Cutter Capital Management LP Decreases Stock Position 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 reduced its position in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 30.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 390,644 shares of the company's stock after selling 169,700 shares during the period. BridgeBio Pharma makes up about 5.9% of Cutter Capital Management LP's investment 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 quarter.

Several other hedge funds have also modified their holdings of the stock. GAMMA Investing LLC grew its holdings in shares of BridgeBio Pharma by 71.0% during the first quarter. GAMMA Investing LLC now owns 920 shares of the company's stock valued at $32,000 after buying an additional 382 shares in the last quarter. GF Fund Management CO. LTD. purchased a new stake in shares of BridgeBio Pharma during the fourth quarter worth $109,000. CWM LLC raised its holdings in shares of BridgeBio Pharma by 12.8% during the first quarter. CWM LLC now owns 5,261 shares of the company's stock worth $182,000 after acquiring an additional 598 shares in the last quarter. Commerce Bank purchased a new stake in shares of BridgeBio Pharma during the first quarter worth $209,000. Finally, Cerity Partners LLC bought a new stake in BridgeBio Pharma in the first quarter worth $229,000. 99.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on BBIO shares. Jefferies Financial Group assumed coverage on BridgeBio Pharma in a report on Monday, July 14th. They issued a "buy" rating and a $70.00 target price on the stock. Oppenheimer boosted their price target on shares of BridgeBio Pharma from $60.00 to $61.00 and gave the company an "outperform" rating in a report on Wednesday, August 6th. JPMorgan Chase & Co. boosted their price target on shares of BridgeBio Pharma from $55.00 to $70.00 and gave the company an "overweight" rating in a report on Wednesday, September 3rd. Wells Fargo & Company raised their price target on shares of BridgeBio Pharma from $67.00 to $76.00 and gave the stock an "overweight" rating in a research note on Monday, June 30th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $95.00 price objective on shares of BridgeBio Pharma in a report on Tuesday, July 29th. Seventeen research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $63.35.

BridgeBio Pharma Stock Up 1.7%

BBIO traded up $0.91 during trading on Monday, hitting $54.29. The company had a trading volume of 2,050,735 shares, compared to its average volume of 2,980,564. The firm's 50-day moving average price is $47.58 and its 200 day moving average price is $39.73. BridgeBio Pharma, Inc. has a one year low of $21.72 and a one year high of $54.60. The company has a market capitalization of $10.38 billion, a PE ratio of -13.27 and a beta of 1.25.

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

Insider Activity

In other BridgeBio Pharma news, CFO Thomas Trimarchi sold 42,237 shares of BridgeBio Pharma stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $49.48, for a total transaction of $2,089,886.76. Following the completion of the transaction, the chief financial officer owned 421,081 shares in the company, valued at approximately $20,835,087.88. The trade was a 9.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank Mccormick sold 100,000 shares of the firm's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $44.23, for a total transaction of $4,423,000.00. Following the transaction, the director directly owned 879,979 shares in the company, valued at $38,921,471.17. The trade was a 10.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,092,912 shares of company stock valued at $181,359,210. 18.20% of the stock is currently owned by company insiders.

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.