Cerity Partners LLC Makes New Investment in BridgeBio Pharma, Inc. (NASDAQ:BBIO)

Cerity Partners LLC purchased a new position in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 6,618 shares of the company's stock, valued at approximately $229,000.

A number of other hedge funds have also bought and sold shares of BBIO. Harvey Capital Management Inc. boosted its stake in BridgeBio Pharma by 31.8% in the first quarter. Harvey Capital Management Inc. now owns 17,000 shares of the company's stock valued at $588,000 after acquiring an additional 4,100 shares during the period. GF Fund Management CO. LTD. boosted its stake in BridgeBio Pharma by 22.0% in the first quarter. GF Fund Management CO. LTD. now owns 4,839 shares of the company's stock valued at $167,000 after acquiring an additional 871 shares during the period. Principal Financial Group Inc. raised its holdings in shares of BridgeBio Pharma by 9.3% during the first quarter. Principal Financial Group Inc. now owns 1,148,292 shares of the company's stock valued at $39,696,000 after buying an additional 98,153 shares during the last quarter. First Bank & Trust raised its holdings in shares of BridgeBio Pharma by 13.7% during the first quarter. First Bank & Trust now owns 8,493 shares of the company's stock valued at $294,000 after buying an additional 1,022 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new stake in shares of BridgeBio Pharma during the first quarter valued at approximately $251,000. 99.85% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $34.20, for a total value of $205,200,000.00. Following the sale, the insider owned 13,260,971 shares of the company's stock, valued at $453,525,208.20. The trade was a 31.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Frank Mccormick sold 100,000 shares of the company's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $44.23, for a total transaction of $4,423,000.00. Following the sale, the director directly owned 879,979 shares in the company, valued at $38,921,471.17. This represents a 10.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,750,155 shares of company stock valued at $369,080,403 over the last 90 days. Company insiders own 18.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on BBIO. HC Wainwright lifted their price target on BridgeBio Pharma from $53.00 to $56.00 and gave the company a "buy" rating in a report on Monday, June 9th. Cantor Fitzgerald reissued an "overweight" rating and set a $95.00 target price on shares of BridgeBio Pharma in a report on Tuesday. Truist Financial started coverage on shares of BridgeBio Pharma in a research report on Monday, July 21st. They issued a "buy" rating and a $66.00 price target on the stock. Raymond James Financial started coverage on shares of BridgeBio Pharma in a research report on Wednesday. They issued an "outperform" rating and a $56.00 price target on the stock. Finally, Jefferies Financial Group began coverage on shares of BridgeBio Pharma in a research report on Monday, July 14th. They issued a "buy" rating and a $70.00 price target on the stock. One analyst has rated the stock with a sell rating and seventeen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $61.18.

BridgeBio Pharma Trading Up 1.4%

BridgeBio Pharma stock traded up $0.64 on Friday, reaching $47.91. 636,184 shares of the stock were exchanged, compared to its average volume of 2,969,377. The stock has a market cap of $9.10 billion, a PE ratio of -13.56 and a beta of 1.15. BridgeBio Pharma, Inc. has a twelve month low of $21.72 and a twelve month high of $48.68. The firm has a fifty day moving average price of $42.02 and a two-hundred day moving average price of $36.97.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported ($0.88) earnings per share for the quarter, beating analysts' consensus estimates of ($1.00) by $0.12. The business had revenue of $36.74 million during the quarter, compared to the consensus estimate of $57.14 million. The business's revenue was down 44.8% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.20) EPS. Equities analysts anticipate that BridgeBio Pharma, Inc. will post -3.67 EPS 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.