Fifth Third Bancorp Purchases Shares of 49,729 BridgeBio Pharma, Inc. $BBIO

Key Points

• Fifth Third Bancorp opened a new position in BridgeBio Pharma during the first quarter, buying 49,729 shares valued at about $3.69 million.
• Institutional interest in BBIO remains high, with several other funds adding to stakes and 99.85% of the stock now held by institutional investors and hedge funds.
• Analysts are generally positive on the stock: BridgeBio has a Moderate Buy consensus rating and an average price target of $95.21, even as insiders have recently sold shares under pre-arranged trading plans.

Fifth Third Bancorp purchased a new position in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 49,729 shares of the company's stock, valued at approximately $3,693,000.

A number of other institutional investors and hedge funds have also bought and sold shares of BBIO. Hsbc Holdings PLC increased its stake in shares of BridgeBio Pharma by 139.4% in the first quarter. Hsbc Holdings PLC now owns 32,708 shares of the company's stock valued at $2,431,000 after buying an additional 19,043 shares during the period. Sumitomo Mitsui Trust Group Inc. acquired a new stake in BridgeBio Pharma during the 1st quarter valued at approximately $229,000. QRG Capital Management Inc. raised its holdings in BridgeBio Pharma by 8.5% during the 1st quarter. QRG Capital Management Inc. now owns 7,174 shares of the company's stock worth $533,000 after purchasing an additional 564 shares during the last quarter. PFG Investments LLC raised its holdings in BridgeBio Pharma by 41.7% during the 1st quarter. PFG Investments LLC now owns 7,725 shares of the company's stock worth $574,000 after purchasing an additional 2,275 shares during the last quarter. Finally, Elevation Point Wealth Partners LLC bought a new position in BridgeBio Pharma during the 1st quarter worth approximately $243,000. 99.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently commented on BBIO. Mizuho reduced their price objective on shares of BridgeBio Pharma from $106.00 to $96.00 and set an "outperform" rating on the stock in a research note on Tuesday, June 16th. Citigroup boosted their target price on shares of BridgeBio Pharma from $82.00 to $93.00 and gave the company a "neutral" rating in a report on Thursday. Morgan Stanley upped their price target on shares of BridgeBio Pharma from $94.00 to $98.00 and gave the company an "overweight" rating in a research report on Thursday, May 28th. HC Wainwright increased their price target on BridgeBio Pharma from $110.00 to $120.00 and gave the stock a "buy" rating in a report on Monday, July 13th. Finally, Truist Financial lifted their price objective on BridgeBio Pharma from $95.00 to $102.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Twenty research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, BridgeBio Pharma has a consensus rating of "Moderate Buy" and a consensus price target of $95.21.

Insider Activity at BridgeBio Pharma

In related news, Director Randal W. Scott sold 10,000 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of $67.15, for a total value of $671,500.00. Following the transaction, the director directly owned 11,589 shares in the company, valued at $778,201.35. This trade represents a 46.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 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 completion of the sale, the chief executive officer directly owned 535,686 shares of the company's stock, valued at approximately $36,137,377.56. The trade was 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 sold 432,117 shares of company stock valued at $32,633,740 over the last three months. 14.23% of the stock is currently owned by company insiders.

BridgeBio Pharma Price Performance

BBIO stock opened at $81.38 on Monday. The company's 50-day moving average is $71.13 and its 200-day moving average is $72.29. The stock has a market capitalization of $15.94 billion, a PE ratio of -21.76 and a beta of 0.95. BridgeBio Pharma, Inc. has a 1 year low of $42.09 and a 1 year high of $93.42.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported ($0.84) EPS for the quarter, missing analysts' consensus estimates of ($0.70) by ($0.14). The company 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% compared to the same quarter last year. During the same period last year, the firm earned ($0.88) earnings per share. On average, analysts anticipate that BridgeBio Pharma, Inc. will post -2.29 earnings per share for the current fiscal year.

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.

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