Allianz Asset Management GmbH Takes 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 bought a new position in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 7,800 shares of the company's stock, valued at approximately $270,000.

Several other hedge funds and other institutional investors have also modified their holdings of BBIO. GAMMA Investing LLC raised its holdings in BridgeBio Pharma by 71.0% in the 1st quarter. GAMMA Investing LLC now owns 920 shares of the company's stock valued at $32,000 after acquiring an additional 382 shares during the period. Itau Unibanco Holding S.A. acquired a new position in shares of BridgeBio Pharma in the fourth quarter valued at approximately $41,000. Sterling Capital Management LLC increased its stake in shares of BridgeBio Pharma by 554.6% during the fourth quarter. Sterling Capital Management LLC now owns 1,787 shares of the company's stock worth $49,000 after purchasing an additional 1,514 shares during the period. GF Fund Management CO. LTD. bought a new position in shares of BridgeBio Pharma during the fourth quarter worth approximately $109,000. Finally, CWM LLC lifted its holdings in BridgeBio Pharma by 12.8% during the 1st quarter. CWM LLC now owns 5,261 shares of the company's stock worth $182,000 after purchasing an additional 598 shares during the last quarter. Institutional investors own 99.85% of the company's stock.

Insider Activity

In other BridgeBio Pharma news, Director Hannah Valantine sold 2,289 shares of the firm's stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $44.05, for a total value of $100,830.45. Following the sale, the director owned 398 shares of the company's stock, valued at approximately $17,531.90. This trade represents a 85.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Global Investors Lp Viking sold 3,500,000 shares of the business's stock in a transaction on Friday, June 27th. The stock was sold at an average price of $44.00, for a total value of $154,000,000.00. Following the transaction, the insider directly owned 18,555,375 shares of the company's stock, valued at $816,436,500. This trade represents a 15.87% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,750,155 shares of company stock valued at $369,080,403. Corporate insiders own 18.20% of the company's stock.

BridgeBio Pharma Trading Up 0.2%

NASDAQ BBIO opened at $47.37 on Monday. The firm's 50 day simple moving average is $42.30 and its 200 day simple moving average is $37.08. The firm has a market capitalization of $8.99 billion, a price-to-earnings ratio of -13.42 and a beta of 1.23. BridgeBio Pharma, Inc. has a 1 year low of $21.72 and a 1 year high of $48.68.

Analyst Ratings Changes

A number of research analysts have commented on the company. Truist Financial assumed coverage on BridgeBio Pharma in a report on Monday, July 21st. They issued a "buy" rating and a $66.00 price objective on the stock. UBS Group boosted their target price on shares of BridgeBio Pharma from $65.00 to $72.00 and gave the company a "buy" rating in a research report on Wednesday, April 30th. Piper Sandler upped their price target on shares of BridgeBio Pharma from $63.00 to $68.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $95.00 price target on shares of BridgeBio Pharma in a research report on Tuesday, July 29th. Finally, Wolfe Research initiated coverage on shares of BridgeBio Pharma in a research note on Tuesday, June 17th. They issued an "outperform" rating and a $49.00 price objective for the company. One research analyst has rated the stock with a sell rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $61.18.

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.

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