Primecap Management Co. CA Buys New Stake in BridgeBio Pharma, Inc. $BBIO

Key Points

• Primecap Management acquired 1,015,980 shares of BridgeBio Pharma worth approximately $75.7 million, representing about 0.52% of the company. Institutional investors collectively own 99.85% of BBIO.
• BridgeBio reported quarterly revenue of $243.7 million, up 120.4% year over year, but its loss of $0.78 per share exceeded analysts’ expected loss of $0.58 per share.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $100.79 versus the stock’s opening price of $79.37; however, insiders have sold about $30.3 million of shares over the past 90 days.

Primecap Management Co. CA purchased a new stake in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,015,980 shares of the company's stock, valued at approximately $75,670,000. Primecap Management Co. CA owned approximately 0.52% of BridgeBio Pharma at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of BBIO. Silvant Capital Management LLC acquired a new position in shares of BridgeBio Pharma during the 2nd quarter worth about $28,000. Allworth Financial LP acquired a new stake in shares of BridgeBio Pharma during the 2nd quarter worth about $31,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of BridgeBio Pharma during the 3rd quarter worth about $34,000. Jones Financial Companies Lllp purchased a new stake in BridgeBio Pharma during the first quarter worth approximately $35,000. Finally, Farther Finance Advisors LLC lifted its stake in BridgeBio Pharma by 91.4% during the fourth 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 last quarter. 99.85% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at BridgeBio Pharma

In related news, Director Jennifer E. Cook sold 148,589 shares of the stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $88.54, for a total transaction of $13,156,070.06. Following the completion of the sale, the director owned 8,383 shares in the company, valued at $742,230.82. This represents a 94.66% 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 Andrea Ellis sold 17,167 shares of the firm's stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $84.00, for a total transaction of $1,442,028.00. Following the transaction, the director directly owned 22,579 shares in the company, valued at $1,896,636. The trade was a 43.19% 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. Insiders have sold 387,343 shares of company stock worth $30,289,400 over the last 90 days. Company insiders own 14.23% of the company's stock.

BridgeBio Pharma Stock Down 1.3%

BBIO opened at $79.37 on Thursday. BridgeBio Pharma, Inc. has a 52 week low of $48.78 and a 52 week high of $93.42. The business's 50 day moving average is $79.62 and its two-hundred day moving average is $73.45. The firm has a market cap of $15.52 billion, a price-to-earnings ratio of -22.23 and a beta of 0.96.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.78) earnings per share for the quarter, missing the consensus estimate of ($0.58) by ($0.20). The firm had revenue of $243.68 million during the quarter, compared to analyst estimates of $220.91 million. The company's revenue for the quarter was up 120.4% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.95) earnings per share. Equities analysts expect that BridgeBio Pharma, Inc. will post -2.62 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on BBIO. Raymond James Financial lowered shares of BridgeBio Pharma from an "outperform" rating to a "market perform" rating in a research note on Tuesday, May 26th. TD Cowen upped their target price on shares of BridgeBio Pharma from $95.00 to $110.00 and gave the company a "buy" rating in a report on Tuesday, August 11th. HC Wainwright increased their target price on shares of BridgeBio Pharma from $110.00 to $120.00 and gave the company a "buy" rating in a research report on Monday, July 13th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $110.00 target price on shares of BridgeBio Pharma in a research report on Tuesday, August 11th. Finally, Morgan Stanley cut their price target on shares of BridgeBio Pharma from $98.00 to $97.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 11th. Twenty equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $100.79.

BridgeBio Pharma Company Profile

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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