Harvey Capital Management Inc. Takes $10.34 Million Position in BridgeBio Pharma, Inc. $BBIO

Key Points

• Harvey Capital Management initiated a $10.34 million position in BridgeBio Pharma, purchasing 138,835 shares, while institutional investors collectively own 99.85% of the company.
• Analyst sentiment remains positive: 20 analysts rate BBIO a Buy, with a consensus “Moderate Buy” rating and an average price target of $100.79 versus the reported $78.68 share price.
• BridgeBio’s quarterly revenue rose 120.4% year over year to $243.68 million, beating estimates, but its adjusted loss of $0.78 per share was wider than expected. Insiders have sold $30.29 million of stock over the past 90 days.

Harvey Capital Management Inc. purchased a new position in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 138,835 shares of the company's stock, valued at approximately $10,340,000. BridgeBio Pharma accounts for approximately 2.1% of Harvey Capital Management Inc.'s investment portfolio, making the stock its 10th largest holding. Harvey Capital Management Inc. owned about 0.07% of BridgeBio Pharma at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Public Employees Retirement System of Ohio purchased a new stake in BridgeBio Pharma during the second quarter worth $3,589,000. Corient Private Wealth LP purchased a new position in shares of BridgeBio Pharma in the 2nd quarter valued at $1,783,000. Boone Capital Management LLC purchased a new position in shares of BridgeBio Pharma in the 2nd quarter valued at $25,302,000. Freestone Grove Partners LP purchased a new position in shares of BridgeBio Pharma in the 2nd quarter valued at $188,000. Finally, Odyssean LLC bought a new position in shares of BridgeBio Pharma in the 2nd quarter worth $3,055,000. 99.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BBIO. Cantor Fitzgerald restated an "overweight" rating and set a $110.00 price objective on shares of BridgeBio Pharma in a research note on Tuesday, August 11th. JPMorgan Chase & Co. boosted their target price on shares of BridgeBio Pharma from $100.00 to $111.00 and gave the stock an "overweight" rating in a report on Wednesday, August 12th. Citigroup increased their price target on shares of BridgeBio Pharma from $82.00 to $93.00 and gave the company a "neutral" rating in a research report on Thursday, July 16th. Canaccord Genuity Group raised their price target on shares of BridgeBio Pharma from $104.00 to $106.00 and gave the company a "buy" rating in a report on Wednesday, August 12th. Finally, HC Wainwright raised their price target on shares of BridgeBio Pharma from $110.00 to $120.00 and gave the company a "buy" rating in a report on Monday, July 13th. Twenty investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, BridgeBio Pharma presently has a consensus rating of "Moderate Buy" and a consensus target price of $100.79.

Insiders Place Their Bets

In other BridgeBio Pharma news, CAO Maricel Apuli sold 2,000 shares of the firm's stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $80.06, for a total value of $160,120.00. Following the completion of the sale, the chief accounting officer owned 127,401 shares of the company's stock, valued at approximately $10,199,724.06. This trade represents a 1.55% decrease in their ownership of the stock. The sale was disclosed in a legal 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 Hannah Valantine sold 2,196 shares of the business's stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $68.57, for a total value of $150,579.72. Following the sale, the director owned 9,259 shares in the company, valued at $634,889.63. The trade was a 19.17% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 387,343 shares of company stock valued at $30,289,400. 14.23% of the stock is currently owned by corporate insiders.

BridgeBio Pharma Trading Down 0.9%

Shares of BBIO opened at $78.68 on Friday. The firm has a market cap of $15.38 billion, a PE ratio of -22.04 and a beta of 0.96. BridgeBio Pharma, Inc. has a 12 month low of $48.78 and a 12 month high of $93.42. The stock has a fifty day moving average price of $79.87 and a 200-day moving average price of $73.53.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last announced its earnings results on Monday, August 10th. The company reported ($0.78) earnings per share for the quarter, missing the consensus estimate of ($0.58) by ($0.20). The company had revenue of $243.68 million during the quarter, compared to analysts' expectations of $220.91 million. During the same quarter last year, the business posted ($0.95) EPS. BridgeBio Pharma's revenue was up 120.4% compared to the same quarter last year. As a group, research analysts forecast that BridgeBio Pharma, Inc. will post -2.62 EPS for the current 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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