BridgeBio Pharma, Inc. (NASDAQ:BBIO) Stake Cut by Franklin Resources Inc.

Franklin Resources Inc. reduced its position in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 99.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,598 shares of the company's stock after selling 2,296,302 shares during the period. Franklin Resources Inc.'s holdings in BridgeBio Pharma were worth $236,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of BridgeBio Pharma during the fourth quarter valued at about $29,237,000. Vanguard Group Inc. raised its position in shares of BridgeBio Pharma by 6.2% in the 4th quarter. Vanguard Group Inc. now owns 15,077,915 shares of the company's stock valued at $413,738,000 after purchasing an additional 879,059 shares in the last quarter. Exome Asset Management LLC boosted its stake in shares of BridgeBio Pharma by 167.4% during the 3rd quarter. Exome Asset Management LLC now owns 211,000 shares of the company's stock valued at $5,372,000 after buying an additional 132,093 shares during the last quarter. Barclays PLC grew its position in shares of BridgeBio Pharma by 31.9% during the third quarter. Barclays PLC now owns 545,008 shares of the company's stock worth $13,876,000 after buying an additional 131,743 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of BridgeBio Pharma by 3.8% during the third quarter. Geode Capital Management LLC now owns 3,413,949 shares of the company's stock worth $86,936,000 after buying an additional 123,540 shares in the last quarter. 99.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Neil Kumar sold 75,000 shares of BridgeBio Pharma stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $36.87, for a total value of $2,765,250.00. Following the transaction, the chief executive officer now owns 4,948,447 shares of the company's stock, valued at $182,449,240.89. The trade was a 1.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Andrea Ellis sold 10,000 shares of the stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $35.00, for a total transaction of $350,000.00. Following the sale, the director now directly owns 12,000 shares of the company's stock, valued at approximately $420,000. This represents a 45.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,694,739 shares of company stock valued at $327,308,651 over the last three months. Company insiders own 24.66% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. JPMorgan Chase & Co. increased their price objective on shares of BridgeBio Pharma from $44.00 to $50.00 and gave the company an "overweight" rating in a research note on Monday, March 24th. Scotiabank lifted their price target on BridgeBio Pharma from $49.00 to $52.00 and gave the stock a "sector outperform" rating in a research note on Friday, February 21st. Redburn Atlantic began coverage on BridgeBio Pharma in a research note on Monday, March 31st. They set a "buy" rating and a $50.00 price objective on the stock. Citigroup lifted their target price on BridgeBio Pharma from $45.00 to $49.00 and gave the stock a "buy" rating in a research report on Friday, February 21st. Finally, HC Wainwright boosted their price target on BridgeBio Pharma from $49.00 to $53.00 and gave the company a "buy" rating in a report on Tuesday, April 15th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $53.00.

BridgeBio Pharma Stock Performance

Shares of NASDAQ:BBIO traded up $0.44 during trading on Thursday, reaching $35.67. The company had a trading volume of 386,410 shares, compared to its average volume of 2,954,666. The firm's fifty day moving average is $33.88 and its 200 day moving average is $30.26. The firm has a market capitalization of $6.78 billion, a PE ratio of -12.52 and a beta of 1.08. BridgeBio Pharma, Inc. has a twelve month low of $21.62 and a twelve month high of $39.47.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last released its earnings results on Thursday, February 20th. The company reported ($1.31) earnings per share for the quarter, missing analysts' consensus estimates of ($1.09) by ($0.22). The business had revenue of $5.88 million during the quarter, compared to analysts' expectations of $4.04 million. Equities analysts predict that BridgeBio Pharma, Inc. will post -3.67 earnings per share for the current fiscal 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.