BridgeBio Pharma, Inc. $BBIO Shares Acquired by Cormorant Asset Management LP

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 grew its holdings in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 25.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,000,000 shares of the company's stock after purchasing an additional 400,000 shares during the quarter. BridgeBio Pharma makes up about 5.2% of Cormorant Asset Management LP's investment portfolio, making the stock its 3rd biggest position. Cormorant Asset Management LP owned 1.05% of BridgeBio Pharma worth $69,140,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC increased its stake in BridgeBio Pharma by 71.0% in the first quarter. GAMMA Investing LLC now owns 920 shares of the company's stock valued at $32,000 after purchasing an additional 382 shares during the last quarter. GF Fund Management CO. LTD. purchased a new stake in BridgeBio Pharma in the 4th quarter valued at about $109,000. CWM LLC grew its holdings in BridgeBio Pharma by 12.8% in the 1st 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 acquired a new position in shares of BridgeBio Pharma during the 1st quarter valued at about $209,000. Finally, Cerity Partners LLC purchased a new position in shares of BridgeBio Pharma during the 1st quarter worth about $229,000. Hedge funds and other institutional investors own 99.85% of the company's stock.

BridgeBio Pharma Trading Up 1.7%

NASDAQ:BBIO traded up $0.91 during trading hours on Monday, hitting $54.29. The stock had a trading volume of 2,050,779 shares, compared to its average volume of 2,980,699. The company has a market cap of $10.38 billion, a PE ratio of -13.27 and a beta of 1.25. The business has a 50 day simple moving average of $47.58 and a two-hundred day simple moving average of $39.73. BridgeBio Pharma, Inc. has a 1-year low of $21.72 and a 1-year high of $54.60.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last released its quarterly 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. The business's quarterly revenue was up 4999.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.39) EPS. Research analysts expect that BridgeBio Pharma, Inc. will post -3.67 EPS for the current fiscal year.

Insider Activity at BridgeBio Pharma

In other BridgeBio Pharma news, Director Frank Mccormick sold 100,000 shares of BridgeBio Pharma stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $44.23, for a total value of $4,423,000.00. Following the completion of the transaction, the director owned 879,979 shares of the company's stock, valued at $38,921,471.17. The trade was a 10.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Charles J. Homcy sold 250,000 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $46.05, for a total transaction of $11,512,500.00. Following the completion of the transaction, the director owned 966,674 shares in the company, valued at approximately $44,515,337.70. The trade was a 20.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,092,912 shares of company stock worth $181,359,210 over the last quarter. 18.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently issued reports on BBIO. Raymond James Financial started coverage on shares of BridgeBio Pharma in a report on Wednesday, July 30th. They issued an "outperform" rating and a $56.00 target price for the company. Piper Sandler lifted their price target on shares of BridgeBio Pharma from $63.00 to $68.00 and gave the company an "overweight" rating in a report on Monday, July 14th. Truist Financial began coverage on BridgeBio Pharma in a report on Monday, July 21st. They set a "buy" rating and a $66.00 price objective for the company. Wolfe Research began coverage on BridgeBio Pharma in a research report on Tuesday, June 17th. They issued an "outperform" rating and a $49.00 target price on the stock. Finally, Scotiabank boosted their price target on BridgeBio Pharma from $55.00 to $57.00 and gave the company a "sector outperform" rating in a research report on Wednesday, August 6th. Seventeen analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average price target 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.