Philosophy Capital Management LLC Makes New $13.54 Million Investment in BridgeBio Pharma, Inc. $BBIO

Key Points

• Philosophy Capital Management LLC has acquired a new stake in BridgeBio Pharma, purchasing 391,583 shares valued at approximately $13.54 million, making it the firm's 23rd largest position.
• BridgeBio Pharma reported a quarterly loss of ($0.95) earnings per share, missing analyst estimates, despite a significant 4999.9% year-over-year revenue increase to $110.57 million.
• Seventeen analysts currently rate BridgeBio Pharma as a "Buy" with an average target price of $63.35, indicating a positive outlook for the stock.

Philosophy Capital Management LLC acquired a new position in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 391,583 shares of the company's stock, valued at approximately $13,537,000. BridgeBio Pharma comprises about 1.0% of Philosophy Capital Management LLC's portfolio, making the stock its 23rd largest holding. Philosophy Capital Management LLC owned approximately 0.21% of BridgeBio Pharma as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in BBIO. Cambridge Investment Research Advisors Inc. lifted its stake in BridgeBio Pharma by 29.4% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 30,802 shares of the company's stock worth $1,065,000 after purchasing an additional 6,997 shares during the last quarter. GAMMA Investing LLC lifted its stake in BridgeBio Pharma by 71.0% in the first quarter. GAMMA Investing LLC now owns 920 shares of the company's stock worth $32,000 after purchasing an additional 382 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in BridgeBio Pharma in the first quarter worth $251,000. Victory Capital Management Inc. lifted its stake in BridgeBio Pharma by 22.8% in the first quarter. Victory Capital Management Inc. now owns 79,851 shares of the company's stock worth $2,760,000 after purchasing an additional 14,825 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in BridgeBio Pharma by 0.5% in the first quarter. Rhumbline Advisers now owns 220,128 shares of the company's stock worth $7,610,000 after purchasing an additional 1,008 shares during the last quarter. 99.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

BBIO has been the subject of several recent research reports. Cantor Fitzgerald reissued an "overweight" rating and issued a $95.00 price target on shares of BridgeBio Pharma in a research note on Tuesday, July 29th. Truist Financial started 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 on the stock. HC Wainwright boosted their price objective on shares of BridgeBio Pharma from $56.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, August 29th. Citigroup boosted their price objective on shares of BridgeBio Pharma from $58.00 to $67.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Finally, Oppenheimer boosted their price objective on shares of BridgeBio Pharma from $60.00 to $61.00 and gave the company an "outperform" rating in a research report on Wednesday, August 6th. Seventeen research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $63.35.

Insider Activity

In other news, CAO Maricel Apuli sold 1,000 shares of the stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $45.44, for a total transaction of $45,440.00. Following the sale, the chief accounting officer owned 141,859 shares in the company, valued at $6,446,072.96. This represents a 0.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Thomas Trimarchi sold 42,237 shares of the stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $49.48, for a total transaction of $2,089,886.76. Following the sale, the chief financial officer owned 421,081 shares in the company, valued at approximately $20,835,087.88. The trade was a 9.12% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,206,912 shares of company stock valued at $187,346,650. Company insiders own 18.20% of the company's stock.

BridgeBio Pharma Stock Performance

Shares of NASDAQ BBIO traded up $0.91 during midday trading on Monday, hitting $54.29. 2,050,779 shares of the company traded hands, compared to its average volume of 2,247,988. BridgeBio Pharma, Inc. has a 12-month low of $21.72 and a 12-month high of $54.60. The stock has a 50-day moving average price of $47.80 and a 200 day moving average price of $39.86. The firm has a market cap of $10.38 billion, a P/E ratio of -13.27 and a beta of 1.25.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($0.95) earnings per share for the quarter, missing analysts' consensus estimates 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. The business's revenue for the quarter was up 4999.9% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.39) EPS. As a group, equities analysts expect that BridgeBio Pharma, Inc. will post -3.67 earnings per share for the current year.

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.