Mirae Asset Global Investments Co. Ltd. Buys 20,183 Shares of BridgeBio Pharma, Inc. $BBIO

Key Points

• Mirae Asset Global Investments initiated a position in BridgeBio Pharma, buying 20,183 shares worth about $1.33 million in the third quarter. Institutional investors collectively own 99.85% of the company’s stock.
• Analyst sentiment is broadly positive: 19 analysts rate BBIO a Buy, two a Hold, and one a Sell, with an average price target of $104.26.
• BridgeBio reported quarterly revenue of $353.17 million, up 192.6% year over year, and an adjusted loss of $0.42 per share—better than analysts’ expected loss of $0.54.

Mirae Asset Global Investments Co. Ltd. bought a new stake in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 20,183 shares of the company's stock, valued at approximately $1,328,000.

A number of other large investors have also added to or reduced their stakes in BBIO. Profund Advisors LLC increased its position in shares of BridgeBio Pharma by 42.8% during the 3rd quarter. Profund Advisors LLC now owns 28,452 shares of the company's stock valued at $1,872,000 after purchasing an additional 8,523 shares during the last quarter. ProShare Advisors LLC lifted its position in BridgeBio Pharma by 8.3% in the 3rd quarter. ProShare Advisors LLC now owns 6,953 shares of the company's stock worth $458,000 after buying an additional 532 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its position in BridgeBio Pharma by 57.0% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 48,926 shares of the company's stock worth $3,228,000 after buying an additional 17,755 shares during the last quarter. Motley Fool Asset Management LLC boosted its stake in BridgeBio Pharma by 5.2% in the third quarter. Motley Fool Asset Management LLC now owns 4,224 shares of the company's stock worth $278,000 after buying an additional 208 shares in the last quarter. Finally, North Dakota State Investment Board boosted its stake in BridgeBio Pharma by 3.9% in the third quarter. North Dakota State Investment Board now owns 5,177 shares of the company's stock worth $341,000 after buying an additional 196 shares in the last quarter. Hedge funds and other institutional investors own 99.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Cantor Fitzgerald reiterated an "overweight" rating on shares of BridgeBio Pharma in a research report on Monday, October 5th. Piper Sandler boosted their price objective on shares of BridgeBio Pharma from $115.00 to $120.00 and gave the stock an "overweight" rating in a report on Monday, October 19th. Canaccord Genuity Group upped their price objective on shares of BridgeBio Pharma from $106.00 to $108.00 and gave the company a "buy" rating in a research note on Monday, November 2nd. Morgan Stanley upped their price objective on shares of BridgeBio Pharma from $87.00 to $88.00 and gave the company an "overweight" rating in a research note on Friday, October 30th. Finally, TD Cowen reduced their target price on shares of BridgeBio Pharma from $110.00 to $100.00 and set a "buy" rating on the stock in a report on Friday, October 30th. Nineteen 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. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $104.26.

Insider Activity at BridgeBio Pharma

In other news, CAO Maricel Apuli sold 2,000 shares of the firm's stock in a transaction that occurred on Friday, October 30th. The shares were sold at an average price of $72.85, for a total value of $145,700.00. Following the transaction, the chief accounting officer owned 120,687 shares in the company, valued at approximately $8,792,047.95. This trade represents a 1.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Neil Kumar sold 10,000 shares of BridgeBio Pharma stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $69.08, for a total transaction of $690,800.00. Following the completion of the transaction, the chief executive officer directly owned 495,686 shares in the company, valued at approximately $34,241,988.88. The trade was a 1.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 56,980 shares of company stock valued at $4,563,699 in the last quarter. Corporate insiders own 14.23% of the company's stock.

BridgeBio Pharma Trading Up 0.0%

NASDAQ BBIO opened at $74.29 on Friday. BridgeBio Pharma, Inc. has a 1-year low of $60.55 and a 1-year high of $93.42. The stock has a 50-day moving average of $69.76 and a 200-day moving average of $72.78. The firm has a market cap of $14.47 billion, a PE ratio of -24.44 and a beta of 0.97.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last posted its quarterly earnings results on Thursday, October 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $0.12. The company had revenue of $353.17 million for the quarter, compared to the consensus estimate of $293.47 million. During the same quarter in the previous year, the business earned ($0.95) earnings per share. BridgeBio Pharma's revenue was up 192.6% compared to the same quarter last year. As a group, equities research analysts forecast that BridgeBio Pharma, Inc. will post -2.55 earnings per share for the current fiscal year.

BridgeBio Pharma Profile

BridgeBio Pharma is a biopharmaceutical company that discovers, develops and commercializes medicines for genetic diseases and cancers. Founded in 2015, the company advances programs through a network of research and development subsidiaries focused on specific conditions and therapeutic areas.

Its products include Attruby (acoramidis), an FDA-approved treatment for adults with transthyretin amyloid cardiomyopathy. BridgeBio also develops a pipeline of investigational therapies aimed at diseases with well-understood genetic causes, including rare and inherited conditions.

BridgeBio is headquartered in Palo Alto, California.

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