Pictet Asset Management Holding SA Raises Stake in BridgeBio Pharma, Inc. $BBIO

Pictet Asset Management Holding SA increased its stake in BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 8.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,381,184 shares of the company’s stock after purchasing an additional 110,894 shares during the quarter. Pictet Asset Management Holding SA owned 0.71% of BridgeBio Pharma worth $101,495,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC boosted its stake in shares of BridgeBio Pharma by 4.9% during the 4th quarter. Commonwealth Equity Services LLC now owns 5,179 shares of the company’s stock worth $396,000 after acquiring an additional 244 shares in the last quarter. Farther Finance Advisors LLC boosted its position in BridgeBio Pharma by 91.4% during the fourth quarter. Farther Finance Advisors LLC now owns 513 shares of the company’s stock worth $39,000 after purchasing an additional 245 shares in the last quarter. State of New Jersey Common Pension Fund D increased its position in shares of BridgeBio Pharma by 0.5% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 51,896 shares of the company’s stock valued at $3,970,000 after buying an additional 246 shares in the last quarter. CWM LLC raised its stake in shares of BridgeBio Pharma by 4.3% during the 4th quarter. CWM LLC now owns 6,444 shares of the company’s stock worth $493,000 after buying an additional 265 shares during the last quarter. Finally, Xponance LLC boosted its position in shares of BridgeBio Pharma by 2.2% in the 4th quarter. Xponance LLC now owns 12,536 shares of the company’s stock worth $959,000 after buying an additional 272 shares in the last quarter. 99.85% of the stock is currently owned by institutional investors and hedge funds.

BridgeBio Pharma Stock Performance

BBIO stock opened at $70.24 on Monday. The firm has a market cap of $13.76 billion, a P/E ratio of -18.78 and a beta of 0.98. BridgeBio Pharma, Inc. has a 1 year low of $41.80 and a 1 year high of $84.94. The stock has a 50-day simple moving average of $68.88 and a 200-day simple moving average of $71.81.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.84) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.14). The business had revenue of $194.51 million during the quarter, compared to analysts’ expectations of $178.07 million. The firm’s revenue for the quarter was up 66.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.88) EPS. On average, equities research analysts predict that BridgeBio Pharma, Inc. will post -2.29 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on BBIO shares. JPMorgan Chase & Co. lifted their price objective on BridgeBio Pharma from $89.00 to $94.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 10th. Citigroup began coverage on shares of BridgeBio Pharma in a research report on Tuesday, May 19th. They issued a “neutral” rating and a $82.00 price objective for the company. Raymond James Financial lowered shares of BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 26th. Barclays reissued an “overweight” rating on shares of BridgeBio Pharma in a research note on Tuesday, March 10th. Finally, Mizuho reduced their target price on BridgeBio Pharma from $106.00 to $96.00 and set an “outperform” rating on the stock in a report on Tuesday, June 16th. Twenty-one equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $92.90.

Insider Activity

In other BridgeBio Pharma news, Director Jennifer E. Cook sold 37,167 shares of the business’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $70.00, for a total value of $2,601,690.00. Following the transaction, the director owned 8,383 shares in the company, valued at $586,810. The trade was a 81.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Randal W. Scott sold 10,000 shares of the firm’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $67.15, for a total value of $671,500.00. Following the sale, the director owned 11,589 shares of the company’s stock, valued at $778,201.35. This represents a 46.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 306,361 shares of company stock worth $21,020,442 over the last three months. 14.23% of the stock is currently owned by corporate insiders.

BridgeBio Pharma Profile

BridgeBio Pharma, Inc is a clinical-stage biopharmaceutical company headquartered in Palo Alto, California. Founded in 2015 by Neil Kumar, the company is dedicated to discovering, developing and delivering transformative medicines for patients with genetic diseases and cancers. BridgeBio operates an integrated model that spans target identification, preclinical research, clinical development and commercialization, aiming to streamline the process from bench to bedside.

BridgeBio’s pipeline comprises multiple therapeutic modalities, including small molecules, biologics and genetic therapies.