Engineers Gate Manager LP Sells 205,781 Shares of BridgeBio Pharma, Inc. $BBIO

Key Points

• Engineers Gate Manager LP cut its BridgeBio Pharma stake by 84.4%, selling 205,781 shares and retaining 37,948 shares valued at approximately $2.83 million. Institutional investors still own 99.85% of the company.
• Wall Street analysts remain broadly positive, with 20 Buy ratings, two Holds and one Sell; the consensus rating is Moderate Buy with a $102.61 price target.
• BridgeBio reported quarterly revenue of $243.68 million, up 120.4% year over year, but its adjusted loss of $0.78 per share missed expectations. Shares opened at $72.44, below their 50-day moving average of $80.65.

Engineers Gate Manager LP trimmed its holdings in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 84.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 37,948 shares of the company's stock after selling 205,781 shares during the quarter. Engineers Gate Manager LP's holdings in BridgeBio Pharma were worth $2,826,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. Silvant Capital Management LLC bought a new stake in shares of BridgeBio Pharma during the 2nd quarter valued at about $28,000. Allworth Financial LP bought a new position in shares of BridgeBio Pharma in the second quarter worth approximately $31,000. Harvest Fund Management Co. Ltd bought a new position in shares of BridgeBio Pharma in the third quarter worth approximately $34,000. Jones Financial Companies Lllp purchased a new stake in BridgeBio Pharma in the first quarter valued at approximately $35,000. Finally, Global Retirement Partners LLC raised its stake in 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 in the last quarter. 99.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Canaccord Genuity Group boosted their price target on shares of BridgeBio Pharma from $104.00 to $106.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. Truist Financial lifted their price objective on shares of BridgeBio Pharma from $102.00 to $107.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. Citigroup upped their target price on shares of BridgeBio Pharma from $82.00 to $93.00 and gave the stock a "neutral" rating in a research report on Thursday, July 16th. TD Cowen increased their target price on BridgeBio Pharma from $95.00 to $110.00 and gave the company a "buy" rating in a research note on Tuesday, August 11th. Finally, HC Wainwright restated a "buy" rating and set a $120.00 price target on shares of BridgeBio Pharma in a research report on Thursday. Twenty investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, BridgeBio Pharma has an average rating of "Moderate Buy" and a consensus price target of $102.61.

Insider Activity at BridgeBio Pharma

In other news, CEO Neil Kumar sold 34,980 shares of BridgeBio Pharma stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $82.53, for a total value of $2,886,899.40. Following the sale, the chief executive officer directly owned 243,327 shares in the company, valued at approximately $20,081,777.31. This trade represents a 12.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jennifer E. Cook sold 148,589 shares of the business's stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $88.54, for a total value of $13,156,070.06. Following the transaction, the director directly owned 8,383 shares in the company, valued at $742,230.82. This trade represents a 94.66% decrease in their ownership of the stock. 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 have sold 257,103 shares of company stock worth $21,579,211 over the last 90 days. 14.23% of the stock is owned by insiders.

BridgeBio Pharma Price Performance

Shares of BridgeBio Pharma stock opened at $72.44 on Monday. The company's fifty day simple moving average is $80.65 and its two-hundred day simple moving average is $73.71. BridgeBio Pharma, Inc. has a 12-month low of $48.78 and a 12-month high of $93.42. The firm has a market cap of $14.16 billion, a PE ratio of -20.29 and a beta of 0.97.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.78) EPS for the quarter, missing the consensus estimate of ($0.58) by ($0.20). The firm had revenue of $243.68 million for the quarter, compared to analysts' expectations of $220.91 million. The company's revenue was up 120.4% on a year-over-year basis. During the same period last year, the business posted ($0.95) earnings per share. As a group, sell-side analysts expect that BridgeBio Pharma, Inc. will post -2.64 earnings per share for the current fiscal year.

BridgeBio Pharma Company Profile

BridgeBio Pharma, Inc is a biopharmaceutical company focused on discovering, developing and delivering medicines for patients with genetically driven diseases and cancers. Founded in 2015, the company operates through a group of subsidiary biotechnology businesses, each generally focused on a specific disease area or therapeutic program.

BridgeBio's research and development activities span rare diseases, genetically defined cancers, cardiovascular conditions and other serious disorders.

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