Monashee Investment Management LLC Reduces Holdings in BridgeBio Pharma, Inc. $BBIO

Key Points

• Monashee Investment Management cut its BridgeBio Pharma stake by 32.9% in the first quarter, selling 32,861 shares and leaving it with 67,139 shares valued at about $4.99 million.
• BridgeBio reported quarterly earnings of -$0.84 per share, missing estimates, but revenue came in at $194.5 million and rose 66.8% year over year.
• Wall Street remains generally positive on BBIO, with 20 Buy ratings and a consensus target price of $95.21, while insiders have also been selling shares in recent months.

Monashee Investment Management LLC reduced its stake in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 32.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,139 shares of the company's stock after selling 32,861 shares during the quarter. BridgeBio Pharma comprises approximately 2.7% of Monashee Investment Management LLC's portfolio, making the stock its 12th largest holding. Monashee Investment Management LLC's holdings in BridgeBio Pharma were worth $4,986,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of BBIO. Commonwealth Equity Services LLC boosted its stake in BridgeBio Pharma by 4.9% in the fourth quarter. Commonwealth Equity Services LLC now owns 5,179 shares of the company's stock valued at $396,000 after acquiring an additional 244 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of BridgeBio Pharma by 91.4% during the fourth quarter. Farther Finance Advisors LLC now owns 513 shares of the company's stock worth $39,000 after purchasing an additional 245 shares in the last quarter. State of New Jersey Common Pension Fund D increased its position in shares of BridgeBio Pharma by 0.5% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 51,896 shares of the company's stock worth $3,970,000 after purchasing an additional 246 shares in the last quarter. CWM LLC lifted its holdings in shares of BridgeBio Pharma by 4.3% in the 4th quarter. CWM LLC now owns 6,444 shares of the company's stock valued at $493,000 after purchasing an additional 265 shares during the last quarter. Finally, Xponance LLC lifted its holdings in shares of BridgeBio Pharma by 2.2% in the 4th quarter. Xponance LLC now owns 12,536 shares of the company's stock valued at $959,000 after purchasing an additional 272 shares during the last quarter. 99.85% of the stock is owned by hedge funds and other institutional investors.

BridgeBio Pharma Stock Up 0.3%

Shares of BBIO stock opened at $82.66 on Thursday. The stock's 50-day moving average price is $72.07 and its 200 day moving average price is $72.41. The stock has a market capitalization of $16.19 billion, a PE ratio of -22.10 and a beta of 0.95. BridgeBio Pharma, Inc. has a 52-week low of $42.09 and a 52-week high of $93.42.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.84) earnings per share for the quarter, missing analysts' consensus estimates of ($0.70) by ($0.14). The business had revenue of $194.51 million during the quarter, compared to the consensus estimate of $178.07 million. During the same period last year, the firm earned ($0.88) earnings per share. The company's revenue for the quarter was up 66.8% compared to the same quarter last year. Analysts expect that BridgeBio Pharma, Inc. will post -2.29 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

BBIO has been the topic of a number of research reports. Royal Bank Of Canada started coverage on BridgeBio Pharma in a research note on Thursday, April 9th. They set an "outperform" rating and a $100.00 price target on the stock. Citigroup boosted their price objective on BridgeBio Pharma from $82.00 to $93.00 and gave the company a "neutral" rating in a research note on Thursday, July 16th. Morgan Stanley increased their price objective on BridgeBio Pharma from $94.00 to $98.00 and gave the company an "overweight" rating in a report on Thursday, May 28th. Weiss Ratings restated a "sell (d)" rating on shares of BridgeBio Pharma in a research report on Friday, May 15th. Finally, Canaccord Genuity Group assumed coverage on shares of BridgeBio Pharma in a report on Wednesday, June 3rd. They issued a "buy" rating and a $104.00 target price on the stock. Twenty analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, BridgeBio Pharma currently has a consensus rating of "Moderate Buy" and a consensus target price of $95.21.

Insider Buying and Selling at BridgeBio Pharma

In other BridgeBio Pharma news, CFO Thomas Trimarchi sold 13,651 shares of the business's stock in a transaction on Monday, May 18th. The shares were sold at an average price of $65.08, for a total value of $888,407.08. Following the transaction, the chief financial officer directly owned 359,194 shares of the company's stock, valued at approximately $23,376,345.52. The trade was a 3.66% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Andrea Ellis sold 17,167 shares of the company's stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $84.00, for a total transaction of $1,442,028.00. Following the transaction, the director owned 22,579 shares of the company's stock, valued at approximately $1,896,636. The trade was a 43.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 432,117 shares of company stock valued at $32,633,740. Corporate insiders own 14.23% of the company's stock.

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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