Platinum Investment Management Ltd. Grows Stake in BridgeBio Pharma, Inc. $BBIO

Platinum Investment Management Ltd. raised its holdings in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 7.6% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 75,708 shares of the company’s stock after acquiring an additional 5,358 shares during the period. Platinum Investment Management Ltd.’s holdings in BridgeBio Pharma were worth $3,269,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Mackenzie Financial Corp grew its holdings in shares of BridgeBio Pharma by 6.6% during the fourth quarter. Mackenzie Financial Corp now owns 9,505 shares of the company’s stock worth $261,000 after purchasing an additional 592 shares in the last quarter. California State Teachers Retirement System grew its holdings in shares of BridgeBio Pharma by 6.8% during the fourth quarter. California State Teachers Retirement System now owns 115,655 shares of the company’s stock worth $3,174,000 after purchasing an additional 7,388 shares in the last quarter. GAMMA Investing LLC grew its stake in BridgeBio Pharma by 5,811.5% in the 1st quarter. GAMMA Investing LLC now owns 31,804 shares of the company’s stock worth $1,099,000 after buying an additional 31,266 shares in the last quarter. Rhumbline Advisers grew its stake in BridgeBio Pharma by 0.5% in the 1st quarter. Rhumbline Advisers now owns 220,128 shares of the company’s stock worth $7,610,000 after buying an additional 1,008 shares in the last quarter. Finally, Moss Adams Wealth Advisors LLC grew its stake in BridgeBio Pharma by 113.8% in the 1st quarter. Moss Adams Wealth Advisors LLC now owns 16,202 shares of the company’s stock worth $560,000 after buying an additional 8,625 shares in the last quarter. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BBIO has been the subject of a number of research reports. Piper Sandler boosted their price target on shares of BridgeBio Pharma from $63.00 to $68.00 and gave the stock an “overweight” rating in a research note on Monday, July 14th. Raymond James Financial started coverage on BridgeBio Pharma in a report on Wednesday, July 30th. They issued an “outperform” rating and a $56.00 price objective for the company. Oppenheimer upped their price objective on BridgeBio Pharma from $60.00 to $61.00 and gave the stock an “outperform” rating in a report on Wednesday, August 6th. Citigroup upped their price objective on BridgeBio Pharma from $58.00 to $67.00 and gave the stock a “buy” rating in a report on Friday, July 11th. Finally, HC Wainwright restated a “buy” rating and issued a $70.00 target price on shares of BridgeBio Pharma in a research report on Monday, September 15th. Seventeen equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $63.94.

BridgeBio Pharma Trading Up 3.0%

NASDAQ BBIO opened at $53.48 on Thursday. BridgeBio Pharma, Inc. has a 1-year low of $21.72 and a 1-year high of $54.60. The stock has a 50-day moving average of $49.98 and a 200-day moving average of $41.93. The firm has a market cap of $10.22 billion, a PE ratio of -13.08 and a beta of 1.36.

BridgeBio Pharma (NASDAQ:BBIO) last released its earnings results on Tuesday, August 5th. The company reported ($0.95) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.83) by ($0.12). The firm had revenue of $110.57 million during the quarter, compared to the consensus estimate of $98.46 million. During the same period in the previous year, the business posted ($0.39) earnings per share. The company’s revenue was up 4999.9% compared to the same quarter last year. As a group, equities research analysts forecast that BridgeBio Pharma, Inc. will post -3.67 earnings per share for the current fiscal year.

Insider Transactions at BridgeBio Pharma

In related news, CAO Maricel Apuli sold 1,000 shares of the company’s stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $45.44, for a total transaction of $45,440.00. Following the completion of the sale, the chief accounting officer directly owned 141,859 shares in the company, valued at $6,446,072.96. This represents a 0.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Neil Kumar sold 40,000 shares of the company’s stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $51.34, for a total transaction of $2,053,600.00. Following the transaction, the chief executive officer directly owned 895,686 shares of the company’s stock, valued at approximately $45,984,519.24. This trade represents a 4.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 557,913 shares of company stock valued at $26,843,027. Insiders own 18.20% 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.