Monashee Investment Management LLC Sells 100,000 Shares of BridgeBio Pharma, Inc. $BBIO

Key Points

• Monashee Investment Management cut its BridgeBio Pharma stake by 50% in the fourth quarter, selling 100,000 shares and leaving it with 100,000 shares worth about $7.65 million.
• Several other institutional investors also adjusted their positions in BBIO, while the stock remains overwhelmingly institutionally owned at 99.85%.
• Analysts remain largely bullish on BridgeBio Pharma, with a consensus Moderate Buy rating and average price target of $89.59, despite the company recently missing EPS estimates in its latest earnings report.

Monashee Investment Management LLC cut its holdings in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 50.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 100,000 shares of the company's stock after selling 100,000 shares during the period. BridgeBio Pharma accounts for approximately 4.3% of Monashee Investment Management LLC's investment portfolio, making the stock its 9th biggest holding. Monashee Investment Management LLC owned about 0.05% of BridgeBio Pharma worth $7,649,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in BBIO. Farther Finance Advisors LLC grew its position in BridgeBio Pharma by 91.4% during the 4th quarter. Farther Finance Advisors LLC now owns 513 shares of the company's stock worth $39,000 after purchasing an additional 245 shares during the period. State of New Jersey Common Pension Fund D boosted its stake in shares of BridgeBio Pharma by 0.5% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 51,896 shares of the company's stock worth $3,970,000 after acquiring an additional 246 shares in the last quarter. CWM LLC boosted its stake in shares of BridgeBio Pharma by 4.3% during the 4th quarter. CWM LLC now owns 6,444 shares of the company's stock worth $493,000 after acquiring an additional 265 shares in the last quarter. Xponance LLC boosted its stake in shares of BridgeBio Pharma by 2.2% during the 4th quarter. Xponance LLC now owns 12,536 shares of the company's stock worth $959,000 after acquiring an additional 272 shares in the last quarter. Finally, Main Management ETF Advisors LLC boosted its stake in shares of BridgeBio Pharma by 1.0% during the 4th quarter. Main Management ETF Advisors LLC now owns 30,537 shares of the company's stock worth $2,336,000 after acquiring an additional 312 shares in the last quarter. 99.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Canaccord Genuity Group assumed coverage on shares of BridgeBio Pharma in a research note on Wednesday, June 3rd. They set a "buy" rating and a $104.00 target price on the stock. Wells Fargo & Company increased their target price on shares of BridgeBio Pharma from $88.00 to $98.00 and gave the stock an "overweight" rating in a research note on Friday, February 13th. Morgan Stanley raised their price target on shares of BridgeBio Pharma from $94.00 to $98.00 and gave the company an "overweight" rating in a research note on Thursday, May 28th. Mizuho reaffirmed an "outperform" rating and issued a $106.00 price target on shares of BridgeBio Pharma in a research note on Tuesday, April 28th. Finally, Leerink Partners reaffirmed an "outperform" rating and issued a $98.00 price target on shares of BridgeBio Pharma in a research note on Thursday, March 12th. Twenty-three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, BridgeBio Pharma presently has a consensus rating of "Moderate Buy" and a consensus price target of $89.59.

BridgeBio Pharma Price Performance

BBIO opened at $67.55 on Friday. The company's 50 day simple moving average is $70.38 and its two-hundred day simple moving average is $72.15. BridgeBio Pharma, Inc. has a 1-year low of $38.57 and a 1-year high of $84.94. The firm has a market capitalization of $13.23 billion, a price-to-earnings ratio of -18.06 and a beta of 0.97.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last released its earnings results 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 $194.52 million for the quarter, compared to analyst estimates of $178.07 million. During the same quarter last year, the business earned ($0.88) earnings per share. BridgeBio Pharma's quarterly revenue was up 66.8% on a year-over-year basis. On average, equities analysts anticipate that BridgeBio Pharma, Inc. will post -2.32 earnings per share for the current fiscal year.

Insider Buying and Selling at BridgeBio Pharma

In other BridgeBio Pharma news, CFO Thomas Trimarchi sold 13,651 shares of the firm's stock in a transaction that occurred 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 $23,376,345.52. This trade represents a 3.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Randal W. Scott sold 10,000 shares of the firm's stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $67.15, for a total transaction of $671,500.00. Following the completion of the transaction, the director directly owned 11,589 shares in the company, valued at $778,201.35. This trade represents a 46.32% 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. Over the last 90 days, insiders sold 171,754 shares of company stock valued at $11,914,859. Company insiders own 14.23% of the company's stock.

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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