Global Investors Lp Viking Sells 3,500,000 Shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) Stock

BridgeBio Pharma, Inc. (NASDAQ:BBIO) major shareholder Global Investors Lp Viking sold 3,500,000 shares of the firm’s stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $44.00, for a total value of $154,000,000.00. Following the completion of the transaction, the insider directly owned 18,555,375 shares in the company, valued at $816,436,500. The trade was a 15.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

BridgeBio Pharma Stock Up 0.1%

BBIO opened at $42.83 on Thursday. BridgeBio Pharma, Inc. has a 52 week low of $21.72 and a 52 week high of $45.48. The firm has a 50-day simple moving average of $37.63 and a two-hundred day simple moving average of $34.41. The company has a market capitalization of $8.13 billion, a PE ratio of -12.13 and a beta of 1.15.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings results on Tuesday, April 29th. The company reported ($0.88) earnings per share for the quarter, beating the consensus estimate of ($1.00) by $0.12. The firm had revenue of $36.74 million for the quarter, compared to analysts’ expectations of $57.14 million. During the same quarter in the prior year, the business earned ($0.20) EPS. The business’s quarterly revenue was down 44.8% compared to the same quarter last year. As a group, sell-side analysts expect that BridgeBio Pharma, Inc. will post -3.67 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Steward Partners Investment Advisory LLC raised its stake in BridgeBio Pharma by 85.8% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,022 shares of the company’s stock valued at $28,000 after purchasing an additional 472 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of BridgeBio Pharma by 71.0% in the 1st quarter. GAMMA Investing LLC now owns 920 shares of the company’s stock valued at $32,000 after purchasing an additional 382 shares during the last quarter. Jones Financial Companies Lllp purchased a new stake in BridgeBio Pharma during the 1st quarter valued at $35,000. Itau Unibanco Holding S.A. purchased a new position in BridgeBio Pharma during the fourth quarter worth $41,000. Finally, Sterling Capital Management LLC boosted its stake in BridgeBio Pharma by 554.6% during the fourth quarter. Sterling Capital Management LLC now owns 1,787 shares of the company’s stock worth $49,000 after buying an additional 1,514 shares during the period. 99.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have commented on the stock. Wolfe Research began coverage on shares of BridgeBio Pharma in a report on Tuesday, June 17th. They set an “outperform” rating and a $49.00 target price for the company. Redburn Atlantic started coverage on BridgeBio Pharma in a research report on Monday, March 31st. They set a “buy” rating and a $50.00 price objective on the stock. Scotiabank increased their target price on shares of BridgeBio Pharma from $52.00 to $55.00 and gave the stock a “sector outperform” rating in a report on Wednesday, April 30th. JPMorgan Chase & Co. raised their target price on shares of BridgeBio Pharma from $44.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, March 24th. Finally, UBS Group upped their price target on shares of BridgeBio Pharma from $65.00 to $72.00 and gave the stock a “buy” rating in a research report on Wednesday, April 30th. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.85.

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.