BridgeBio Pharma, Inc. $BBIO Shares Sold by Cinctive Capital Management LP

Key Points

• Cinctive Capital Management LP cut its BridgeBio Pharma stake by 26.7% in the fourth quarter, selling 25,497 shares and leaving it with 70,175 shares worth about $5.37 million.
• BridgeBio remains heavily owned by institutions, with several large investors including Vanguard, Farallon, Geode, and Invesco increasing positions; institutional holders control 99.85% of the stock.
• The company recently reported a quarterly loss of ($0.84) per share versus expectations for a smaller loss, though revenue of $194.52 million beat estimates and rose 66.8% year over year. Analysts are broadly bullish, with a consensus rating of Moderate Buy and an average price target of $91.05.

Cinctive Capital Management LP reduced its stake in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 26.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 70,175 shares of the company's stock after selling 25,497 shares during the period. Cinctive Capital Management LP's holdings in BridgeBio Pharma were worth $5,368,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in BridgeBio Pharma by 2.1% in the third quarter. Vanguard Group Inc. now owns 16,832,059 shares of the company's stock valued at $874,257,000 after acquiring an additional 347,074 shares during the period. Farallon Capital Management LLC boosted its stake in BridgeBio Pharma by 9.8% in the fourth quarter. Farallon Capital Management LLC now owns 8,998,463 shares of the company's stock valued at $688,292,000 after acquiring an additional 806,463 shares during the period. Aisling Capital Management LP boosted its stake in BridgeBio Pharma by 0.4% in the third quarter. Aisling Capital Management LP now owns 6,089,611 shares of the company's stock valued at $316,294,000 after acquiring an additional 21,486 shares during the period. Geode Capital Management LLC boosted its stake in BridgeBio Pharma by 12.9% in the fourth quarter. Geode Capital Management LLC now owns 4,412,523 shares of the company's stock valued at $344,689,000 after acquiring an additional 502,582 shares during the period. Finally, Invesco Ltd. boosted its stake in BridgeBio Pharma by 40.3% in the third quarter. Invesco Ltd. now owns 3,928,657 shares of the company's stock valued at $204,054,000 after acquiring an additional 1,127,592 shares during the period. 99.85% of the stock is currently owned by institutional investors and hedge funds.

BridgeBio Pharma Stock Performance

NASDAQ BBIO opened at $67.39 on Thursday. BridgeBio Pharma, Inc. has a twelve month low of $39.65 and a twelve month high of $84.94. The stock has a market cap of $13.20 billion, a price-to-earnings ratio of -18.02 and a beta of 0.97. The firm's 50 day moving average price is $69.89 and its two-hundred day moving average price is $72.04.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.84) earnings per share for the quarter, missing the consensus estimate of ($0.70) by ($0.14). The business had revenue of $194.52 million for the quarter, compared to analysts' expectations of $178.07 million. During the same quarter last year, the firm posted ($0.88) EPS. The business's quarterly revenue was up 66.8% on a year-over-year basis. On average, research analysts forecast that BridgeBio Pharma, Inc. will post -2.32 EPS for the current fiscal year.

Insider Activity

In other BridgeBio Pharma news, Director Jennifer E. Cook sold 90,240 shares of BridgeBio Pharma stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $66.62, for a total transaction of $6,011,788.80. Following the transaction, the director directly owned 6,589 shares in the company, valued at approximately $438,959.18. The trade was a 93.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Maricel Apuli sold 2,000 shares of BridgeBio Pharma stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $71.58, for a total transaction of $143,160.00. Following the transaction, the chief accounting officer owned 134,115 shares in the company, valued at approximately $9,599,951.70. The trade was a 1.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 261,994 shares of company stock worth $17,926,648. 14.23% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BBIO. William Blair began coverage on BridgeBio Pharma in a research note on Tuesday, March 10th. They issued an "outperform" rating for the company. Canaccord Genuity Group initiated coverage on BridgeBio Pharma in a research note on Wednesday, June 3rd. They issued a "buy" rating and a $104.00 target price for the company. Barclays reiterated an "overweight" rating on shares of BridgeBio Pharma in a research report on Tuesday, March 10th. JPMorgan Chase & Co. boosted their price objective on BridgeBio Pharma from $89.00 to $94.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 10th. Finally, HC Wainwright reiterated a "buy" rating and set a $110.00 price objective on shares of BridgeBio Pharma in a research report on Thursday, May 28th. Twenty-two 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's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $91.05.

BridgeBio Pharma 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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