HighVista Strategies LLC Increases Stock Position in BridgeBio Pharma, Inc. $BBIO

HighVista Strategies LLC raised its position in BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 45.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 67,499 shares of the company’s stock after acquiring an additional 20,999 shares during the quarter. BridgeBio Pharma makes up 1.1% of HighVista Strategies LLC’s investment portfolio, making the stock its 19th largest position. HighVista Strategies LLC’s holdings in BridgeBio Pharma were worth $2,915,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC increased its holdings in BridgeBio Pharma by 5.1% during the 2nd quarter. Geode Capital Management LLC now owns 3,681,580 shares of the company’s stock valued at $158,991,000 after purchasing an additional 178,686 shares during the period. Invesco Ltd. raised its holdings in shares of BridgeBio Pharma by 27.0% during the second quarter. Invesco Ltd. now owns 2,801,065 shares of the company’s stock valued at $120,950,000 after acquiring an additional 594,902 shares in the last quarter. Cormorant Asset Management LP lifted its stake in BridgeBio Pharma by 25.0% in the first quarter. Cormorant Asset Management LP now owns 2,000,000 shares of the company’s stock worth $69,140,000 after acquiring an additional 400,000 shares during the period. Norges Bank bought a new stake in BridgeBio Pharma in the second quarter valued at $84,488,000. Finally, Driehaus Capital Management LLC purchased a new position in BridgeBio Pharma during the 1st quarter valued at $51,874,000. 99.85% of the stock is owned by institutional investors.

BridgeBio Pharma Stock Performance

NASDAQ BBIO opened at $72.70 on Thursday. BridgeBio Pharma, Inc. has a one year low of $25.34 and a one year high of $75.10. The stock has a 50-day moving average of $63.23 and a 200 day moving average of $52.10. The company has a market capitalization of $14.01 billion, a price-to-earnings ratio of -17.39 and a beta of 1.26.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings results on Wednesday, October 29th. The company reported ($0.95) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.07). The firm had revenue of $120.70 million for the quarter, compared to analysts’ expectations of $107.71 million. During the same quarter in the previous year, the firm posted ($0.86) earnings per share. The firm’s revenue was up 4318.0% on a year-over-year basis. On average, equities analysts predict that BridgeBio Pharma, Inc. will post -3.67 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on BBIO. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BridgeBio Pharma in a research note on Wednesday, October 8th. Cantor Fitzgerald upped their price objective on shares of BridgeBio Pharma from $100.00 to $110.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. HC Wainwright reiterated a “buy” rating and set a $90.00 target price on shares of BridgeBio Pharma in a report on Monday, November 3rd. TD Cowen raised their price objective on BridgeBio Pharma from $60.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. Finally, Piper Sandler boosted their target price on BridgeBio Pharma from $93.00 to $98.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Twenty-one investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $74.37.

Insider Buying and Selling

In other news, CFO Thomas Trimarchi sold 16,934 shares of the company’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $66.46, for a total transaction of $1,125,433.64. Following the completion of the sale, the chief financial officer owned 382,830 shares of the company’s stock, valued at $25,442,881.80. This represents a 4.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Maricel Apuli sold 2,000 shares of the stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $74.26, for a total transaction of $148,520.00. Following the completion of the transaction, the chief accounting officer owned 130,297 shares in the company, valued at $9,675,855.22. This trade represents a 1.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 557,204 shares of company stock valued at $36,561,480 in the last ninety days. Corporate insiders own 18.20% 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.