Norges Bank Buys Shares of 1,527,028 BridgeBio Pharma, Inc. $BBIO

Key Points

• Norges Bank initiated a new position in BridgeBio Pharma in the fourth quarter, buying 1,527,028 shares valued at about $116.8 million, or roughly 0.79% of the company.
• BridgeBio remains heavily owned by institutions, with several other funds also increasing or adding stakes; overall, 99.85% of the stock is held by institutional investors and hedge funds.
• Analysts are mixed but mostly bullish: the stock has a consensus rating of Moderate Buy with a target price of $89.59, while recent insider activity included share sales by the CFO and a director under pre-arranged trading plans.

Norges Bank bought a new position in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 1,527,028 shares of the company's stock, valued at approximately $116,802,000. Norges Bank owned about 0.79% of BridgeBio Pharma as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of BBIO. Jones Financial Companies Lllp acquired a new stake in shares of BridgeBio Pharma during the 1st quarter valued at $35,000. First Trust Advisors LP grew its position in BridgeBio Pharma by 200.4% during the 2nd quarter. First Trust Advisors LP now owns 263,693 shares of the company's stock worth $11,386,000 after acquiring an additional 175,918 shares during the last quarter. Baird Financial Group Inc. grew its position in BridgeBio Pharma by 1.8% during the 2nd quarter. Baird Financial Group Inc. now owns 42,057 shares of the company's stock worth $1,816,000 after acquiring an additional 731 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in BridgeBio Pharma in the 2nd quarter worth about $1,650,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in BridgeBio Pharma by 2.4% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 95,326 shares of the company's stock valued at $4,132,000 after purchasing an additional 2,206 shares during the last quarter. 99.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Citigroup initiated coverage on BridgeBio Pharma in a research note on Tuesday, May 19th. They set a "neutral" rating and a $82.00 price target on the stock. Morgan Stanley raised their price objective on shares of BridgeBio Pharma from $94.00 to $98.00 and gave the company an "overweight" rating in a report on Thursday, May 28th. HC Wainwright reiterated a "buy" rating and set a $110.00 target price on shares of BridgeBio Pharma in a research report on Thursday, May 28th. Weiss Ratings reissued a "sell (d)" rating on shares of BridgeBio Pharma in a report on Friday, May 15th. Finally, Truist Financial upped their price target on shares of BridgeBio Pharma from $95.00 to $102.00 and gave the company a "buy" rating in a research report on Wednesday, April 29th. Twenty-three equities 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, BridgeBio Pharma currently has an average rating of "Moderate Buy" and a consensus target price of $89.59.

Insiders Place Their Bets

In related news, CFO Thomas Trimarchi sold 13,651 shares of the company's stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $65.08, for a total transaction of $888,407.08. Following the sale, the chief financial officer owned 359,194 shares in the company, valued at $23,376,345.52. This represents a 3.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 value of $671,500.00. Following the sale, the director directly owned 11,589 shares of the company's stock, valued at $778,201.35. This represents a 46.32% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 171,754 shares of company stock valued at $11,965,659 over the last 90 days. 14.23% of the stock is owned by company insiders.

BridgeBio Pharma Stock Up 2.8%

BBIO opened at $67.33 on Friday. BridgeBio Pharma, Inc. has a twelve month low of $37.69 and a twelve month high of $84.94. The company has a fifty day moving average of $70.78 and a 200-day moving average of $72.10. The stock has a market cap of $13.19 billion, a PE ratio of -18.00 and a beta of 0.97.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.84) EPS 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 in the prior year, the business earned ($0.88) earnings per share. The company's revenue was up 66.8% on a year-over-year basis. Sell-side analysts anticipate that BridgeBio Pharma, Inc. will post -2.32 EPS for the current fiscal year.

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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