BridgeBio Pharma, Inc. (NASDAQ:BBIO) Shares Sold by Cary Street Partners Financial LLC

Key Points

• Cary Street Partners Financial LLC reduced its stake in BridgeBio Pharma by 60.2%, selling 11,660 shares in the first quarter, leaving it with 7,700 shares valued at $266,000.
• BridgeBio Pharma reported a quarterly revenue of $110.57 million, significantly exceeding the consensus estimate of $98.46 million, despite posting a loss of ($0.95) EPS.
• Over the last three months, insider transactions included significant share sales, with insiders selling nearly 9.8 million shares valued at approximately $369.9 million.

Cary Street Partners Financial LLC reduced its stake in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 60.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 7,700 shares of the company's stock after selling 11,660 shares during the quarter. Cary Street Partners Financial LLC's holdings in BridgeBio Pharma were worth $266,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BBIO. Cambridge Investment Research Advisors Inc. lifted its stake in shares of BridgeBio Pharma by 29.4% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 30,802 shares of the company's stock worth $1,065,000 after acquiring an additional 6,997 shares in the last quarter. Capital Research Global Investors raised its position in shares of BridgeBio Pharma by 34.9% in the 4th quarter. Capital Research Global Investors now owns 3,526,747 shares of the company's stock valued at $96,774,000 after purchasing an additional 912,439 shares in the last quarter. GAMMA Investing LLC raised its position in shares of BridgeBio Pharma by 71.0% in the 1st quarter. GAMMA Investing LLC now owns 920 shares of the company's stock valued at $32,000 after purchasing an additional 382 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of BridgeBio Pharma during the 1st quarter valued at approximately $251,000. Finally, Legal & General Group Plc grew its position in shares of BridgeBio Pharma by 2.8% during the fourth quarter. Legal & General Group Plc now owns 134,038 shares of the company's stock worth $3,678,000 after buying an additional 3,706 shares in the last quarter. 99.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BBIO has been the topic of several recent analyst reports. Bank of America upped their price target on shares of BridgeBio Pharma from $50.00 to $54.00 and gave the company a "buy" rating in a report on Wednesday, June 25th. Jefferies Financial Group assumed coverage on shares of BridgeBio Pharma in a research note on Monday, July 14th. They issued a "buy" rating and a $70.00 target price on the stock. Truist Financial began coverage on BridgeBio Pharma in a research note on Monday, July 21st. They issued a "buy" rating and a $66.00 price target for the company. Scotiabank boosted their price objective on BridgeBio Pharma from $55.00 to $57.00 and gave the company a "sector outperform" rating in a report on Wednesday, August 6th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $95.00 target price on shares of BridgeBio Pharma in a report on Tuesday, July 29th. One research analyst has rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, BridgeBio Pharma currently has a consensus rating of "Moderate Buy" and a consensus price target of $61.35.

Insiders Place Their Bets

In related news, major shareholder Global Investors Lp Viking sold 3,500,000 shares of the firm's stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $44.00, for a total value of $154,000,000.00. Following the sale, the insider directly owned 18,555,375 shares in the company, valued at $816,436,500. This trade represents a 15.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Neil Kumar sold 75,000 shares of the business's stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $33.40, for a total value of $2,505,000.00. Following the transaction, the chief executive officer owned 4,798,447 shares of the company's stock, valued at $160,268,129.80. This trade represents a 1.54% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 4,108,322 shares of company stock worth $180,497,526. 18.20% of the stock is owned by company insiders.

BridgeBio Pharma Stock Performance

Shares of BridgeBio Pharma stock traded up $0.80 during trading on Thursday, hitting $51.18. 873,446 shares of the stock were exchanged, compared to its average volume of 3,034,141. BridgeBio Pharma, Inc. has a 12 month low of $21.72 and a 12 month high of $51.86. The stock's fifty day moving average is $44.39 and its 200 day moving average is $37.73. The stock has a market cap of $9.78 billion, a PE ratio of -12.53 and a beta of 1.23.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported ($0.95) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 period last year, the firm earned ($0.39) earnings per share. The firm's revenue for the quarter was up 4999.9% compared to the same quarter last year. Sell-side analysts anticipate that BridgeBio Pharma, Inc. will post -3.67 EPS for the current fiscal year.

BridgeBio Pharma Company 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.