Allspring Global Investments Holdings LLC Sells 104,864 Shares of BridgeBio Pharma, Inc. $BBIO

Key Points

• Allspring Global Investments reduced its BridgeBio Pharma stake by 10.5% in the first quarter, selling 104,864 shares and ending with 889,356 shares worth about $66.2 million.
• BridgeBio’s latest earnings showed better-than-expected revenue of $194.5 million, up 66.8% year over year, but it still posted a wider-than-expected loss of $0.84 per share.
• Analysts remain broadly positive on the stock, with 20 Buy ratings and an average price target of $95.21, even as some firms trimmed or adjusted their targets.

Allspring Global Investments Holdings LLC cut its holdings in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 10.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 889,356 shares of the company's stock after selling 104,864 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.45% of BridgeBio Pharma worth $66,213,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BBIO. Harvest Fund Management Co. Ltd bought a new position in BridgeBio Pharma in the 3rd quarter valued at approximately $34,000. Jones Financial Companies Lllp acquired a new position in BridgeBio Pharma during the 1st quarter worth about $35,000. Farther Finance Advisors LLC grew its position in shares of BridgeBio Pharma by 91.4% in the 4th quarter. Farther Finance Advisors LLC now owns 513 shares of the company's stock valued at $39,000 after buying an additional 245 shares during the last quarter. Global Retirement Partners LLC grew its position in shares of BridgeBio Pharma by 271.5% in the 4th quarter. Global Retirement Partners LLC now owns 509 shares of the company's stock valued at $39,000 after buying an additional 372 shares during the last quarter. Finally, Kemnay Advisory Services Inc. acquired a new stake in shares of BridgeBio Pharma in the fourth quarter valued at about $41,000. Institutional investors own 99.85% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Weiss Ratings restated a "sell (d)" rating on shares of BridgeBio Pharma in a research report on Friday, May 15th. HC Wainwright increased their target price on shares of BridgeBio Pharma from $110.00 to $120.00 and gave the company a "buy" rating in a research report on Monday, July 13th. Mizuho decreased their target price on shares of BridgeBio Pharma from $106.00 to $96.00 and set an "outperform" rating for the company in a research report on Tuesday, June 16th. Morgan Stanley raised their price target on shares of BridgeBio Pharma from $94.00 to $98.00 and gave the stock an "overweight" rating in a report on Thursday, May 28th. Finally, Truist Financial boosted their price target on shares of BridgeBio Pharma from $95.00 to $102.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Twenty analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $95.21.

BridgeBio Pharma Price Performance

NASDAQ:BBIO opened at $81.38 on Friday. BridgeBio Pharma, Inc. has a one year low of $42.09 and a one year high of $93.42. The company has a market cap of $15.94 billion, a PE ratio of -21.76 and a beta of 0.95. The firm has a 50-day moving average of $71.13 and a 200-day moving average of $72.32.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.84) earnings per share for the quarter, missing the consensus estimate of ($0.70) by ($0.14). The company had revenue of $194.51 million for the quarter, compared to analyst estimates of $178.07 million. The business's quarterly revenue was up 66.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.88) earnings per share. On average, equities research analysts expect that BridgeBio Pharma, Inc. will post -2.29 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Neil Kumar sold 40,000 shares of the company's stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $67.46, for a total value of $2,698,400.00. Following the completion of the sale, the chief executive officer owned 535,686 shares in the company, valued at $36,137,377.56. This represents a 6.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Andrea Ellis sold 17,167 shares of the firm's stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $84.00, for a total transaction of $1,442,028.00. Following the transaction, the director directly owned 22,579 shares in the company, valued at $1,896,636. The trade was a 43.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 432,117 shares of company stock worth $32,633,740. Company insiders own 14.23% of the company's stock.

BridgeBio Pharma Profile

BridgeBio Pharma, Inc is a clinical-stage biopharmaceutical company headquartered in Palo Alto, California. Founded in 2015 by Neil Kumar, the company is dedicated to discovering, developing and delivering transformative medicines for patients with genetic diseases and cancers. BridgeBio operates an integrated model that spans target identification, preclinical research, clinical development and commercialization, aiming to streamline the process from bench to bedside.

BridgeBio's pipeline comprises multiple therapeutic modalities, including small molecules, biologics and genetic therapies.

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