BridgeBio Pharma, Inc. $BBIO Shares Purchased by Assetmark Inc.

Key Points

• Assetmark Inc. increased its BridgeBio Pharma stake by 423.7% in the first quarter, ending with 20,790 shares valued at about $1.54 million.
• Analyst sentiment remains mostly positive, with 20 Buy ratings versus two Holds and one Sell; the consensus rating is Moderate Buy with a $95.21 average price target.
• BridgeBio reported Q1 revenue of $194.51 million, topping expectations and rising 66.8% year over year, though it also posted a larger-than-expected loss of $0.84 per share.

Assetmark Inc. raised its stake in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 423.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,790 shares of the company's stock after purchasing an additional 16,820 shares during the quarter. Assetmark Inc.'s holdings in BridgeBio Pharma were worth $1,544,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of BBIO. Harvest Fund Management Co. Ltd purchased a new stake in shares of BridgeBio Pharma in the third quarter worth about $34,000. Jones Financial Companies Lllp purchased a new position in BridgeBio Pharma in the 1st quarter worth approximately $35,000. Farther Finance Advisors LLC grew its position in BridgeBio Pharma by 91.4% in the fourth quarter. Farther Finance Advisors LLC now owns 513 shares of the company's stock valued at $39,000 after acquiring an additional 245 shares in the last quarter. Global Retirement Partners LLC raised its stake in shares of BridgeBio Pharma by 271.5% during the fourth quarter. Global Retirement Partners LLC now owns 509 shares of the company's stock valued at $39,000 after purchasing an additional 372 shares during the period. Finally, Kemnay Advisory Services Inc. purchased a new stake in shares of BridgeBio Pharma during the fourth quarter valued at approximately $41,000. Institutional investors and hedge funds own 99.85% of the company's stock.

Analyst Upgrades and Downgrades

BBIO has been the subject of a number of recent analyst reports. Mizuho lowered their price target on shares of BridgeBio Pharma from $106.00 to $96.00 and set an "outperform" rating for the company in a report on Tuesday, June 16th. Raymond James Financial cut shares of BridgeBio Pharma from an "outperform" rating to a "market perform" rating in a research report on Tuesday, May 26th. Weiss Ratings restated a "sell (d)" rating on shares of BridgeBio Pharma in a research note on Friday, May 15th. Royal Bank Of Canada started coverage on BridgeBio Pharma in a research report on Thursday, April 9th. They set an "outperform" rating and a $100.00 target price on the stock. Finally, Morgan Stanley boosted their price target on BridgeBio Pharma from $94.00 to $98.00 and gave the stock an "overweight" rating in a research note on Thursday, May 28th. Twenty research 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's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $95.21.

Insider Buying and Selling at BridgeBio Pharma

In related news, Director Jennifer E. Cook sold 148,589 shares of the firm's stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $88.54, for a total transaction of $13,156,070.06. Following the transaction, the director directly owned 8,383 shares in the company, valued at $742,230.82. This trade represents a 94.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Thomas Trimarchi sold 13,651 shares of BridgeBio Pharma 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 completion of the transaction, the chief financial officer directly owned 359,194 shares of the company's stock, valued at approximately $23,376,345.52. This represents a 3.66% decrease in their position. 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 90 days, insiders sold 432,117 shares of company stock worth $32,633,740. 14.23% of the stock is owned by insiders.

BridgeBio Pharma Stock Up 1.3%

Shares of BridgeBio Pharma stock opened at $84.02 on Friday. The business has a 50-day moving average price of $72.69 and a 200 day moving average price of $72.53. BridgeBio Pharma, Inc. has a fifty-two week low of $42.09 and a fifty-two week high of $93.42. The firm has a market cap of $16.46 billion, a P/E ratio of -22.47 and a beta of 0.95.

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 analysts' consensus estimates of ($0.70) by ($0.14). The business had revenue of $194.51 million during the quarter, compared to the consensus estimate of $178.07 million. The firm's revenue was up 66.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.88) earnings per share. As a group, equities research analysts anticipate that BridgeBio Pharma, Inc. will post -2.27 earnings per share for the current year.

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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