BridgeBio Pharma, Inc. $BBIO Stake Lowered by Cinctive Capital Management LP

Cinctive Capital Management LP reduced its stake in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 26.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 70,175 shares of the company’s stock after selling 25,497 shares during the period. Cinctive Capital Management LP’s holdings in BridgeBio Pharma were worth $5,368,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Global Retirement Partners LLC grew its holdings in shares of BridgeBio Pharma by 271.5% during the 4th quarter. Global Retirement Partners LLC now owns 509 shares of the company’s stock valued at $39,000 after acquiring an additional 372 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in BridgeBio Pharma by 91.4% in 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. Kemnay Advisory Services Inc. bought a new stake in BridgeBio Pharma in the fourth quarter worth $41,000. Cary Street Partners Investment Advisory LLC boosted its holdings in BridgeBio Pharma by 861.0% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 567 shares of the company’s stock worth $43,000 after purchasing an additional 508 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. bought a new stake in BridgeBio Pharma in the fourth quarter worth $44,000. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on BBIO. Mizuho decreased their price objective on shares of BridgeBio Pharma from $106.00 to $96.00 and set an “outperform” rating for the company in a report on Tuesday. Morgan Stanley boosted their target price on shares of BridgeBio Pharma from $94.00 to $98.00 and gave the stock an “overweight” rating in a research report on Thursday, May 28th. Royal Bank Of Canada initiated coverage on shares of BridgeBio Pharma in a research report on Thursday, April 9th. They set an “outperform” rating and a $100.00 target price for the company. Citigroup initiated coverage on shares of BridgeBio Pharma in a research report on Tuesday, May 19th. They set a “neutral” rating and a $82.00 target price for the company. Finally, JPMorgan Chase & Co. boosted their target price on shares of BridgeBio Pharma from $89.00 to $94.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 10th. Twenty-two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $91.05.

BridgeBio Pharma Price Performance

BridgeBio Pharma stock opened at $67.39 on Thursday. The firm has a market cap of $13.20 billion, a price-to-earnings ratio of -18.02 and a beta of 0.97. BridgeBio Pharma, Inc. has a fifty-two week low of $39.65 and a fifty-two week high of $84.94. The firm has a fifty day moving average price of $69.89 and a two-hundred day moving average price of $72.04.

BridgeBio Pharma (NASDAQ:BBIO) last released its 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 $194.52 million for the quarter, compared to analysts’ expectations of $178.07 million. BridgeBio Pharma’s revenue was up 66.8% on a year-over-year basis. During the same period last year, the company posted ($0.88) earnings per share. As a group, sell-side analysts expect that BridgeBio Pharma, Inc. will post -2.32 earnings per share for the current year.

Insider Buying and Selling at BridgeBio Pharma

In other news, CFO Thomas Trimarchi sold 13,651 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $65.08, for a total transaction of $888,407.08. Following the completion of the transaction, the chief financial officer owned 359,194 shares of the company’s stock, valued at approximately $23,376,345.52. This represents a 3.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Maricel Apuli sold 2,000 shares of the company’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $71.58, for a total transaction of $143,160.00. Following the transaction, the chief accounting officer directly owned 134,115 shares of the company’s stock, valued at $9,599,951.70. This represents a 1.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 261,994 shares of company stock valued at $17,926,648 in the last three months. Company insiders own 14.23% of the company’s stock.

BridgeBio Pharma Company 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.