Alliancebernstein L.P. Reduces Stock Position in BridgeBio Pharma, Inc. $BBIO

Key Points

• Alliancebernstein L.P. reduced its stake in BridgeBio Pharma by 3.9%, now owning approximately 1.41% of the company, valued at about $92.79 million.
• The company's latest earnings report showed a significant revenue increase of 4999.9% year-over-year, despite reporting a loss of ($0.95) earnings per share.
• Recent analyst ratings indicate a consensus Buy rating for the stock, with an average price target of $63.35.

Alliancebernstein L.P. lowered its position in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 3.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,684,146 shares of the company's stock after selling 110,146 shares during the period. Alliancebernstein L.P. owned about 1.41% of BridgeBio Pharma worth $92,791,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Janus Henderson Group PLC raised its stake in shares of BridgeBio Pharma by 1.9% during the fourth quarter. Janus Henderson Group PLC now owns 4,907,533 shares of the company's stock valued at $134,672,000 after acquiring an additional 89,521 shares during the last quarter. Farallon Capital Management LLC raised its position in BridgeBio Pharma by 140.1% during the 4th quarter. Farallon Capital Management LLC now owns 4,195,000 shares of the company's stock valued at $115,111,000 after purchasing an additional 2,448,000 shares during the last quarter. Frazier Life Sciences Management L.P. lifted its holdings in BridgeBio Pharma by 1.1% in the 4th quarter. Frazier Life Sciences Management L.P. now owns 3,800,457 shares of the company's stock worth $104,285,000 after buying an additional 40,000 shares during the period. Woodline Partners LP grew its position in shares of BridgeBio Pharma by 132.9% in the 4th quarter. Woodline Partners LP now owns 2,211,521 shares of the company's stock worth $60,684,000 after buying an additional 1,261,772 shares during the last quarter. Finally, Invesco Ltd. increased its stake in shares of BridgeBio Pharma by 147.0% during the first quarter. Invesco Ltd. now owns 2,206,163 shares of the company's stock valued at $76,267,000 after buying an additional 1,313,036 shares during the period. Hedge funds and other institutional investors own 99.85% of the company's stock.

BridgeBio Pharma Stock Down 0.7%

BridgeBio Pharma stock traded down $0.36 during trading hours on Thursday, hitting $52.60. The stock had a trading volume of 1,898,109 shares, compared to its average volume of 2,197,108. The stock's 50-day moving average price is $48.39 and its 200-day moving average price is $40.15. The stock 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 12-month low of $21.72 and a 12-month high of $54.60.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last announced its quarterly 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 company had revenue of $110.57 million for the quarter, compared to the consensus estimate of $98.46 million. During the same period in the prior year, the business earned ($0.39) earnings per share. The firm's quarterly revenue was up 4999.9% compared to the same quarter last year. On average, research analysts expect that BridgeBio Pharma, Inc. will post -3.67 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have commented on the stock. Piper Sandler upped their price objective on shares of BridgeBio Pharma from $63.00 to $68.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. JPMorgan Chase & Co. lifted their price target on BridgeBio Pharma from $55.00 to $70.00 and gave the company an "overweight" rating in a research report on Wednesday, September 3rd. Raymond James Financial started coverage on BridgeBio Pharma in a report on Wednesday, July 30th. They issued an "outperform" rating and a $56.00 price objective for the company. HC Wainwright boosted their target price on shares of BridgeBio Pharma from $56.00 to $70.00 and gave the company a "buy" rating in a report on Friday, August 29th. Finally, 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 target price on the stock. Seventeen equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $63.35.

Insiders Place Their Bets

In related news, CAO Maricel Apuli sold 1,000 shares of the stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $45.44, for a total transaction of $45,440.00. Following the sale, the chief accounting officer directly owned 141,859 shares of the company's stock, valued at $6,446,072.96. This trade represents a 0.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Thomas Trimarchi sold 42,237 shares of BridgeBio Pharma stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $49.48, for a total value of $2,089,886.76. Following the completion of the sale, the chief financial officer owned 421,081 shares of the company's stock, valued at $20,835,087.88. The trade was a 9.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 4,202,620 shares of company stock worth $187,174,970. 18.20% of the stock is owned by corporate insiders.

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.