Hsbc Holdings PLC Reduces Position in BridgeBio Pharma, Inc. $BBIO

Key Points

• Hsbc Holdings PLC has significantly reduced its stake in BridgeBio Pharma by 42.3% during the first quarter, now holding only 16,291 shares valued at approximately $557,000.
• Multiple institutional investors have made changes to their positions in BridgeBio, with GAMMA Investing LLC increasing its stake by 71.0% and several others also adjusting their holdings positively.
• Research analysts have shown a positive outlook for BridgeBio Pharma, with up to seventeen analysts rating the stock as a "Buy" and price targets suggesting potential growth, indicating confidence in the company's future.

Hsbc Holdings PLC reduced its stake in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 42.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,291 shares of the company's stock after selling 11,957 shares during the quarter. Hsbc Holdings PLC's holdings in BridgeBio Pharma were worth $557,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. GAMMA Investing LLC increased its position in BridgeBio Pharma by 71.0% during the 1st quarter. GAMMA Investing LLC now owns 920 shares of the company's stock worth $32,000 after purchasing an additional 382 shares in the last quarter. Xponance Inc. boosted its stake in shares of BridgeBio Pharma by 3.8% during the 1st quarter. Xponance Inc. now owns 10,474 shares of the company's stock worth $362,000 after purchasing an additional 385 shares during the last quarter. Mackenzie Financial Corp grew its holdings in shares of BridgeBio Pharma by 6.6% during the fourth quarter. Mackenzie Financial Corp now owns 9,505 shares of the company's stock worth $261,000 after buying an additional 592 shares in the last quarter. CWM LLC raised its position in shares of BridgeBio Pharma by 12.8% in the first quarter. CWM LLC now owns 5,261 shares of the company's stock valued at $182,000 after buying an additional 598 shares during the last quarter. Finally, GF Fund Management CO. LTD. boosted its position in BridgeBio Pharma by 22.0% during the first quarter. GF Fund Management CO. LTD. now owns 4,839 shares of the company's stock worth $167,000 after acquiring an additional 871 shares during the last quarter. Institutional investors and hedge funds own 99.85% of the company's stock.

Insider Activity at BridgeBio Pharma

In other news, Director Frank Mccormick sold 100,000 shares of the stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $44.23, for a total value of $4,423,000.00. Following the completion of the sale, the director owned 879,979 shares in the company, valued at approximately $38,921,471.17. This trade represents a 10.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Neil Kumar sold 40,000 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $45.45, for a total value of $1,818,000.00. Following the transaction, the chief executive officer directly owned 935,686 shares in the company, valued at $42,526,928.70. This trade represents a 4.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,092,912 shares of company stock valued at $181,359,210 over the last 90 days. Corporate insiders own 18.20% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. HC Wainwright increased their price target on BridgeBio Pharma from $56.00 to $70.00 and gave the stock a "buy" rating in a research note on Friday. Wall Street Zen raised BridgeBio Pharma from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Bank of America upped their price objective on shares of BridgeBio Pharma from $50.00 to $54.00 and gave the company a "buy" rating in a research note on Wednesday, June 25th. Wolfe Research started coverage on shares of BridgeBio Pharma in a report on Tuesday, June 17th. They issued an "outperform" rating and a $49.00 target price for the company. Finally, Wells Fargo & Company increased their price target on shares of BridgeBio Pharma from $67.00 to $76.00 and gave the stock an "overweight" rating in a research note on Monday, June 30th. Seventeen research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $62.18.

BridgeBio Pharma Stock Performance

BBIO opened at $51.76 on Monday. BridgeBio Pharma, Inc. has a 1 year low of $21.72 and a 1 year high of $52.85. The firm has a 50 day moving average price of $46.82 and a 200 day moving average price of $39.17. The company has a market cap of $9.89 billion, a PE ratio of -12.66 and a beta of 1.25.

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

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