Baird Financial Group Inc. Purchases New Position in BridgeBio Pharma, Inc. $BBIO

Key Points

• Baird Financial Group Inc. has acquired a new stake in BridgeBio Pharma, purchasing 41,326 shares valued at approximately $1.4 million during the first quarter.
• BridgeBio Pharma's stock has received favorable ratings from several analysts, with a consensus target price of $63.35 and a majority rating of "Buy."
• Company insiders have sold over 4.2 million shares in recent transactions, indicating active trading among executives despite the company maintaining a significant insider ownership of 18.20%.

Baird Financial Group Inc. purchased a new stake in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 41,326 shares of the company's stock, valued at approximately $1,429,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC increased its position in shares of BridgeBio Pharma by 71.0% during the first quarter. GAMMA Investing LLC now owns 920 shares of the company's stock valued at $32,000 after buying an additional 382 shares during the period. GF Fund Management CO. LTD. purchased a new position in shares of BridgeBio Pharma during the fourth quarter valued at about $109,000. CWM LLC increased 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 valued at $182,000 after buying an additional 598 shares during the period. Commerce Bank purchased a new position in shares of BridgeBio Pharma during the first quarter valued at about $209,000. Finally, Cerity Partners LLC purchased a new position in shares of BridgeBio Pharma during the first quarter valued at about $229,000. Hedge funds and other institutional investors own 99.85% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Oppenheimer upped their price objective on shares of BridgeBio Pharma from $60.00 to $61.00 and gave the stock an "outperform" rating in a report on Wednesday, August 6th. Jefferies Financial Group assumed coverage on shares of BridgeBio Pharma in a report on Monday, July 14th. They issued a "buy" rating and a $70.00 price objective on the stock. Raymond James Financial assumed coverage on shares of BridgeBio Pharma in a report on Wednesday, July 30th. They issued an "outperform" rating and a $56.00 price objective on the stock. Wall Street Zen upgraded shares of BridgeBio Pharma from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Scotiabank upped their price objective on shares of BridgeBio Pharma from $55.00 to $57.00 and gave the stock a "sector outperform" rating in a report on Wednesday, August 6th. Seventeen analysts have rated the stock with a Buy rating, According to MarketBeat.com, BridgeBio Pharma presently has a consensus rating of "Buy" and a consensus target price of $63.35.

Insider Activity

In other news, CAO Maricel Apuli sold 1,000 shares of the stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $45.44, for a total transaction of $45,440.00. Following the sale, the chief accounting officer owned 141,859 shares in the company, valued at $6,446,072.96. This represents a 0.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Thomas Trimarchi sold 42,237 shares of the stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $49.48, for a total transaction of $2,089,886.76. Following the sale, the chief financial officer owned 421,081 shares in the company, valued at approximately $20,835,087.88. The trade was a 9.12% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,202,620 shares of company stock valued at $187,174,970. Company insiders own 18.20% of the company's stock.

BridgeBio Pharma Stock Up 1.7%

NASDAQ:BBIO opened at $54.29 on Tuesday. The company's 50 day moving average price is $47.80 and its 200-day moving average price is $39.86. BridgeBio Pharma, Inc. has a 52 week low of $21.72 and a 52 week high of $54.60. The stock has a market cap of $10.38 billion, a price-to-earnings ratio of -13.27 and a beta of 1.25.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported ($0.95) EPS for the quarter, missing analysts' consensus estimates of ($0.83) by ($0.12). The firm had revenue of $110.57 million for the quarter, compared to analysts' expectations of $98.46 million. During the same quarter last year, the firm posted ($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 year.

About BridgeBio Pharma

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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