Primecap Management Co. CA Sells 12,340 Shares of BridgeBio Pharma, Inc. $BBIO

Primecap Management Co. CA decreased its position in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 2.1% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 576,370 shares of the company’s stock after selling 12,340 shares during the quarter. Primecap Management Co. CA’s holdings in BridgeBio Pharma were worth $29,937,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of BBIO. Norges Bank bought a new stake in shares of BridgeBio Pharma during the second quarter worth $84,488,000. Invesco Ltd. increased its position in BridgeBio Pharma by 27.0% in the second quarter. Invesco Ltd. now owns 2,801,065 shares of the company’s stock worth $120,950,000 after purchasing an additional 594,902 shares during the period. Franklin Resources Inc. raised its holdings in BridgeBio Pharma by 142.1% during the 2nd quarter. Franklin Resources Inc. now owns 821,405 shares of the company’s stock worth $35,468,000 after purchasing an additional 482,149 shares during the last quarter. Vanguard Group Inc. lifted its position in BridgeBio Pharma by 2.1% during the 3rd quarter. Vanguard Group Inc. now owns 16,832,059 shares of the company’s stock valued at $874,257,000 after purchasing an additional 347,074 shares during the period. Finally, Gilder Gagnon Howe & Co. LLC lifted its position in BridgeBio Pharma by 280.7% during the 2nd quarter. Gilder Gagnon Howe & Co. LLC now owns 465,401 shares of the company’s stock valued at $20,096,000 after purchasing an additional 343,158 shares during the period. 99.85% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Neil Kumar sold 28,053 shares of the company’s stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $71.39, for a total value of $2,002,703.67. Following the completion of the transaction, the chief executive officer owned 234,451 shares in the company, valued at $16,737,456.89. This represents a 10.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas Trimarchi sold 13,600 shares of the firm’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $74.72, for a total transaction of $1,016,192.00. Following the sale, the chief financial officer owned 336,585 shares in the company, valued at approximately $25,149,631.20. The trade was a 3.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 204,174 shares of company stock valued at $15,012,335 in the last quarter. 18.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

BBIO has been the subject of a number of recent research reports. Morgan Stanley boosted their price target on shares of BridgeBio Pharma from $96.00 to $98.00 and gave the stock an “overweight” rating in a research note on Wednesday. JPMorgan Chase & Co. upped their target price on shares of BridgeBio Pharma from $76.00 to $77.00 and gave the company an “overweight” rating in a research report on Friday, November 7th. Barclays assumed coverage on BridgeBio Pharma in a research note on Wednesday, January 28th. They issued an “overweight” rating on the stock. Oppenheimer decreased their price objective on BridgeBio Pharma from $83.00 to $81.00 and set an “outperform” rating for the company in a research note on Wednesday. Finally, Sanford C. Bernstein initiated coverage on BridgeBio Pharma in a report on Thursday, December 11th. They issued an “outperform” rating and a $94.00 price objective for the company. Twenty-two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $82.50.

BridgeBio Pharma Trading Down 1.7%

Shares of BridgeBio Pharma stock opened at $66.48 on Friday. The stock’s fifty day simple moving average is $74.76 and its 200 day simple moving average is $64.69. The company has a market capitalization of $12.89 billion, a PE ratio of -17.59 and a beta of 1.13. BridgeBio Pharma, Inc. has a 12 month low of $28.33 and a 12 month high of $84.94.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings results on Tuesday, February 24th. The company reported ($1.00) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.75) by ($0.25). The business had revenue of $154.18 million during the quarter, compared to the consensus estimate of $150.71 million. BridgeBio Pharma’s quarterly revenue was up 2521.2% on a year-over-year basis. During the same period in the prior year, the business earned ($1.40) EPS. Analysts predict that BridgeBio Pharma, Inc. will post -3.67 EPS for the current fiscal 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.