California Public Employees Retirement System Grows Stock Holdings in BridgeBio Pharma, Inc. $BBIO

Key Points

• CalPERS increased its stake in BridgeBio Pharma by 21.9% in the first quarter, adding 45,596 shares to bring its total to 253,479 shares valued at about $18.8 million.
• BridgeBio saw notable insider selling, including CEO Neil Kumar’s sale of 40,000 shares and CFO Thomas Trimarchi’s sale of 13,651 shares, both under pre-arranged 10b5-1 plans.
• Analysts remain mostly bullish on BBIO, with HC Wainwright raising its price target to $120 and the stock carrying a consensus “Moderate Buy” rating with an average target of $95.21.

California Public Employees Retirement System raised its holdings in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 21.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 253,479 shares of the company's stock after acquiring an additional 45,596 shares during the period. California Public Employees Retirement System owned 0.13% of BridgeBio Pharma worth $18,823,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Global Retirement Partners LLC grew its position in shares of BridgeBio Pharma by 271.5% in the fourth quarter. Global Retirement Partners LLC now owns 509 shares of the company's stock valued at $39,000 after purchasing an additional 372 shares during the period. Farther Finance Advisors LLC lifted its position in BridgeBio Pharma by 91.4% during the fourth quarter. Farther Finance Advisors LLC now owns 513 shares of the company's stock worth $39,000 after buying an additional 245 shares during the period. Kemnay Advisory Services Inc. purchased a new position in BridgeBio Pharma during the fourth quarter worth about $41,000. Cary Street Partners Investment Advisory LLC boosted its stake in BridgeBio Pharma by 861.0% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 567 shares of the company's stock worth $43,000 after buying an additional 508 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in BridgeBio Pharma in the 4th quarter worth about $44,000. Hedge funds and other institutional investors own 99.85% of the company's stock.

Insider Activity

In related news, CEO Neil Kumar sold 40,000 shares of BridgeBio Pharma stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $67.46, for a total transaction of $2,698,400.00. Following the transaction, the chief executive officer owned 535,686 shares in the company, valued at approximately $36,137,377.56. The trade was a 6.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Thomas Trimarchi sold 13,651 shares of the company's stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $65.08, for a total value of $888,407.08. Following the completion of the sale, the chief financial officer directly owned 359,194 shares of the company's stock, valued at $23,376,345.52. The trade was a 3.66% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 432,117 shares of company stock valued at $32,633,740 over the last quarter. 14.23% of the stock is owned by insiders.

BridgeBio Pharma Price Performance

Shares of NASDAQ:BBIO opened at $82.93 on Friday. The business has a 50-day moving average of $72.33 and a two-hundred day moving average of $72.45. The firm has a market capitalization of $16.24 billion, a PE ratio of -22.17 and a beta of 0.95. BridgeBio Pharma, Inc. has a 12 month low of $42.09 and a 12 month high of $93.42.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.84) earnings per share for the quarter, missing the consensus estimate of ($0.70) by ($0.14). The firm had revenue of $194.51 million during the quarter, compared to analyst estimates of $178.07 million. BridgeBio Pharma's quarterly revenue was up 66.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.88) earnings per share. As a group, research analysts anticipate that BridgeBio Pharma, Inc. will post -2.29 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have commented on BBIO shares. HC Wainwright lifted their price target on BridgeBio Pharma from $110.00 to $120.00 and gave the company a "buy" rating in a report on Monday, July 13th. Weiss Ratings reissued a "sell (d)" rating on shares of BridgeBio Pharma in a research report on Friday, May 15th. Royal Bank Of Canada assumed coverage on shares of BridgeBio Pharma in a research report on Thursday, April 9th. They issued an "outperform" rating and a $100.00 target price on the stock. Canaccord Genuity Group assumed coverage on shares of BridgeBio Pharma in a report on Wednesday, June 3rd. They issued a "buy" rating and a $104.00 target price for the company. Finally, Truist Financial upped their price target on shares of BridgeBio Pharma from $95.00 to $102.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Twenty analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $95.21.

BridgeBio Pharma Profile

BridgeBio Pharma, Inc is a clinical-stage biopharmaceutical company headquartered in Palo Alto, California. Founded in 2015 by Neil Kumar, the company is dedicated to discovering, developing and delivering transformative medicines for patients with genetic diseases and cancers. BridgeBio operates an integrated model that spans target identification, preclinical research, clinical development and commercialization, aiming to streamline the process from bench to bedside.

BridgeBio's pipeline comprises multiple therapeutic modalities, including small molecules, biologics and genetic therapies.

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