Comerica Bank Trims Stake in BridgeBio Pharma, Inc. $BBIO

Key Points

• Comerica Bank reduced its stake in BridgeBio Pharma, Inc. by 21.1%, selling 22,425 shares and holding 83,691 shares valued at approximately $2.89 million after the sale.
• Various hedge funds are actively adjusting their investments in BridgeBio, with GAMMA Investing LLC increasing its position by 71.0% during the same quarter.
• BridgeBio Pharma reported a miss in earnings per share of ($0.95) against expectations, while revenue surged 4999.9% year-over-year, totaling $110.57 million for the quarter.

Comerica Bank lessened its position in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 21.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 83,691 shares of the company's stock after selling 22,425 shares during the period. Comerica Bank's holdings in BridgeBio Pharma were worth $2,893,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in BBIO. GAMMA Investing LLC grew its stake 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 buying an additional 382 shares during the period. GF Fund Management CO. LTD. bought a new position in shares of BridgeBio Pharma in the fourth quarter worth $109,000. CWM LLC boosted its stake in BridgeBio Pharma by 12.8% during the first quarter. CWM LLC now owns 5,261 shares of the company's stock valued at $182,000 after buying an additional 598 shares during the period. Commerce Bank bought a new position in BridgeBio Pharma in the first quarter valued at $209,000. Finally, Cerity Partners LLC purchased a new position in shares of BridgeBio Pharma in the first quarter worth about $229,000. Institutional investors own 99.85% of the company's stock.

BridgeBio Pharma Stock Performance

Shares of BBIO traded up $1.76 during midday trading on Friday, hitting $53.59. 772,740 shares of the company traded hands, compared to its average volume of 2,973,083. The firm has a 50 day moving average of $47.40 and a 200-day moving average of $39.57. BridgeBio Pharma, Inc. has a 52 week low of $21.72 and a 52 week high of $53.59. The stock has a market cap of $10.25 billion, a price-to-earnings ratio of -13.09 and a beta of 1.25.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported ($0.95) EPS for the quarter, missing the consensus estimate of ($0.83) by ($0.12). The business had revenue of $110.57 million for the quarter, compared to analyst estimates of $98.46 million. During the same period in the previous year, the business earned ($0.39) earnings per share. The firm's revenue was up 4999.9% on a year-over-year basis. Sell-side analysts predict that BridgeBio Pharma, Inc. will post -3.67 earnings per share for the current fiscal year.

Insider Transactions at BridgeBio Pharma

In related news, Director Charles J. Homcy sold 250,000 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $46.05, for a total value of $11,512,500.00. Following the completion of the transaction, the director owned 966,674 shares of the company's stock, valued at approximately $44,515,337.70. This trade represents a 20.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Neil Kumar sold 40,000 shares of the stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $45.45, for a total transaction of $1,818,000.00. Following the completion of the transaction, the chief executive officer directly owned 935,686 shares of the company's stock, valued at approximately $42,526,928.70. The trade was a 4.10% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,092,912 shares of company stock worth $181,359,210 in the last quarter. Company insiders own 18.20% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on BBIO shares. HC Wainwright lifted their price objective on BridgeBio Pharma from $56.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, August 29th. Oppenheimer upped their price objective on BridgeBio Pharma from $60.00 to $61.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 6th. Scotiabank upped their price objective on BridgeBio Pharma from $55.00 to $57.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, August 6th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $95.00 target price on shares of BridgeBio Pharma in a report on Tuesday, July 29th. Finally, Piper Sandler upped their target price on shares of BridgeBio Pharma from $63.00 to $68.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Seventeen investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $63.35.

BridgeBio Pharma 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.