Legal & General Group Plc Takes Position in BridgeBio Pharma, Inc. $BBIO

Legal & General Group Plc purchased a new stake in BridgeBio Pharma, Inc. (NASDAQ:BBIO) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 299,482 shares of the company’s stock, valued at approximately $22,305,000.

A number of other hedge funds have also recently added to or reduced their stakes in BBIO. The Manufacturers Life Insurance Company bought a new position in BridgeBio Pharma during the second quarter valued at approximately $145,663,000. Commerce Bank bought a new stake in BridgeBio Pharma in the second quarter worth approximately $899,000. EP Wealth Advisors LLC acquired a new position in shares of BridgeBio Pharma during the 2nd quarter worth $529,000. Allworth Financial LP acquired a new position in shares of BridgeBio Pharma during the 2nd quarter worth $31,000. Finally, B. Metzler seel. Sohn & Co. AG acquired a new position in shares of BridgeBio Pharma during the 2nd quarter worth $1,304,000. Institutional investors and hedge funds own 99.85% of the company’s stock.

Insider Activity at BridgeBio Pharma

In other BridgeBio Pharma news, Director Andrea Ellis sold 17,167 shares of the stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $84.00, for a total value of $1,442,028.00. Following the completion of the sale, the director directly owned 22,579 shares of the company’s stock, valued at $1,896,636. This represents a 43.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jennifer E. Cook sold 148,589 shares of the firm’s stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $88.54, for a total transaction of $13,156,070.06. Following the completion of the sale, the director owned 8,383 shares in the company, valued at $742,230.82. This represents a 94.66% 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. Over the last ninety days, insiders sold 387,343 shares of company stock worth $30,289,400. 14.23% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Raymond James Financial lowered shares of BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a research note on Tuesday, May 26th. Truist Financial increased their target price on shares of BridgeBio Pharma from $102.00 to $107.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. Bank of America raised their target price on BridgeBio Pharma from $101.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, August 11th. JPMorgan Chase & Co. boosted their price target on BridgeBio Pharma from $100.00 to $111.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 12th. Finally, TD Cowen upped their price target on BridgeBio Pharma from $95.00 to $110.00 and gave the stock a “buy” rating in a research note on Tuesday, August 11th. Twenty analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, BridgeBio Pharma presently has an average rating of “Moderate Buy” and an average price target of $100.79.

BridgeBio Pharma Stock Down 2.6%

BBIO opened at $76.60 on Friday. The stock’s 50 day moving average price is $80.08 and its two-hundred day moving average price is $73.55. The firm has a market capitalization of $14.97 billion, a P/E ratio of -21.46 and a beta of 0.96. BridgeBio Pharma, Inc. has a 12-month low of $48.78 and a 12-month high of $93.42.

BridgeBio Pharma (NASDAQ:BBIO) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.78) EPS for the quarter, missing analysts’ consensus estimates of ($0.58) by ($0.20). The firm had revenue of $243.68 million during the quarter, compared to the consensus estimate of $220.91 million. During the same period in the previous year, the business posted ($0.95) EPS. The firm’s revenue was up 120.4% on a year-over-year basis. As a group, analysts anticipate that BridgeBio Pharma, Inc. will post -2.62 earnings per share for the current year.

About BridgeBio Pharma

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.