Cutter Capital Management LP Reduces Holdings in BridgeBio Pharma, Inc. $BBIO

Key Points

• Cutter Capital Management LP cut its stake in BridgeBio Pharma by 30.3%, holding 390,644 shares after selling 169,700 shares in the first quarter.
• Insider trading activity included CEO Neil Kumar selling 40,000 shares for $1.8 million and CFO Thomas Trimarchi selling 42,237 shares for approximately $2.1 million.
• BridgeBio Pharma's latest earnings report showed a significant revenue increase of 4999.9% year-over-year, despite missing EPS estimates.

Cutter Capital Management LP cut its position in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 30.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 390,644 shares of the company's stock after selling 169,700 shares during the period. BridgeBio Pharma comprises about 5.9% of Cutter Capital Management LP's portfolio, making the stock its 7th largest position. Cutter Capital Management LP owned approximately 0.21% of BridgeBio Pharma worth $13,505,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Janus Henderson Group PLC increased its position in shares of BridgeBio Pharma by 1.9% in the 4th quarter. Janus Henderson Group PLC now owns 4,907,533 shares of the company's stock valued at $134,672,000 after buying an additional 89,521 shares in the last quarter. Farallon Capital Management LLC grew its stake in BridgeBio Pharma by 140.1% in the fourth quarter. Farallon Capital Management LLC now owns 4,195,000 shares of the company's stock valued at $115,111,000 after acquiring an additional 2,448,000 shares during the period. Frazier Life Sciences Management L.P. increased its holdings in shares of BridgeBio Pharma by 1.1% in the fourth quarter. Frazier Life Sciences Management L.P. now owns 3,800,457 shares of the company's stock worth $104,285,000 after acquiring an additional 40,000 shares in the last quarter. Woodline Partners LP raised its position in shares of BridgeBio Pharma by 132.9% during the fourth quarter. Woodline Partners LP now owns 2,211,521 shares of the company's stock worth $60,684,000 after purchasing an additional 1,261,772 shares during the period. Finally, Invesco Ltd. lifted its holdings in shares of BridgeBio Pharma by 147.0% during the 1st quarter. Invesco Ltd. now owns 2,206,163 shares of the company's stock valued at $76,267,000 after purchasing an additional 1,313,036 shares in the last quarter. Institutional investors and hedge funds own 99.85% of the company's stock.

BridgeBio Pharma Stock Down 1.5%

Shares of BBIO stock traded down $0.82 during trading on Tuesday, reaching $53.48. The company's stock had a trading volume of 787,796 shares, compared to its average volume of 2,967,278. BridgeBio Pharma, Inc. has a one year low of $21.72 and a one year high of $54.60. The business has a fifty day moving average price of $47.80 and a 200-day moving average price of $39.86. The company has a market cap of $10.22 billion, a price-to-earnings ratio of -13.03 and a beta of 1.25.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported ($0.95) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.83) by ($0.12). The business had revenue of $110.57 million for the quarter, compared to analysts' expectations of $98.46 million. During the same quarter in the prior year, the firm earned ($0.39) EPS. The company's revenue was up 4999.9% on a year-over-year basis. Research analysts anticipate that BridgeBio Pharma, Inc. will post -3.67 EPS for the current year.

Insider Buying and Selling at BridgeBio Pharma

In other news, Director Charles J. Homcy sold 50,000 shares of the company's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $48.00, for a total transaction of $2,400,000.00. Following the sale, the director owned 916,674 shares in the company, valued at $44,000,352. This represents a 5.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Frank Mccormick sold 74,000 shares of the firm's stock in a transaction on Friday, September 5th. The shares were sold at an average price of $53.16, for a total transaction of $3,933,840.00. Following the completion of the transaction, the director directly owned 83,275 shares of the company's stock, valued at $4,426,899. This represents a 47.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,202,620 shares of company stock valued at $187,174,970 in the last ninety days. Insiders own 18.20% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Wall Street Zen upgraded BridgeBio Pharma from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. HC Wainwright lifted their price target on shares of BridgeBio Pharma from $56.00 to $70.00 and gave the company a "buy" rating in a research note on Friday, August 29th. Scotiabank upped their price target on shares of BridgeBio Pharma from $55.00 to $57.00 and gave the company a "sector outperform" rating in a report on Wednesday, August 6th. Raymond James Financial started coverage on shares of BridgeBio Pharma in a report on Wednesday, July 30th. They set an "outperform" rating and a $56.00 price objective on the stock. Finally, Bank of America boosted their price objective on shares of BridgeBio Pharma from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Wednesday, June 25th. Seventeen equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus 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.