Adage Capital Partners GP L.L.C. Buys 246,555 Shares of BridgeBio Pharma, Inc. $BBIO

Key Points

• Adage Capital Partners GP L.L.C. significantly increased its stake in BridgeBio Pharma by 91.3%, acquiring an additional 246,555 shares during the first quarter, bringing its total ownership to 516,555 shares valued at approximately $17.86 million.
• BridgeBio Pharma's stock price rose by 3.0%, with a current trading price of $53.38 and a market capitalization of $10.20 billion.
• Despite reporting a wider-than-expected loss of ($0.95) earnings per share last quarter, the company achieved a remarkable increase in revenue, up nearly 5000% year-over-year at $110.57 million.

Adage Capital Partners GP L.L.C. increased its position in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 91.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 516,555 shares of the company's stock after acquiring an additional 246,555 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 0.27% of BridgeBio Pharma worth $17,857,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of BBIO. Cambridge Investment Research Advisors Inc. grew its stake in shares of BridgeBio Pharma by 29.4% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 30,802 shares of the company's stock worth $1,065,000 after purchasing an additional 6,997 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of BridgeBio Pharma by 71.0% during the 1st quarter. GAMMA Investing LLC now owns 920 shares of the company's stock worth $32,000 after acquiring an additional 382 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of BridgeBio Pharma in the 1st quarter worth $251,000. Baird Financial Group Inc. acquired a new stake in shares of BridgeBio Pharma during the first quarter worth $1,429,000. Finally, Victory Capital Management Inc. raised its position in shares of BridgeBio Pharma by 22.8% during the first quarter. Victory Capital Management Inc. now owns 79,851 shares of the company's stock worth $2,760,000 after purchasing an additional 14,825 shares during the period. 99.85% of the stock is owned by institutional investors and hedge funds.

BridgeBio Pharma Trading Down 0.7%

BBIO stock traded down $0.36 during midday trading on Thursday, reaching $52.60. The company had a trading volume of 1,898,109 shares, compared to its average volume of 2,197,108. The company has a 50 day moving average of $48.39 and a two-hundred day moving average of $40.15. The company has a market capitalization of $10.06 billion, a P/E ratio of -12.86 and a beta of 1.25. BridgeBio Pharma, Inc. has a 1 year low of $21.72 and a 1 year high of $54.60.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported ($0.95) earnings per share for the quarter, missing the consensus estimate of ($0.83) by ($0.12). The business had revenue of $110.57 million during the quarter, compared to the consensus estimate of $98.46 million. During the same quarter in the prior year, the firm posted ($0.39) earnings per share. BridgeBio Pharma's revenue was up 4999.9% on a year-over-year basis. On average, sell-side analysts anticipate that BridgeBio Pharma, Inc. will post -3.67 earnings per share for the current year.

Analyst Ratings Changes

BBIO has been the subject of a number of recent analyst reports. Cantor Fitzgerald reiterated an "overweight" rating and issued a $95.00 price target on shares of BridgeBio Pharma in a research report on Tuesday, July 29th. Citigroup upped their price objective on shares of BridgeBio Pharma from $58.00 to $67.00 and gave the company a "buy" rating in a research note on Friday, July 11th. JPMorgan Chase & Co. lifted their target price on shares of BridgeBio Pharma from $55.00 to $70.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 3rd. 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 for the company. Finally, Piper Sandler raised their price objective on shares of BridgeBio Pharma from $63.00 to $68.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. Seventeen investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $63.35.

Insider Buying and Selling at BridgeBio Pharma

In other BridgeBio Pharma news, Director Frank Mccormick sold 100,000 shares of the stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $44.23, for a total transaction of $4,423,000.00. Following the transaction, the director directly owned 879,979 shares of the company's stock, valued at $38,921,471.17. This represents a 10.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Neil Kumar sold 40,000 shares of the business's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $45.45, for a total value of $1,818,000.00. Following the completion of the sale, the chief executive officer directly owned 935,686 shares of the company's stock, valued at $42,526,928.70. This represents a 4.10% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,202,620 shares of company stock worth $187,174,970 in the last ninety days. Company insiders own 18.20% of the company's stock.

About BridgeBio Pharma

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.