Allianz Asset Management GmbH Takes $270,000 Position in BridgeBio Pharma, Inc. (NASDAQ:BBIO)

Key Points

• Allianz Asset Management GmbH purchased 7,800 shares of BridgeBio Pharma, Inc. valued at approximately $270,000, as disclosed in a recent SEC filing.
• Institutional investors collectively own 99.85% of BridgeBio’s stock, indicating strong confidence from the financial community.
• Multiple research analysts have given the stock a consensus rating of Moderate Buy with a target price of $61.18, reflecting optimism about the company's growth prospects.

Allianz Asset Management GmbH acquired a new stake in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 7,800 shares of the company's stock, valued at approximately $270,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Victory Capital Management Inc. grew its stake 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. CWM LLC boosted its position in shares of BridgeBio Pharma by 12.8% during the first quarter. CWM LLC now owns 5,261 shares of the company's stock worth $182,000 after buying an additional 598 shares during the period. Caas Capital Management LP acquired a new position in shares of BridgeBio Pharma during the first quarter worth about $297,000. Xponance Inc. raised its holdings in BridgeBio Pharma by 3.8% during the first quarter. Xponance Inc. now owns 10,474 shares of the company's stock worth $362,000 after acquiring an additional 385 shares in the last quarter. Finally, Cerity Partners LLC bought a new stake in BridgeBio Pharma during the first quarter worth about $229,000. 99.85% of the stock is owned by institutional investors and hedge funds.

BridgeBio Pharma Stock Performance

BBIO traded up $0.61 during midday trading on Thursday, reaching $45.42. 1,539,193 shares of the company were exchanged, compared to its average volume of 3,060,141. BridgeBio Pharma, Inc. has a one year low of $21.72 and a one year high of $49.77. The company's fifty day moving average price is $43.17 and its 200 day moving average price is $37.32. The company has a market cap of $8.62 billion, a price-to-earnings ratio of -11.12 and a beta of 1.23.

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

Insider Transactions at BridgeBio Pharma

In other news, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $34.20, for a total value of $205,200,000.00. Following the transaction, the insider directly owned 13,260,971 shares in the company, valued at $453,525,208.20. This trade represents a 31.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Hannah Valantine sold 4,292 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $40.00, for a total value of $171,680.00. Following the transaction, the director directly owned 1,764 shares in the company, valued at approximately $70,560. This represents a 70.87% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 9,750,155 shares of company stock valued at $369,080,403. Corporate insiders own 18.20% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on BBIO. Bank of America upped their price objective on BridgeBio Pharma from $50.00 to $54.00 and gave the company a "buy" rating in a research note on Wednesday, June 25th. Truist Financial started coverage on BridgeBio Pharma in a research report on Monday, July 21st. They set a "buy" rating and a $66.00 price target on the stock. Wells Fargo & Company raised their target price on BridgeBio Pharma from $67.00 to $76.00 and gave the company an "overweight" rating in a report on Monday, June 30th. Cantor Fitzgerald reissued an "overweight" rating and set a $95.00 price objective on shares of BridgeBio Pharma in a report on Tuesday, July 29th. Finally, UBS Group raised their price objective on BridgeBio Pharma from $65.00 to $72.00 and gave the company a "buy" rating in a report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $61.35.

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.