAQ:BBIO opened at $31.37 on Monday. The company’s 50 day simple moving average is $34.01 and its 200 day simple moving average is $29.54. BridgeBio Pharma, Inc. has a 1 year low of $21.62 and a 1 year high of $39.47. The stock has a market capitalization of $5.97 billion, a price-to-earnings ratio of -11.01 and a beta of 1.08.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings data on Thursday, February 20th. The company reported ($1.31) earnings per share 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 analyst estimates of $4.04 million. As a group, analysts anticipate that BridgeBio Pharma, Inc. will post -3.67 EPS for the current fiscal year.

Insider Activity

In related news, CEO Neil Kumar sold 326,932 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $36.29, for a total transaction of $11,864,362.28. Following the sale, the chief executive officer now owns 5,371,515 shares in the company, valued at $194,932,279.35. The trade was a 5.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $32.96, for a total value of $197,760,000.00. Following the completion of the transaction, the insider now owns 19,260,971 shares of the company’s stock, valued at $634,841,604.16. This represents a 23.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,684,739 shares of company stock worth $326,958,651. Corporate insiders own 24.66% of the company’s stock.

BridgeBio Pharma 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.