BridgeBio Pharma, Inc. $BBIO Position Increased by WCM Investment Management LLC

Key Points

• WCM Investment Management LLC increased its holdings in BridgeBio Pharma by 6.6%, totaling about $12.35 million as of the latest report, while several other institutional investors also added stakes in the company.
• Insider trading activities included CFO Thomas Trimarchi selling 42,237 shares for approximately $2.09 million and CEO Neil Kumar selling 40,000 shares valued at about $2.19 million.
• BridgeBio Pharma's stock has opened at $55.03, reflecting a 2.8% decline, with a quarterly earnings report that missed expectations but showed a significant year-over-year revenue increase.

WCM Investment Management LLC raised its holdings in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 6.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 275,235 shares of the company's stock after purchasing an additional 17,133 shares during the period. WCM Investment Management LLC owned about 0.14% of BridgeBio Pharma worth $12,347,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in BBIO. Driehaus Capital Management LLC bought a new stake in BridgeBio Pharma during the first quarter valued at $51,874,000. Invesco Ltd. increased its stake in BridgeBio Pharma by 147.0% during the first quarter. Invesco Ltd. now owns 2,206,163 shares of the company's stock valued at $76,267,000 after purchasing an additional 1,313,036 shares during the last quarter. Duquesne Family Office LLC bought a new stake in BridgeBio Pharma during the first quarter valued at $15,143,000. Nuveen LLC bought a new stake in BridgeBio Pharma during the first quarter valued at $14,973,000. Finally, Cormorant Asset Management LP grew its position in shares of BridgeBio Pharma by 25.0% during 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. Institutional investors own 99.85% of the company's stock.

Insiders Place Their Bets

In related news, CFO Thomas Trimarchi sold 42,237 shares of the company's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $49.48, for a total value of $2,089,886.76. Following the completion of the sale, the chief financial officer owned 421,081 shares of the company's stock, valued at $20,835,087.88. This represents a 9.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Neil Kumar sold 40,000 shares of the company's stock in a transaction dated Wednesday, October 8th. The stock was sold at an average price of $54.78, for a total transaction of $2,191,200.00. Following the completion of the sale, the chief executive officer directly owned 855,686 shares of the company's stock, valued at $46,874,479.08. The trade was a 4.47% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 597,913 shares of company stock valued at $29,034,227. Corporate insiders own 18.20% of the company's stock.

BridgeBio Pharma Stock Down 2.8%

BBIO stock opened at $55.03 on Friday. The company has a market capitalization of $10.52 billion, a P/E ratio of -13.45 and a beta of 1.36. The company has a 50-day simple moving average of $51.82 and a 200 day simple moving average of $43.45. BridgeBio Pharma, Inc. has a fifty-two week low of $21.72 and a fifty-two week high of $57.49.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported ($0.95) earnings per share for the quarter, missing the consensus estimate of ($0.83) by ($0.12). The company had revenue of $110.57 million for the quarter, compared to analyst estimates of $98.46 million. The firm's revenue for the quarter was up 4999.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.39) earnings per share. Equities analysts anticipate that BridgeBio Pharma, Inc. will post -3.67 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Raymond James Financial assumed coverage on shares of BridgeBio Pharma in a research report on Wednesday, July 30th. They set an "outperform" rating and a $56.00 price target for the company. Citigroup upped their price target on shares of BridgeBio Pharma from $58.00 to $67.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Scotiabank upped their price target on shares of BridgeBio Pharma from $55.00 to $57.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, August 6th. Jefferies Financial Group assumed coverage on shares of BridgeBio Pharma in a research report on Monday, July 14th. They set a "buy" rating and a $70.00 price target for the company. Finally, Wells Fargo & Company upped their price target on shares of BridgeBio Pharma from $67.00 to $76.00 and gave the stock an "overweight" rating in a research report on Monday, June 30th. Sixteen equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, BridgeBio Pharma has an average rating of "Moderate Buy" and an average target price of $65.06.

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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