Diamant Asset Management Inc. Takes Position in BridgeBio Pharma, Inc. $BBIO

Key Points

• Diamant Asset Management initiated a new position in BridgeBio Pharma during the first quarter, buying 527,246 shares worth about $39.2 million. The fund now owns roughly 0.27% of the company.
• Insider selling has been notable recently, including sales by Director Randal W. Scott and CEO Neil Kumar. In the last 90 days, insiders have sold 306,361 shares worth about $21.0 million.
• BridgeBio reported quarterly revenue of $194.5 million, up 66.8% year over year, but still posted a loss and missed EPS estimates. Analysts remain broadly positive overall, with a consensus rating of Moderate Buy and a target price of $92.90.

Diamant Asset Management Inc. bought a new position in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 527,246 shares of the company's stock, valued at approximately $39,153,000. Diamant Asset Management Inc. owned approximately 0.27% of BridgeBio Pharma as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Pictet Asset Management Holding SA increased its holdings in BridgeBio Pharma by 8.7% in the 1st quarter. Pictet Asset Management Holding SA now owns 1,381,184 shares of the company's stock valued at $101,495,000 after acquiring an additional 110,894 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of BridgeBio Pharma by 31.6% during the 1st quarter. Assenagon Asset Management S.A. now owns 44,092 shares of the company's stock valued at $3,274,000 after purchasing an additional 10,579 shares during the last quarter. Total Clarity Wealth Management Inc. boosted its holdings in shares of BridgeBio Pharma by 133.4% during the 1st quarter. Total Clarity Wealth Management Inc. now owns 13,682 shares of the company's stock valued at $1,016,000 after purchasing an additional 7,821 shares during the last quarter. Diversified Trust Co grew its position in shares of BridgeBio Pharma by 12.2% during the first quarter. Diversified Trust Co now owns 43,971 shares of the company's stock valued at $3,265,000 after purchasing an additional 4,770 shares in the last quarter. Finally, Hsbc Holdings PLC purchased a new position in shares of BridgeBio Pharma during the fourth quarter valued at about $1,050,000. Hedge funds and other institutional investors own 99.85% of the company's stock.

Insider Activity at BridgeBio Pharma

In other BridgeBio Pharma news, Director Randal W. Scott sold 10,000 shares of the business's stock in a transaction on Friday, May 15th. The shares were sold at an average price of $67.15, for a total transaction of $671,500.00. Following the transaction, the director owned 11,589 shares in the company, valued at $778,201.35. The trade was a 46.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Neil Kumar sold 40,000 shares of the 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 completion of the sale, the chief executive officer directly owned 535,686 shares in the company, valued at approximately $36,137,377.56. This represents a 6.95% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 306,361 shares of company stock worth $21,020,442 in the last ninety days. Corporate insiders own 14.23% of the company's stock.

BridgeBio Pharma Price Performance

Shares of NASDAQ BBIO opened at $70.24 on Friday. The business's 50 day moving average is $68.88 and its two-hundred day moving average is $71.82. BridgeBio Pharma, Inc. has a 1-year low of $41.80 and a 1-year high of $84.94. The stock has a market capitalization of $13.76 billion, a P/E ratio of -18.78 and a beta of 0.97.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.84) earnings per share (EPS) 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 revenue was up 66.8% on a year-over-year basis. During the same period last year, the firm earned ($0.88) earnings per share. As a group, equities research analysts anticipate that BridgeBio Pharma, Inc. will post -2.29 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Weiss Ratings reiterated a "sell (d)" rating on shares of BridgeBio Pharma in a research report on Friday, May 15th. Royal Bank Of Canada initiated coverage on BridgeBio Pharma in a report on Thursday, April 9th. They set an "outperform" rating and a $100.00 price target for the company. Barclays reaffirmed an "overweight" rating on shares of BridgeBio Pharma in a research note on Tuesday, March 10th. Raymond James Financial lowered shares of BridgeBio Pharma from an "outperform" rating to a "market perform" rating in a report on Tuesday, May 26th. Finally, Canaccord Genuity Group initiated coverage on shares of BridgeBio Pharma in a research report on Wednesday, June 3rd. They issued a "buy" rating and a $104.00 price target on the stock. Twenty-one equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, BridgeBio Pharma currently has a consensus rating of "Moderate Buy" and a consensus target price of $92.90.

BridgeBio Pharma Company 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.

Want to see what other hedge funds are holding BBIO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.