Cormorant Asset Management LP Boosts Stock Position in BridgeBio Pharma, Inc. $BBIO

Key Points

• Cormorant Asset Management LP increased its stake in BridgeBio Pharma by 25%, acquiring an additional 400,000 shares to bring its total holdings to 2 million shares, representing 5.2% of its investment portfolio.
• BridgeBio Pharma reported a significant revenue increase of 4999.9% year-over-year, despite posting a quarterly loss of ($0.95) EPS, which missed analyst estimates.
• The stock has a consensus rating of "Buy" from analysts, with a target price averaging $63.35, indicating optimism for its future performance.

Cormorant Asset Management LP increased its holdings in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 25.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,000,000 shares of the company's stock after buying an additional 400,000 shares during the quarter. BridgeBio Pharma accounts for about 5.2% of Cormorant Asset Management LP's holdings, making the stock its 3rd biggest holding. Cormorant Asset Management LP owned approximately 1.05% of BridgeBio Pharma worth $69,140,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of BBIO. Raymond James Financial Inc. bought a new stake in shares of BridgeBio Pharma during the 4th quarter worth $456,000. Northern Trust Corp lifted its position in shares of BridgeBio Pharma by 3.4% during the 4th quarter. Northern Trust Corp now owns 1,323,258 shares of the company's stock worth $36,310,000 after buying an additional 43,955 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of BridgeBio Pharma by 14.1% during the 4th quarter. AQR Capital Management LLC now owns 223,573 shares of the company's stock worth $6,135,000 after buying an additional 27,610 shares during the last quarter. Comerica Bank lifted its position in shares of BridgeBio Pharma by 131.4% during the 4th quarter. Comerica Bank now owns 106,116 shares of the company's stock worth $2,912,000 after buying an additional 60,256 shares during the last quarter. Finally, Cary Street Partners Financial LLC bought a new stake in shares of BridgeBio Pharma during the 4th quarter worth $531,000. 99.85% of the stock is currently owned by institutional investors.

BridgeBio Pharma Trading Down 1.4%

NASDAQ BBIO traded down $0.77 during trading hours on Tuesday, hitting $53.52. 904,318 shares of the company's stock were exchanged, compared to its average volume of 2,968,455. The stock has a 50-day simple moving average of $47.80 and a 200 day simple moving average of $39.86. BridgeBio Pharma, Inc. has a 1-year low of $21.72 and a 1-year high of $54.60. The firm has a market cap of $10.23 billion, a price-to-earnings ratio of -13.10 and a beta of 1.25.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last released 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 company had revenue of $110.57 million during the quarter, compared to analyst estimates of $98.46 million. During the same period in the prior year, the company earned ($0.39) earnings per share. BridgeBio Pharma's revenue for the quarter was up 4999.9% compared to the same quarter last year. On average, sell-side analysts anticipate that BridgeBio Pharma, Inc. will post -3.67 earnings per share for the current fiscal year.

Insider Transactions at BridgeBio Pharma

In other BridgeBio Pharma news, CEO Neil Kumar sold 40,000 shares of the firm's stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $51.34, for a total value of $2,053,600.00. Following the completion of the sale, the chief executive officer owned 895,686 shares of the company's stock, valued at approximately $45,984,519.24. This trade represents a 4.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Frank Mccormick sold 74,000 shares of the firm's stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $53.16, for a total value of $3,933,840.00. Following the completion of the sale, the director directly owned 83,275 shares of the company's stock, valued at $4,426,899. This trade represents a 47.05% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, 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.

Wall Street Analyst Weigh In

Several analysts recently weighed in on BBIO shares. Oppenheimer upped their price objective on BridgeBio Pharma from $60.00 to $61.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 6th. Wolfe Research assumed coverage on BridgeBio Pharma in a research report on Tuesday, June 17th. They issued an "outperform" rating and a $49.00 target price for the company. Cantor Fitzgerald reiterated an "overweight" rating and issued a $95.00 target price on shares of BridgeBio Pharma in a research report on Tuesday, July 29th. Wall Street Zen upgraded BridgeBio Pharma from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Jefferies Financial Group assumed coverage on BridgeBio Pharma in a research report on Monday, July 14th. They issued a "buy" rating and a $70.00 target price for the company. Seventeen investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $63.35.

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.