Panagora Asset Management Inc. Boosts Holdings in BridgeBio Pharma, Inc. $BBIO

Key Points

• Panagora Asset Management Inc. has increased its holdings in BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 21.1%, owning 616,252 shares worth approximately $21.3 million as of recent filings.
• Insider activity includes CFO Thomas Trimarchi selling 42,237 shares and CEO Neil Kumar selling 40,000 shares, indicating a 9.12% and 4.10% decrease in their respective ownership stakes.
• BridgeBio Pharma recently reported a quarterly loss of ($0.95) EPS, falling short of analyst estimates, while its revenue surged by 4999.9% compared to the same quarter last year.

Panagora Asset Management Inc. increased its holdings in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 21.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 616,252 shares of the company's stock after buying an additional 107,445 shares during the period. Panagora Asset Management Inc. owned 0.32% of BridgeBio Pharma worth $21,304,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Raymond James Financial Inc. purchased a new stake in shares of BridgeBio Pharma during the fourth quarter worth $456,000. Hsbc Holdings PLC raised its stake in shares of BridgeBio Pharma by 19.7% during the 4th quarter. Hsbc Holdings PLC now owns 28,248 shares of the company's stock valued at $784,000 after purchasing an additional 4,646 shares during the period. Northern Trust Corp lifted its holdings in BridgeBio Pharma by 3.4% during the 4th quarter. Northern Trust Corp now owns 1,323,258 shares of the company's stock worth $36,310,000 after purchasing an additional 43,955 shares in the last quarter. AQR Capital Management LLC boosted its stake in BridgeBio Pharma by 14.1% in the 4th quarter. AQR Capital Management LLC now owns 223,573 shares of the company's stock worth $6,135,000 after purchasing an additional 27,610 shares during the period. Finally, Comerica Bank grew its holdings in BridgeBio Pharma by 131.4% during the 4th quarter. Comerica Bank now owns 106,116 shares of the company's stock valued at $2,912,000 after buying an additional 60,256 shares in the last quarter. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BBIO has been the subject of a number of analyst reports. Truist Financial began coverage on shares of BridgeBio Pharma in a research report on Monday, July 21st. They issued a "buy" rating and a $66.00 price objective for the company. HC Wainwright increased their target price on shares of BridgeBio Pharma from $56.00 to $70.00 and gave the stock a "buy" rating in a research note on Friday, August 29th. Raymond James Financial began coverage on shares of BridgeBio Pharma in a report on Wednesday, July 30th. They issued an "outperform" rating and a $56.00 price target for the company. Wall Street Zen raised shares of BridgeBio Pharma from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, JPMorgan Chase & Co. lifted their price objective on BridgeBio Pharma from $55.00 to $70.00 and gave the company an "overweight" rating in a research note on Wednesday. Seventeen analysts have rated the stock with a Buy rating, Based on data from MarketBeat, BridgeBio Pharma currently has an average rating of "Buy" and a consensus target price of $63.35.

BridgeBio Pharma Trading Down 0.9%

Shares of BBIO traded down $0.46 during mid-day trading on Thursday, reaching $51.38. The company's stock had a trading volume of 1,064,383 shares, compared to its average volume of 2,975,369. BridgeBio Pharma, Inc. has a 52 week low of $21.72 and a 52 week high of $52.85. The stock has a market cap of $9.82 billion, a PE ratio of -12.57 and a beta of 1.25. The company's fifty day moving average price is $47.27 and its two-hundred day moving average price is $39.45.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported ($0.95) earnings per share for the quarter, missing the consensus estimate of ($0.83) by ($0.12). The business had revenue of $110.57 million for the quarter, compared to analyst estimates of $98.46 million. During the same period in the previous year, the company earned ($0.39) earnings per share. The firm's revenue was up 4999.9% compared to the same quarter last year. Research analysts anticipate that BridgeBio Pharma, Inc. will post -3.67 EPS for the current year.

Insider Buying and Selling at BridgeBio Pharma

In other BridgeBio Pharma news, Director Frank Mccormick sold 100,000 shares of BridgeBio Pharma stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $44.23, for a total value of $4,423,000.00. Following the transaction, the director directly owned 879,979 shares of the company's stock, valued at $38,921,471.17. The trade was a 10.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Neil Kumar sold 40,000 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $45.45, for a total transaction of $1,818,000.00. Following the completion of the transaction, the chief executive officer owned 935,686 shares in the company, valued at $42,526,928.70. This represents a 4.10% decrease in their position. The disclosure for this sale can be found here. Insiders sold 4,092,912 shares of company stock worth $181,359,210 over the last quarter. Company insiders own 18.20% of the company's stock.

BridgeBio Pharma Profile

BridgeBio Pharma, Inc, a commercial-stage biopharmaceutical company, discovers, creates, tests, and delivers transformative medicines to treat patients who suffer from genetic diseases and cancers. Its products in development programs include AG10, a next-generation oral small molecule near-complete TTR stabilizer that is in Phase 3 clinical trial for the treatment of TTR amyloidosis, or transthyretin amyloid cardiomyopathy (ATTR-CM); low-dose infigratinib, an oral FGFR1-3 selective tyrosine kinase inhibitor, which is in Phase 3 double-blinded, placebo-controlled pivotal study for the treatment option for children with achondroplasia; and BBP-631, an AAV5 gene transfer product candidate that is in Phase 1/2 clinical trial for the treatment of congenital adrenal hyperplasia, or CAH, driven by 21-hydroxylase deficiency, or 21OHD.