Principal Financial Group Inc. Purchases 98,153 Shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO)

Principal Financial Group Inc. grew its holdings in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 9.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm 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 0.60% of BridgeBio Pharma worth $39,696,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. GAMMA Investing LLC increased 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 purchasing an additional 382 shares during the period. Steward Partners Investment Advisory LLC grew its stake in BridgeBio Pharma by 85.8% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,022 shares of the company's stock valued at $28,000 after acquiring an additional 472 shares in the last quarter. Itau Unibanco Holding S.A. purchased a new position in BridgeBio Pharma in the fourth quarter valued at about $41,000. Sterling Capital Management LLC boosted its holdings in BridgeBio Pharma by 554.6% in the fourth quarter. Sterling Capital Management LLC now owns 1,787 shares of the company's stock worth $49,000 after purchasing an additional 1,514 shares in the last quarter. Finally, GF Fund Management CO. LTD. bought a new stake in BridgeBio Pharma during the fourth quarter worth approximately $109,000. 99.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at BridgeBio Pharma

In related news, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the company's stock in a transaction that occurred on 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 sale, the insider owned 13,260,971 shares of the company's stock, valued at approximately $453,525,208.20. This represents a 31.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Hannah Valantine sold 2,289 shares of the stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $44.05, for a total value of $100,830.45. Following the transaction, the director owned 398 shares in the company, valued at $17,531.90. This trade represents a 85.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,936,181 shares of company stock worth $375,878,164. Company insiders own 18.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Bank of America increased 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. Wolfe Research began coverage on BridgeBio Pharma in a report on Tuesday, June 17th. They set an "outperform" rating and a $49.00 price objective for the company. Redburn Atlantic initiated coverage on shares of BridgeBio Pharma in a report on Monday, March 31st. They issued a "buy" rating and a $50.00 target price on the stock. UBS Group lifted their target price on BridgeBio Pharma from $65.00 to $72.00 and gave the company a "buy" rating in a research report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of BridgeBio Pharma from $44.00 to $50.00 and gave the stock an "overweight" rating in a research note on Monday, March 24th. Two research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $58.85.

BridgeBio Pharma Stock Performance

Shares of NASDAQ:BBIO traded up $0.08 during trading on Tuesday, reaching $43.58. The stock had a trading volume of 172,200 shares, compared to its average volume of 3,062,114. The stock has a market cap of $8.28 billion, a price-to-earnings ratio of -12.35 and a beta of 1.15. BridgeBio Pharma, Inc. has a 52 week low of $21.72 and a 52 week high of $45.48. The firm's fifty day moving average is $38.08 and its 200 day moving average is $34.87.

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