BridgeBio Pharma, Inc. $BBIO Shares Purchased by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System dramatically increased its BridgeBio Pharma stake by purchasing 12.37 million additional shares in the second quarter, bringing its holdings to 12.53 million shares, or approximately 6.41% of the company.
• Institutional investors own 99.85% of BBIO, while analysts maintain a generally positive outlook: 20 rate the stock Buy, with a consensus rating of Moderate Buy and an average price target of $102.61.
• BridgeBio reported quarterly revenue of $243.68 million, up 120.4% year over year and above estimates, but its adjusted loss of $0.78 per share missed expectations. Company insiders sold $27.6 million of stock over the past three months.

California State Teachers Retirement System increased its stake in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 7,463.2% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 12,532,377 shares of the company's stock after purchasing an additional 12,366,674 shares during the period. California State Teachers Retirement System owned approximately 6.41% of BridgeBio Pharma worth $933,411,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp purchased a new stake in BridgeBio Pharma during the first quarter worth about $35,000. First Trust Advisors LP boosted its position in BridgeBio Pharma by 200.4% in the 2nd quarter. First Trust Advisors LP now owns 263,693 shares of the company's stock valued at $11,386,000 after buying an additional 175,918 shares during the period. Baird Financial Group Inc. grew its stake in shares of BridgeBio Pharma by 1.8% in the second quarter. Baird Financial Group Inc. now owns 42,057 shares of the company's stock worth $1,816,000 after acquiring an additional 731 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new stake in shares of BridgeBio Pharma during the second quarter worth $1,650,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of BridgeBio Pharma by 2.4% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 95,326 shares of the company's stock worth $4,132,000 after acquiring an additional 2,206 shares during the period. Hedge funds and other institutional investors own 99.85% of the company's stock.

Wall Street Analyst Weigh In

BBIO has been the subject of a number of recent research reports. Morgan Stanley decreased their target price on BridgeBio Pharma from $98.00 to $97.00 and set an "overweight" rating for the company in a report on Tuesday, August 11th. TD Cowen upped their price target on BridgeBio Pharma from $95.00 to $110.00 and gave the stock a "buy" rating in a report on Tuesday, August 11th. UBS Group reaffirmed a "buy" rating on shares of BridgeBio Pharma in a research report on Wednesday, September 2nd. JPMorgan Chase & Co. lifted their price objective on BridgeBio Pharma from $100.00 to $111.00 and gave the company an "overweight" rating in a research note on Wednesday, August 12th. Finally, Weiss Ratings raised BridgeBio Pharma from a "sell (d-)" rating to a "sell (d)" rating in a research report on Thursday. Twenty 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's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $102.61.

Insider Activity

In related news, Director Hannah Valantine sold 2,196 shares of the business's stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $68.57, for a total value of $150,579.72. Following the completion of the sale, the director directly owned 9,259 shares of the company's stock, valued at $634,889.63. The trade was a 19.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Andrea Ellis sold 17,167 shares of the company's stock in a transaction on 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 transaction, the director owned 22,579 shares of the company's stock, valued at $1,896,636. This represents 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. Insiders sold 347,343 shares of company stock worth $27,591,000 over the last three months. Company insiders own 14.23% of the company's stock.

BridgeBio Pharma Stock Performance

BBIO opened at $72.44 on Friday. BridgeBio Pharma, Inc. has a one year low of $48.78 and a one year high of $93.42. The company has a market cap of $14.16 billion, a P/E ratio of -20.29 and a beta of 0.97. The business's 50-day simple moving average is $80.65 and its 200-day simple moving average is $73.67.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.58) by ($0.20). The company had revenue of $243.68 million during the quarter, compared to analysts' expectations of $220.91 million. During the same period last year, the business earned ($0.95) earnings per share. The firm's quarterly revenue was up 120.4% compared to the same quarter last year. As a group, analysts predict that BridgeBio Pharma, Inc. will post -2.64 earnings per share for the current fiscal year.

BridgeBio Pharma Profile

BridgeBio Pharma, Inc is a biopharmaceutical company focused on discovering, developing and delivering medicines for patients with genetically driven diseases and cancers. Founded in 2015, the company operates through a group of subsidiary biotechnology businesses, each generally focused on a specific disease area or therapeutic program.

BridgeBio's research and development activities span rare diseases, genetically defined cancers, cardiovascular conditions and other serious disorders.

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