Fred Alger Management LLC Invests $982,000 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 acquired a new stake in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 28,399 shares of the company's stock, valued at approximately $982,000.

Other institutional investors have also recently bought and sold shares of the company. GAMMA Investing LLC grew its holdings in BridgeBio Pharma by 71.0% during the first quarter. GAMMA Investing LLC now owns 920 shares of the company's stock valued at $32,000 after purchasing an additional 382 shares during the period. Jones Financial Companies Lllp bought a new stake in shares of BridgeBio Pharma during the first quarter worth $35,000. GF Fund Management CO. LTD. bought a new stake in shares of BridgeBio Pharma during the fourth quarter worth $109,000. CWM LLC increased its position in shares of 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 acquiring an additional 598 shares in the last quarter. Finally, Commerce Bank bought a new stake in shares of BridgeBio Pharma during the first quarter worth $209,000. Institutional investors and hedge funds own 99.85% of the company's stock.

BridgeBio Pharma Price Performance

BBIO stock traded down $1.39 during trading hours on Friday, reaching $51.21. The stock had a trading volume of 2,087,756 shares, compared to its average volume of 2,190,681. The stock has a market capitalization of $9.79 billion, a PE ratio of -12.52 and a beta of 1.25. The stock has a 50-day simple moving average of $48.54 and a 200 day simple moving average of $40.27. BridgeBio Pharma, Inc. has a fifty-two week low of $21.72 and a fifty-two week high of $54.60.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($0.95) EPS for the quarter, missing analysts' consensus estimates of ($0.83) by ($0.12). The business had revenue of $110.57 million for the quarter, compared to analysts' expectations of $98.46 million. BridgeBio Pharma's revenue was up 4999.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.39) EPS. On average, sell-side analysts forecast that BridgeBio Pharma, Inc. will post -3.67 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on BBIO. Wolfe Research began coverage on shares of BridgeBio Pharma in a research report on Tuesday, June 17th. They set an "outperform" rating and a $49.00 price objective for the company. Bank of America increased their price objective on shares of BridgeBio Pharma from $50.00 to $54.00 and gave the stock a "buy" rating in a research report on Wednesday, June 25th. UBS Group increased their price objective on shares of BridgeBio Pharma from $72.00 to $82.00 and gave the stock a "buy" rating in a research report on Friday. Scotiabank raised their target price on shares of BridgeBio Pharma from $55.00 to $57.00 and gave the company a "sector outperform" rating in a research report on Wednesday, August 6th. Finally, Raymond James Financial started coverage on shares of BridgeBio Pharma in a research report on Wednesday, July 30th. They issued an "outperform" rating and a $56.00 target price for the company. Seventeen analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $63.94.

Insider Transactions at BridgeBio Pharma

In other BridgeBio Pharma news, CAO Maricel Apuli sold 1,000 shares of the stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $45.44, for a total value of $45,440.00. Following the completion of the sale, the chief accounting officer owned 141,859 shares in the company, valued at $6,446,072.96. This trade represents a 0.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Neil Kumar sold 40,000 shares of the stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $51.34, for a total transaction of $2,053,600.00. Following the completion of the sale, the chief executive officer owned 895,686 shares of the company's stock, valued at approximately $45,984,519.24. This represents a 4.27% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,202,620 shares of company stock valued at $187,174,970. 18.20% of the stock is owned by company insiders.

BridgeBio Pharma Company 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.