Geode Capital Management LLC Purchases 502,582 Shares of BridgeBio Pharma, Inc. $BBIO

Key Points

• Geode Capital Management increased its BridgeBio Pharma stake by 12.9% in the fourth quarter, buying 502,582 shares and lifting its holdings to 4.41 million shares worth about $344.7 million.
• Other institutional investors also boosted positions, and institutional ownership now stands at 99.85% of BridgeBio’s stock, signaling heavy Wall Street interest in the biotech name.
• Analysts remain generally constructive: the stock has a Moderate Buy consensus with an average price target of $88.90, even as BridgeBio reported a quarterly EPS miss while posting revenue growth of 66.8% year over year.

Geode Capital Management LLC increased its position in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 12.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,412,523 shares of the company's stock after acquiring an additional 502,582 shares during the quarter. Geode Capital Management LLC owned about 2.29% of BridgeBio Pharma worth $344,689,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in BridgeBio Pharma by 2.1% in the 3rd quarter. Vanguard Group Inc. now owns 16,832,059 shares of the company's stock worth $874,257,000 after acquiring an additional 347,074 shares during the period. Farallon Capital Management LLC raised its holdings in BridgeBio Pharma by 3.7% in the 3rd quarter. Farallon Capital Management LLC now owns 8,192,000 shares of the company's stock worth $425,492,000 after acquiring an additional 292,000 shares during the period. Aisling Capital Management LP increased its holdings in shares of BridgeBio Pharma by 0.4% during the 3rd quarter. Aisling Capital Management LP now owns 6,089,611 shares of the company's stock worth $316,294,000 after purchasing an additional 21,486 shares during the period. Invesco Ltd. increased its holdings in shares of BridgeBio Pharma by 40.3% during the 3rd quarter. Invesco Ltd. now owns 3,928,657 shares of the company's stock worth $204,054,000 after purchasing an additional 1,127,592 shares during the period. Finally, Franklin Resources Inc. increased its holdings in shares of BridgeBio Pharma by 75.8% during the 3rd quarter. Franklin Resources Inc. now owns 1,444,023 shares of the company's stock worth $75,003,000 after purchasing an additional 622,618 shares during the period. Institutional investors own 99.85% of the company's stock.

Insider Transactions at BridgeBio Pharma

In other BridgeBio Pharma news, Director Randal W. Scott sold 10,000 shares of the business's stock in a transaction dated Friday, May 15th. The shares were 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. The trade was a 46.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Andrea Ellis sold 64,921 shares of the company's stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $64.87, for a total transaction of $4,211,425.27. Following the transaction, the director owned 18,589 shares in the company, valued at $1,205,868.43. The trade was a 77.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 236,675 shares of company stock valued at $16,177,085. 14.23% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on BBIO shares. HC Wainwright restated a "buy" rating and set a $110.00 price objective on shares of BridgeBio Pharma in a report on Thursday, May 28th. Oppenheimer dropped their price objective on shares of BridgeBio Pharma from $83.00 to $81.00 and set an "outperform" rating on the stock in a report on Wednesday, February 25th. William Blair started coverage on shares of BridgeBio Pharma in a report on Tuesday, March 10th. They set an "outperform" rating on the stock. Citigroup started coverage on shares of BridgeBio Pharma in a report on Tuesday, May 19th. They set a "neutral" rating and a $82.00 price objective on the stock. Finally, Wells Fargo & Company boosted their price objective on shares of BridgeBio Pharma from $88.00 to $98.00 and gave the stock an "overweight" rating in a report on Friday, February 13th. Twenty-two 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. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $88.90.

BridgeBio Pharma Stock Down 1.4%

NASDAQ:BBIO opened at $65.36 on Tuesday. The firm has a market cap of $12.80 billion, a PE ratio of -17.48 and a beta of 0.98. BridgeBio Pharma, Inc. has a 12 month low of $34.13 and a 12 month high of $84.94. The company's 50-day moving average price is $70.97 and its two-hundred day moving average price is $72.11.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last released its quarterly 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 business had revenue of $194.52 million for the quarter, compared to analysts' expectations of $178.07 million. The firm's quarterly revenue was up 66.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.88) EPS. On average, research analysts expect that BridgeBio Pharma, Inc. will post -2.27 EPS for the current fiscal year.

About BridgeBio Pharma

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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