Franklin Resources Inc. Acquires 482,149 Shares of BridgeBio Pharma, Inc. $BBIO

Franklin Resources Inc. raised its holdings in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 142.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 821,405 shares of the company’s stock after purchasing an additional 482,149 shares during the period. Franklin Resources Inc.’s holdings in BridgeBio Pharma were worth $35,468,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in BridgeBio Pharma during the 2nd quarter valued at about $25,000. Jones Financial Companies Lllp purchased a new stake in BridgeBio Pharma during the first quarter valued at $35,000. LVW Advisors LLC purchased a new stake in shares of BridgeBio Pharma during the 2nd quarter valued at about $202,000. DAVENPORT & Co LLC bought a new position in BridgeBio Pharma in the second quarter worth approximately $207,000. Finally, Commerce Bank bought a new position in BridgeBio Pharma in the 1st quarter worth $209,000. 99.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BBIO has been the topic of a number of recent analyst reports. Raymond James Financial restated an “outperform” rating and set a $71.00 target price (up previously from $69.00) on shares of BridgeBio Pharma in a research note on Thursday, October 30th. JPMorgan Chase & Co. boosted their price target on shares of BridgeBio Pharma from $76.00 to $77.00 and gave the stock an “overweight” rating in a research report on Friday, November 7th. Leerink Partners set a $68.00 price objective on BridgeBio Pharma and gave the company an “outperform” rating in a research report on Monday, October 27th. Cowen reissued a “positive” rating on shares of BridgeBio Pharma in a research note on Thursday, October 30th. Finally, The Goldman Sachs Group raised their price target on BridgeBio Pharma from $55.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. Twenty investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $74.37.

Insider Buying and Selling

In other BridgeBio Pharma news, CFO Thomas Trimarchi sold 16,934 shares of the firm’s stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $66.46, for a total value 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 approximately $25,442,881.80. This trade represents a 4.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andrew Lo sold 55,000 shares of BridgeBio Pharma stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $65.69, for a total transaction of $3,612,950.00. Following the completion of the sale, the director owned 50,583 shares of the company’s stock, valued at $3,322,797.27. This trade represents a 52.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 629,204 shares of company stock valued at $39,424,400 in the last 90 days. 18.20% of the stock is owned by insiders.

BridgeBio Pharma Stock Up 1.5%

BridgeBio Pharma stock opened at $71.72 on Thursday. The firm has a market cap of $13.82 billion, a P/E ratio of -17.16 and a beta of 1.39. The business has a fifty day moving average of $58.99 and a two-hundred day moving average of $49.37. BridgeBio Pharma, Inc. has a twelve month low of $25.34 and a twelve month high of $72.26.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings results on Wednesday, October 29th. The company reported ($0.95) earnings per share 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 analyst estimates of $107.71 million. During the same quarter in the prior year, the company earned ($0.86) EPS. The business’s quarterly revenue was up 4318.0% on a year-over-year basis. Equities analysts expect that BridgeBio Pharma, Inc. will post -3.67 earnings per share for the current year.

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.