Assenagon Asset Management S.A. Has $15.13 Million Stake in BridgeBio Pharma, Inc. $BBIO

Key Points

• Assenagon Asset Management S.A. significantly reduced its stake in BridgeBio Pharma by 68.7%, resulting in ownership of 350,411 shares worth approximately $15.13 million.
• Several other institutional investors, including Invesco Ltd. and Cormorant Asset Management LP, have increased their positions in BridgeBio Pharma during the same period, indicating growing interest in the company.
• BridgeBio Pharma has a consensus rating of "Buy" from analysts, with price targets ranging from $61.00 to $95.00, despite reporting a quarterly loss of ($0.95) EPS, which missed estimates.

Assenagon Asset Management S.A. decreased its holdings in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 68.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 350,411 shares of the company's stock after selling 770,522 shares during the period. Assenagon Asset Management S.A. owned about 0.18% of BridgeBio Pharma worth $15,131,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the business. Invesco Ltd. increased its stake in BridgeBio Pharma by 147.0% in the 1st 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. Cormorant Asset Management LP increased its stake in shares of BridgeBio Pharma by 25.0% in the first quarter. Cormorant Asset Management LP now owns 2,000,000 shares of the company's stock worth $69,140,000 after acquiring an additional 400,000 shares during the last quarter. Driehaus Capital Management LLC acquired a new position in BridgeBio Pharma in the 1st quarter worth about $51,874,000. Price T Rowe Associates Inc. MD increased its position in BridgeBio Pharma by 17.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,164,967 shares of the company's stock worth $40,274,000 after purchasing an additional 173,729 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in BridgeBio Pharma by 9.3% in the 1st quarter. Principal Financial Group Inc. now owns 1,148,292 shares of the company's stock worth $39,696,000 after purchasing an additional 98,153 shares during the last quarter. Institutional investors and hedge funds own 99.85% of the company's stock.

Insiders Place Their Bets

In other news, Director Charles J. Homcy sold 250,000 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $46.05, for a total value of $11,512,500.00. Following the transaction, the director directly owned 966,674 shares of the company's stock, valued at $44,515,337.70. The trade was a 20.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 completion of the transaction, the insider directly owned 18,555,375 shares in the company, valued at approximately $816,436,500. This represents a 15.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold 4,102,620 shares of company stock worth $182,751,970 over the last ninety days. 18.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

BBIO has been the topic of a number of research reports. Wells Fargo & Company increased their price objective on BridgeBio Pharma from $67.00 to $76.00 and gave the stock an "overweight" rating in a report on Monday, June 30th. UBS Group increased their price objective on BridgeBio Pharma from $72.00 to $82.00 and gave the stock a "buy" rating in a report on Friday, September 12th. Cantor Fitzgerald restated an "overweight" rating and set a $95.00 price target on shares of BridgeBio Pharma in a research note on Tuesday, July 29th. Oppenheimer increased their price target on shares of BridgeBio Pharma from $60.00 to $61.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 6th. Finally, Piper Sandler increased their target price on shares of BridgeBio Pharma from $63.00 to $68.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Seventeen analysts have rated the stock with a Buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $63.94.

BridgeBio Pharma Stock Performance

Shares of NASDAQ:BBIO opened at $51.54 on Tuesday. BridgeBio Pharma, Inc. has a 52 week low of $21.72 and a 52 week high of $54.60. The company's fifty day moving average is $49.31 and its 200-day moving average is $41.14. The company has a market capitalization of $9.85 billion, a PE ratio of -12.60 and a beta of 1.25.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported ($0.95) EPS for the quarter, missing the consensus estimate of ($0.83) by ($0.12). The firm had revenue of $110.57 million for the quarter, compared to the consensus estimate of $98.46 million. The business's quarterly revenue was up 4999.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.39) EPS. On average, analysts forecast that BridgeBio Pharma, Inc. will post -3.67 EPS for the current year.

BridgeBio Pharma 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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