Rafferty Asset Management LLC Sells 44,792 Shares of BridgeBio Pharma, Inc. $BBIO

Rafferty Asset Management LLC decreased its stake in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 22.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 151,990 shares of the company’s stock after selling 44,792 shares during the period. Rafferty Asset Management LLC owned about 0.08% of BridgeBio Pharma worth $7,894,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Wells Fargo & Company boosted their target price on BridgeBio Pharma from $88.00 to $98.00 and gave the stock an “overweight” rating in a research note on Friday, February 13th. Barclays initiated coverage on BridgeBio Pharma in a research report on Wednesday, January 28th. They issued an “overweight” rating on the stock. Sanford C. Bernstein initiated coverage on BridgeBio Pharma in a research note on Thursday, December 11th. They issued an “outperform” rating and a $94.00 price objective for the company. Leerink Partners lifted their target price on BridgeBio Pharma from $75.00 to $86.00 and gave the stock an “outperform” rating in a research note on Monday, December 15th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of BridgeBio Pharma in a report on Wednesday, January 21st. Twenty-two investment 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 company currently has an average rating of “Moderate Buy” and a consensus target price of $82.50.

BridgeBio Pharma Price Performance

Shares of BBIO stock opened at $65.50 on Tuesday. BridgeBio Pharma, Inc. has a 1 year low of $28.33 and a 1 year high of $84.94. The stock has a market capitalization of $12.70 billion, a price-to-earnings ratio of -17.33 and a beta of 1.13. The company’s fifty day simple moving average is $74.53 and its two-hundred day simple moving average is $65.00.

BridgeBio Pharma (NASDAQ:BBIO) last issued its earnings results on Tuesday, February 24th. The company reported ($1.00) 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 analyst estimates of $150.71 million. During the same period in the prior year, the company posted ($1.40) EPS. The firm’s revenue for the quarter was up 2521.2% compared to the same quarter last year. Equities research analysts anticipate that BridgeBio Pharma, Inc. will post -3.67 EPS for the current year.

Insider Activity

In related news, Director Randal W. Scott sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $75.46, for a total transaction of $754,600.00. Following the sale, the director owned 11,589 shares of the company’s stock, valued at approximately $874,505.94. This represents a 46.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Maricel Apuli sold 2,000 shares of the stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $74.26, for a total transaction of $148,520.00. Following the completion of the sale, the chief accounting officer owned 130,297 shares in the company, valued at $9,675,855.22. This represents a 1.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 204,174 shares of company stock worth $15,012,335 in the last three months. Insiders own 18.20% 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.