M&T Bank Corp Takes Position in BridgeBio Pharma, Inc. $BBIO

Key Points

• M&T Bank Corp bought a new stake of 388,019 shares (~$29.68 million) in BridgeBio Pharma, representing about 0.20% of the company.
• Company insiders have sold 237,084 shares worth roughly $16.63 million over the past three months, though insiders still own 18.20% of the stock.
• Equity analysts show a consensus "Moderate Buy" (24 Buys, 1 Sell) with an average price target of $87.38, and several firms have raised targets into the $94–$100 range; the stock trades with a market cap of $14.43 billion and a negative PE of -19.69.

M&T Bank Corp purchased a new stake in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 388,019 shares of the company's stock, valued at approximately $29,680,000. M&T Bank Corp owned approximately 0.20% of BridgeBio Pharma as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in BBIO. Aster Capital Management DIFC Ltd purchased a new position in shares of BridgeBio Pharma in the 3rd quarter valued at about $31,000. Harvest Fund Management Co. Ltd purchased a new position in shares of BridgeBio Pharma in the 3rd quarter valued at about $34,000. Jones Financial Companies Lllp purchased a new position in shares of BridgeBio Pharma in the 1st quarter valued at about $35,000. First Horizon Corp purchased a new position in shares of BridgeBio Pharma in the 3rd quarter valued at about $36,000. Finally, Huntington National Bank increased its holdings in shares of BridgeBio Pharma by 111.7% in the 3rd quarter. Huntington National Bank now owns 743 shares of the company's stock valued at $39,000 after purchasing an additional 392 shares in the last quarter. Hedge funds and other institutional investors own 99.85% of the company's stock.

BridgeBio Pharma Stock Performance

BBIO opened at $74.44 on Thursday. The company's 50 day simple moving average is $71.59 and its 200 day simple moving average is $70.25. BridgeBio Pharma, Inc. has a 1 year low of $31.77 and a 1 year high of $84.94. The stock has a market capitalization of $14.43 billion, a PE ratio of -19.69 and a beta of 1.09.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last released its earnings results on Tuesday, February 24th. The company reported ($1.00) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.75) by ($0.25). The company had revenue of $154.18 million for the quarter, compared to analyst estimates of $150.71 million. During the same quarter in the previous year, the company earned ($1.40) earnings per share. The business's revenue was up 2521.2% on a year-over-year basis. As a group, sell-side analysts expect that BridgeBio Pharma, Inc. will post -2.07 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Thomas Trimarchi sold 13,600 shares of the firm's stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $74.72, for a total value of $1,016,192.00. Following the sale, the chief financial officer directly owned 336,585 shares of the company's stock, valued at approximately $25,149,631.20. This trade represents a 3.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Randal W. Scott sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $75.46, for a total transaction of $754,600.00. Following the completion of the sale, the director directly owned 11,589 shares in the company, valued at $874,505.94. This represents a 46.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 237,084 shares of company stock valued at $16,634,419. 18.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. increased their price target on shares of BridgeBio Pharma from $89.00 to $94.00 and gave the company an "overweight" rating in a report on Tuesday, March 10th. Oppenheimer reduced their price target on shares of BridgeBio Pharma from $83.00 to $81.00 and set an "outperform" rating on the stock in a report on Wednesday, February 25th. Royal Bank Of Canada assumed coverage on shares of BridgeBio Pharma in a research report on Thursday, April 9th. They issued an "outperform" rating and a $100.00 price target on the stock. Truist Financial increased their price target on shares of BridgeBio Pharma from $86.00 to $95.00 and gave the company a "buy" rating in a research report on Wednesday, February 25th. Finally, HC Wainwright increased their price target on shares of BridgeBio Pharma from $90.00 to $100.00 and gave the company a "buy" rating in a research report on Tuesday, February 17th. Twenty-four investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $87.38.

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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