BridgeBio Pharma, Inc. $BBIO Shares Sold by Tidal Investments LLC

Key Points

• Tidal Investments reduced its BridgeBio Pharma position by 17.5% in the second quarter, selling 22,621 shares and retaining 106,980 shares worth approximately $8.0 million.
• Institutional investors and hedge funds own 99.85% of BBIO, with several large investors—including Janus Henderson and California State Teachers Retirement System—recently increasing their holdings.
• BridgeBio reported quarterly revenue of $243.7 million, up 120.4% year over year, but its adjusted loss of $0.78 per share missed estimates. Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and an average price target of $102.61 versus the reported $72.44 share price.

Tidal Investments LLC cut its position in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 17.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 106,980 shares of the company's stock after selling 22,621 shares during the quarter. Tidal Investments LLC owned about 0.05% of BridgeBio Pharma worth $7,968,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Jupiter Topco LLC acquired a new stake in shares of BridgeBio Pharma in the second quarter valued at approximately $1,050,762,000. Janus Henderson Group PLC boosted its position in shares of BridgeBio Pharma by 19.8% during the first quarter. Janus Henderson Group PLC now owns 13,179,013 shares of the company's stock worth $978,608,000 after buying an additional 2,178,556 shares during the period. California State Teachers Retirement System grew its holdings in BridgeBio Pharma by 7,463.2% in the 2nd quarter. California State Teachers Retirement System now owns 12,532,377 shares of the company's stock worth $933,411,000 after buying an additional 12,366,674 shares in the last quarter. Farallon Capital Management LLC grew its holdings in BridgeBio Pharma by 9.8% in the 4th quarter. Farallon Capital Management LLC now owns 8,998,463 shares of the company's stock worth $688,292,000 after buying an additional 806,463 shares in the last quarter. Finally, Invesco Ltd. increased its position in BridgeBio Pharma by 23.0% in the 4th quarter. Invesco Ltd. now owns 4,831,305 shares of the company's stock valued at $369,547,000 after acquiring an additional 902,648 shares during the period. 99.85% of the stock is owned by institutional investors and hedge funds.

BridgeBio Pharma Stock Performance

Shares of BBIO stock opened at $72.44 on Friday. BridgeBio Pharma, Inc. has a 1 year low of $48.78 and a 1 year high of $93.42. The stock has a market cap of $14.16 billion, a PE ratio of -20.29 and a beta of 0.97. The business's fifty day moving average is $80.65 and its 200-day moving average is $73.67.

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

Wall Street Analyst Weigh In

Several analysts have weighed in on BBIO shares. JPMorgan Chase & Co. lifted their target price on BridgeBio Pharma from $100.00 to $111.00 and gave the company an "overweight" rating in a research note on Wednesday, August 12th. Cantor Fitzgerald reissued an "overweight" rating and set a $110.00 price target on shares of BridgeBio Pharma in a report on Tuesday, August 11th. Canaccord Genuity Group upped their price objective on shares of BridgeBio Pharma from $104.00 to $106.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. Mizuho increased their target price on shares of BridgeBio Pharma from $96.00 to $110.00 and gave the company an "outperform" rating in a research report on Tuesday, September 1st. Finally, Truist Financial raised their target price on shares of BridgeBio Pharma from $102.00 to $107.00 and gave the company a "buy" rating in a research note on Wednesday, August 12th. Twenty equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, BridgeBio Pharma has a consensus rating of "Moderate Buy" and a consensus target price of $102.61.

Insider Transactions at BridgeBio Pharma

In other news, CAO Maricel Apuli sold 2,000 shares of BridgeBio Pharma stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $80.06, for a total value of $160,120.00. Following the transaction, the chief accounting officer owned 127,401 shares of the company's stock, valued at $10,199,724.06. The trade was a 1.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Andrea Ellis sold 17,167 shares of the business's stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $84.00, for a total transaction of $1,442,028.00. Following the completion of the sale, the director owned 22,579 shares in the company, valued at $1,896,636. The trade was a 43.19% decrease in their ownership of the stock. 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. Insiders sold 347,343 shares of company stock valued at $27,591,000 in the last quarter. 14.23% of the stock is owned by company insiders.

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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