Fred Alger Management LLC Makes New $982,000 Investment in BridgeBio Pharma, Inc. $BBIO

Key Points

• Fred Alger Management LLC has invested approximately $982,000 in BridgeBio Pharma, Inc. by purchasing 28,399 shares in the first quarter.
• BridgeBio's recent quarterly earnings report showed a significant revenue increase of 4999.9% year-over-year, despite an earnings per share loss of ($0.95).
• Multiple analysts have expressed a positive outlook with price target increases, including JPMorgan Chase & Co. raising their target to $70.00 and Cantor Fitzgerald setting a target of $95.00.

Fred Alger Management LLC bought a new position in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 28,399 shares of the company's stock, valued at approximately $982,000.

Other large investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its position in BridgeBio Pharma by 71.0% during the first quarter. GAMMA Investing LLC now owns 920 shares of the company's stock worth $32,000 after buying an additional 382 shares during the period. Jones Financial Companies Lllp purchased a new position in BridgeBio Pharma during the first quarter worth about $35,000. GF Fund Management CO. LTD. purchased a new position in BridgeBio Pharma during the fourth quarter worth about $109,000. CWM LLC lifted its position in BridgeBio Pharma by 12.8% during the first quarter. CWM LLC now owns 5,261 shares of the company's stock worth $182,000 after buying an additional 598 shares during the period. Finally, Commerce Bank purchased a new position in BridgeBio Pharma during the first quarter worth about $209,000. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other BridgeBio Pharma news, Director Charles J. Homcy sold 50,000 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $48.00, for a total transaction of $2,400,000.00. Following the completion of the sale, the director owned 916,674 shares in the company, valued at $44,000,352. This trade represents a 5.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frank Mccormick sold 74,000 shares of the firm's stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $53.16, for a total value of $3,933,840.00. Following the sale, the director owned 83,275 shares of the company's stock, valued at approximately $4,426,899. This trade represents a 47.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,202,620 shares of company stock worth $187,174,970 over the last quarter. Corporate insiders own 18.20% of the company's stock.

Wall Street Analyst Weigh In

BBIO has been the topic of several recent analyst reports. Citigroup increased their target price on BridgeBio Pharma from $58.00 to $67.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. UBS Group raised their price objective on BridgeBio Pharma from $72.00 to $82.00 and gave the stock a "buy" rating in a report on Friday. Wolfe Research began coverage on BridgeBio Pharma in a report on Tuesday, June 17th. They issued an "outperform" rating and a $49.00 price objective on the stock. JPMorgan Chase & Co. raised their price objective on BridgeBio Pharma from $55.00 to $70.00 and gave the stock an "overweight" rating in a report on Wednesday, September 3rd. Finally, Jefferies Financial Group began coverage on BridgeBio Pharma in a report on Monday, July 14th. They issued a "buy" rating and a $70.00 price objective on the stock. Seventeen equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, BridgeBio Pharma presently has a consensus rating of "Buy" and a consensus price target of $63.94.

BridgeBio Pharma Trading Down 0.7%

NASDAQ BBIO traded down $0.35 during mid-day trading on Monday, reaching $50.86. 442,228 shares of the company's stock traded hands, compared to its average volume of 2,941,267. BridgeBio Pharma, Inc. has a 1-year low of $21.72 and a 1-year high of $54.60. The company has a fifty day simple moving average of $48.54 and a 200-day simple moving average of $40.36. The company has a market cap of $9.72 billion, a price-to-earnings ratio of -12.43 and a beta of 1.25.

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

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.