242,703 BridgeBio Pharma, Inc. $BBIO Shares Acquired by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management increased its BridgeBio Pharma stake by 16.8% in the third quarter, adding 242,703 shares to reach 1.69 million shares, worth about $111.3 million. Institutional investors and hedge funds own 99.85% of the company’s stock.
• BridgeBio reported quarterly revenue of $353.2 million, up 192.6% year over year, and a loss of $0.42 per share—better than analysts’ estimate of a $0.54 loss.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $104.26. Company insiders sold 56,980 shares worth about $4.56 million over the past 90 days.

Pictet Asset Management Holding SA increased its holdings in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 16.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,690,829 shares of the company's stock after acquiring an additional 242,703 shares during the period. Pictet Asset Management Holding SA owned about 0.86% of BridgeBio Pharma worth $111,290,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Silvant Capital Management LLC bought a new position in BridgeBio Pharma in the 2nd quarter valued at $28,000. Root Financial Partners LLC acquired a new position in BridgeBio Pharma in the third quarter worth $28,000. SBI Securities Co. Ltd. grew its holdings in shares of BridgeBio Pharma by 55.3% during the third quarter. SBI Securities Co. Ltd. now owns 441 shares of the company's stock worth $29,000 after purchasing an additional 157 shares during the last quarter. Allworth Financial LP bought a new stake in shares of BridgeBio Pharma during the second quarter worth $31,000. Finally, Heritage Family Offices LLP bought a new stake in shares of BridgeBio Pharma during the third quarter worth $39,000. 99.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CAO Maricel Apuli sold 2,000 shares of the stock in a transaction that occurred on Friday, October 30th. The shares were sold at an average price of $72.85, for a total value of $145,700.00. Following the sale, the chief accounting officer directly owned 120,687 shares in the company, valued at $8,792,047.95. This trade represents a 1.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Neil Kumar sold 34,980 shares of the stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $82.53, for a total transaction of $2,886,899.40. Following the completion of the sale, the chief executive officer owned 243,327 shares in the company, valued at $20,081,777.31. This represents a 12.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 56,980 shares of company stock valued at $4,563,699 over the last 90 days. Corporate insiders own 14.23% of the company's stock.

BridgeBio Pharma Price Performance

NASDAQ:BBIO opened at $74.29 on Monday. BridgeBio Pharma, Inc. has a 12-month low of $60.55 and a 12-month high of $93.42. The firm has a market capitalization of $14.47 billion, a P/E ratio of -24.44 and a beta of 0.97. The stock's fifty day simple moving average is $69.76 and its 200-day simple moving average is $72.78.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last released its quarterly earnings data on Thursday, October 29th. The company reported ($0.42) EPS for the quarter, beating analysts' consensus estimates of ($0.54) by $0.12. The company had revenue of $353.17 million during the quarter, compared to the consensus estimate of $293.47 million. During the same quarter in the prior year, the company posted ($0.95) EPS. The company's revenue for the quarter was up 192.6% compared to the same quarter last year. As a group, equities research analysts expect that BridgeBio Pharma, Inc. will post -2.55 earnings per share for the current year.

Analysts Set New Price Targets

BBIO has been the topic of a number of research reports. Morgan Stanley upped their target price on shares of BridgeBio Pharma from $87.00 to $88.00 and gave the stock an "overweight" rating in a research report on Friday, October 30th. Truist Financial raised their price target on shares of BridgeBio Pharma from $102.00 to $107.00 and gave the company a "buy" rating in a report on Wednesday, August 12th. Barclays lowered their price target on shares of BridgeBio Pharma from $157.00 to $156.00 and set an "overweight" rating for the company in a report on Wednesday, October 7th. UBS Group restated a "buy" rating on shares of BridgeBio Pharma in a research report on Friday, October 30th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating on shares of BridgeBio Pharma in a report on Monday, October 5th. Nineteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $104.26.

About BridgeBio Pharma

BridgeBio Pharma is a biopharmaceutical company that discovers, develops and commercializes medicines for genetic diseases and cancers. Founded in 2015, the company advances programs through a network of research and development subsidiaries focused on specific conditions and therapeutic areas.

Its products include Attruby (acoramidis), an FDA-approved treatment for adults with transthyretin amyloid cardiomyopathy. BridgeBio also develops a pipeline of investigational therapies aimed at diseases with well-understood genetic causes, including rare and inherited conditions.

BridgeBio is headquartered in Palo Alto, California.

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