BridgeBio Pharma, Inc. $BBIO Shares Bought by Squarepoint Ops LLC

Key Points

• Squarepoint Ops more than doubled its BridgeBio Pharma stake in the second quarter, adding 635,408 shares to own 1.19 million shares valued at approximately $88.8 million. Institutional investors collectively hold 99.85% of BBIO.
• BridgeBio reported quarterly revenue of $243.7 million, up 120.4% year over year, but its adjusted loss of $0.78 per share missed analyst expectations by $0.20. Analysts expect a full-year loss of approximately $2.64 per share.
• Wall Street remains generally positive, with 20 Buy ratings, two Holds and one Sell; the consensus rating is “Moderate Buy” with a $101.53 price target. However, insiders sold 347,343 shares worth about $27.6 million during the quarter.

Squarepoint Ops LLC boosted its holdings in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 114.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,191,732 shares of the company's stock after acquiring an additional 635,408 shares during the quarter. Squarepoint Ops LLC owned about 0.61% of BridgeBio Pharma worth $88,760,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Jupiter Topco LLC acquired a new stake in shares of BridgeBio Pharma during the second quarter worth $1,050,762,000. California State Teachers Retirement System increased its stake in BridgeBio Pharma by 7,463.2% in the 2nd quarter. California State Teachers Retirement System now owns 12,532,377 shares of the company's stock worth $933,411,000 after purchasing an additional 12,366,674 shares in the last quarter. Brooklands Fund Management Ltd acquired a new stake in BridgeBio Pharma during the 4th quarter worth about $210,348,000. Price T Rowe Associates Inc. MD raised its holdings in BridgeBio Pharma by 144.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,828,746 shares of the company's stock worth $292,862,000 after buying an additional 2,261,181 shares during the period. Finally, Janus Henderson Group PLC lifted its stake in BridgeBio Pharma by 25.8% during the fourth quarter. Janus Henderson Group PLC now owns 11,000,457 shares of the company's stock valued at $841,349,000 after buying an additional 2,259,378 shares in the last quarter. Institutional investors own 99.85% of the company's stock.

BridgeBio Pharma Stock Performance

Shares of BBIO opened at $74.76 on Wednesday. The firm has a market cap of $14.61 billion, a PE ratio of -20.94 and a beta of 0.97. The firm's 50 day moving average price is $80.80 and its 200 day moving average price is $73.61. BridgeBio Pharma, Inc. has a twelve month low of $48.78 and a twelve month high of $93.42.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last posted its earnings results on Monday, August 10th. The company reported ($0.78) earnings per share for the quarter, missing the consensus estimate of ($0.58) by ($0.20). The business had revenue of $243.68 million during the quarter, compared to the consensus estimate of $220.91 million. During the same quarter in the prior year, the business posted ($0.95) EPS. BridgeBio Pharma's quarterly revenue was up 120.4% on a year-over-year basis. On average, sell-side analysts anticipate that BridgeBio Pharma, Inc. will post -2.64 earnings per share for the current fiscal year.

Insider Activity

In other BridgeBio Pharma news, Director Jennifer Cook sold 148,589 shares of the stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $88.54, for a total value of $13,156,070.06. Following the completion of the sale, the director directly owned 8,383 shares of the company's stock, valued at $742,230.82. This represents a 94.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Andrea Ellis sold 17,167 shares of the stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $84.00, for a total transaction of $1,442,028.00. Following the completion of the sale, the director owned 22,579 shares of the company's stock, valued at approximately $1,896,636. The trade was a 43.19% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 347,343 shares of company stock worth $27,591,000. Corporate insiders own 14.23% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on BBIO. Raymond James Financial downgraded shares of BridgeBio Pharma from an "outperform" rating to a "market perform" rating in a research report on Tuesday, May 26th. Morgan Stanley cut their target price on shares of BridgeBio Pharma from $98.00 to $97.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 11th. Bank of America increased their target price on BridgeBio Pharma from $101.00 to $104.00 and gave the company a "buy" rating in a report on Tuesday, August 11th. Truist Financial raised their target price on BridgeBio Pharma from $102.00 to $107.00 and gave the stock a "buy" rating in a research report on Wednesday, August 12th. Finally, UBS Group reiterated a "buy" rating on shares of BridgeBio Pharma in a report on Wednesday, September 2nd. Twenty research analysts have rated the stock with a Buy rating, two have assigned 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 a consensus target price of $101.53.

BridgeBio Pharma Company 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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