Principal Financial Group Inc. Has $39.70 Million Stock Position in BridgeBio Pharma, Inc. (NASDAQ:BBIO)

Principal Financial Group Inc. boosted its position in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 9.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,148,292 shares of the company's stock after purchasing an additional 98,153 shares during the period. Principal Financial Group Inc. owned about 0.60% of BridgeBio Pharma worth $39,696,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. First Bank & Trust grew its holdings in shares of BridgeBio Pharma by 13.7% during the first quarter. First Bank & Trust now owns 8,493 shares of the company's stock worth $294,000 after buying an additional 1,022 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of BridgeBio Pharma in the first quarter valued at approximately $251,000. Diversified Trust Co raised its holdings in shares of BridgeBio Pharma by 25.3% in the first quarter. Diversified Trust Co now owns 34,866 shares of the company's stock valued at $1,205,000 after purchasing an additional 7,039 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its position 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 purchasing an additional 6,997 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in BridgeBio Pharma by 4,544.6% during the first quarter. Assenagon Asset Management S.A. now owns 1,120,933 shares of the company's stock worth $38,751,000 after purchasing an additional 1,096,799 shares during the last quarter. Institutional investors and hedge funds own 99.85% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Wall Street Zen raised shares of BridgeBio Pharma from a "sell" rating to a "hold" rating in a research report on Saturday, June 7th. Wolfe Research started coverage on BridgeBio Pharma in a research report on Tuesday, June 17th. They set an "outperform" rating and a $49.00 price target for the company. Scotiabank boosted their price target on BridgeBio Pharma from $52.00 to $55.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, April 30th. Wells Fargo & Company increased their price objective on BridgeBio Pharma from $67.00 to $76.00 and gave the company an "overweight" rating in a report on Monday, June 30th. Finally, UBS Group boosted their target price on shares of BridgeBio Pharma from $65.00 to $72.00 and gave the stock a "buy" rating in a report on Wednesday, April 30th. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $58.85.

BridgeBio Pharma Price Performance

BridgeBio Pharma stock traded down $0.49 during trading hours on Monday, hitting $43.50. The company had a trading volume of 2,540,607 shares, compared to its average volume of 2,510,359. The firm has a 50-day moving average of $37.93 and a 200 day moving average of $34.75. The firm has a market cap of $8.26 billion, a PE ratio of -12.32 and a beta of 1.15. BridgeBio Pharma, Inc. has a one year low of $21.72 and a one year high of $45.48.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The company reported ($0.88) earnings per share for the quarter, topping the consensus estimate of ($1.00) by $0.12. The firm had revenue of $36.74 million for the quarter, compared to analyst estimates of $57.14 million. The business's revenue for the quarter was down 44.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.20) earnings per share. As a group, research analysts expect that BridgeBio Pharma, Inc. will post -3.67 earnings per share for the current year.

Insider Activity at BridgeBio Pharma

In related news, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $34.20, for a total transaction of $205,200,000.00. Following the transaction, the insider directly owned 13,260,971 shares of the company's stock, valued at approximately $453,525,208.20. This trade represents a 31.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Neil Kumar sold 40,000 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $42.54, for a total value of $1,701,600.00. Following the completion of the sale, the chief executive officer owned 975,686 shares of the company's stock, valued at approximately $41,505,682.44. This trade represents a 3.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,936,181 shares of company stock valued at $375,878,164. 18.20% of the stock is currently owned by insiders.

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.