Allspring Global Investments Holdings LLC Acquires Shares of 7,610 BridgeBio Pharma, Inc. (NASDAQ:BBIO)

Allspring Global Investments Holdings LLC bought a new stake in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 7,610 shares of the company's stock, valued at approximately $251,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Farallon Capital Management LLC raised its stake in shares of BridgeBio Pharma by 140.1% in the fourth quarter. Farallon Capital Management LLC now owns 4,195,000 shares of the company's stock valued at $115,111,000 after buying an additional 2,448,000 shares during the period. Woodline Partners LP increased its holdings in 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 acquiring an additional 1,261,772 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in BridgeBio Pharma by 4,544.6% in the 1st quarter. Assenagon Asset Management S.A. now owns 1,120,933 shares of the company's stock worth $38,751,000 after acquiring an additional 1,096,799 shares during the last quarter. Norges Bank purchased a new stake in BridgeBio Pharma in the 4th quarter worth about $29,237,000. Finally, Alyeska Investment Group L.P. purchased a new stake in BridgeBio Pharma in the 4th quarter worth about $25,805,000. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

BridgeBio Pharma Trading Down 1.9%

Shares of NASDAQ BBIO traded down $0.90 during midday trading on Tuesday, hitting $46.79. 1,591,704 shares of the company's stock were exchanged, compared to its average volume of 2,540,346. BridgeBio Pharma, Inc. has a 12-month low of $21.72 and a 12-month high of $48.68. The company has a market cap of $8.88 billion, a price-to-earnings ratio of -13.26 and a beta of 1.15. The business's fifty day moving average price is $38.88 and its two-hundred day moving average price is $35.49.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The company reported ($0.88) earnings per share (EPS) 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 analysts' expectations of $57.14 million. During the same period last year, the company posted ($0.20) EPS. BridgeBio Pharma's revenue for the quarter was down 44.8% on a year-over-year basis. Equities analysts expect that BridgeBio Pharma, Inc. will post -3.67 earnings per share for the current fiscal year.

Insider Buying and Selling

In other BridgeBio Pharma news, Director Hannah Valantine sold 2,289 shares of the business's stock in a transaction that occurred 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 completion of the sale, the director owned 398 shares in the company, valued at approximately $17,531.90. The trade was a 85.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Neil Kumar sold 40,000 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $42.54, for a total value of $1,701,600.00. Following the completion of the sale, the chief executive officer owned 975,686 shares of the company's stock, valued at $41,505,682.44. The trade was a 3.94% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,926,181 shares of company stock worth $375,528,164 in the last ninety days. 18.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

BBIO has been the subject of several recent research reports. Oppenheimer raised BridgeBio Pharma from a "market perform" rating to an "outperform" rating and set a $60.00 price objective for the company in a report on Wednesday, July 9th. Citigroup lifted their price objective on BridgeBio Pharma from $58.00 to $67.00 and gave the stock a "buy" rating in a report on Friday. Bank of America lifted their target price on BridgeBio Pharma from $50.00 to $54.00 and gave the company a "buy" rating in a report on Wednesday, June 25th. Piper Sandler lifted their target price on BridgeBio Pharma from $63.00 to $68.00 and gave the company an "overweight" rating in a report on Monday. Finally, HC Wainwright lifted their target price on BridgeBio Pharma from $53.00 to $56.00 and gave the company a "buy" rating in a report on Monday, June 9th. One research analyst has rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. According to MarketBeat, BridgeBio Pharma has an average rating of "Moderate Buy" and an average price target of $61.20.

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.