BridgeBio Pharma, Inc. $BBIO Position Lessened by Cormorant Asset Management LP

Key Points

• Cormorant Asset Management reduced its BridgeBio Pharma stake by 14.3% in the fourth quarter, selling 200,000 shares and leaving it with 1.2 million shares valued at about $91.8 million.
• Analyst sentiment remains broadly positive: BridgeBio has 22 Buy ratings, 2 Hold ratings, and 1 Sell rating, with an average Moderate Buy rating and a $91.05 average price target.
• BridgeBio reported a narrower-than-year-ago loss but still missed EPS expectations in its latest quarter, while top executives also sold shares in pre-arranged transactions over the past few months.

Cormorant Asset Management LP cut its position in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 14.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,200,000 shares of the company's stock after selling 200,000 shares during the quarter. BridgeBio Pharma comprises 4.2% of Cormorant Asset Management LP's investment portfolio, making the stock its 6th biggest holding. Cormorant Asset Management LP owned approximately 0.62% of BridgeBio Pharma worth $91,788,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in BBIO. Aster Capital Management DIFC Ltd bought a new stake in shares of BridgeBio Pharma during the third quarter valued at approximately $31,000. Harvest Fund Management Co. Ltd bought a new stake in shares of BridgeBio Pharma during the third quarter valued at approximately $34,000. Jones Financial Companies Lllp bought a new stake in shares of BridgeBio Pharma during the first quarter valued at approximately $35,000. Huntington National Bank boosted its position in shares of BridgeBio Pharma by 111.7% during the third quarter. Huntington National Bank now owns 743 shares of the company's stock valued at $39,000 after purchasing an additional 392 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its position in shares of BridgeBio Pharma by 91.4% during the fourth quarter. Farther Finance Advisors LLC now owns 513 shares of the company's stock valued at $39,000 after purchasing an additional 245 shares in the last quarter. 99.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on BBIO shares. Citigroup started coverage on BridgeBio Pharma in a research report on Tuesday, May 19th. They set a "neutral" rating and a $82.00 price target on the stock. Canaccord Genuity Group started coverage on BridgeBio Pharma in a research report on Wednesday, June 3rd. They set a "buy" rating and a $104.00 price target on the stock. Raymond James Financial lowered BridgeBio Pharma from an "outperform" rating to a "market perform" rating in a research report on Tuesday, May 26th. JPMorgan Chase & Co. lifted their price target on BridgeBio Pharma from $89.00 to $94.00 and gave the company an "overweight" rating in a research report on Tuesday, March 10th. Finally, Morgan Stanley lifted their price target on BridgeBio Pharma from $94.00 to $98.00 and gave the company an "overweight" rating in a research report on Thursday, May 28th. Twenty-two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $91.05.

BridgeBio Pharma Trading Up 1.1%

BridgeBio Pharma stock opened at $67.39 on Thursday. The business's fifty day simple moving average is $69.89 and its two-hundred day simple moving average is $72.04. BridgeBio Pharma, Inc. has a 12 month low of $39.65 and a 12 month high of $84.94. The company has a market capitalization of $13.20 billion, a price-to-earnings ratio of -18.02 and a beta of 0.97.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported ($0.84) EPS for the quarter, missing the consensus estimate of ($0.70) by ($0.14). The business had revenue of $194.52 million during the quarter, compared to analyst estimates of $178.07 million. During the same quarter last year, the business earned ($0.88) earnings per share. The company's quarterly revenue was up 66.8% on a year-over-year basis. On average, equities research analysts predict that BridgeBio Pharma, Inc. will post -2.32 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Thomas Trimarchi sold 13,651 shares of the company's stock in a transaction on Monday, May 18th. The stock was sold at an average price of $65.08, for a total transaction of $888,407.08. Following the transaction, the chief financial officer directly owned 359,194 shares of the company's stock, valued at $23,376,345.52. This represents a 3.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 transaction, the chief executive officer directly owned 535,686 shares in the company, valued at approximately $36,137,377.56. The trade was a 6.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 261,994 shares of company stock valued at $17,926,648. 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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