Public Employees Retirement System of Ohio Takes $3.59 Million Position in BridgeBio Pharma, Inc. $BBIO

Key Points

• Public Employees Retirement System of Ohio acquired 48,191 BridgeBio Pharma shares valued at approximately $3.59 million. Institutional investors and hedge funds collectively own 99.85% of the company.
• Analyst sentiment remains favorable, with 20 Buy ratings, two Holds and one Sell; the stock has a consensus “Moderate Buy” rating and an average price target of $101.53.
• BridgeBio reported quarterly revenue of $243.68 million, up 120.4% year over year, but missed earnings expectations with a loss of $0.78 per share versus the projected $0.58 loss. Insiders sold $27.59 million worth of shares over the past 90 days.

Public Employees Retirement System of Ohio acquired a new position in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 48,191 shares of the company's stock, valued at approximately $3,589,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Silvant Capital Management LLC bought a new position in BridgeBio Pharma in the 2nd quarter worth approximately $28,000. Allworth Financial LP acquired a new stake in BridgeBio Pharma in the second quarter worth about $31,000. Harvest Fund Management Co. Ltd bought a new position in BridgeBio Pharma in the 3rd quarter valued at about $34,000. Jones Financial Companies Lllp acquired a new position in BridgeBio Pharma during the 1st quarter valued at about $35,000. Finally, Farther Finance Advisors LLC lifted its stake in shares of BridgeBio Pharma by 91.4% in the 4th quarter. Farther Finance Advisors LLC now owns 513 shares of the company's stock worth $39,000 after acquiring an additional 245 shares during the period. 99.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently commented on BBIO. Raymond James Financial cut BridgeBio Pharma from an "outperform" rating to a "market perform" rating in a report on Tuesday, May 26th. Truist Financial lifted their target price on BridgeBio Pharma from $102.00 to $107.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. HC Wainwright reissued a "buy" rating and issued a $120.00 price target on shares of BridgeBio Pharma in a report on Wednesday. Citigroup raised their price objective on shares of BridgeBio Pharma from $82.00 to $93.00 and gave the company a "neutral" rating in a research report on Thursday, July 16th. Finally, Bank of America raised their target price on shares of BridgeBio Pharma from $101.00 to $104.00 and gave the stock a "buy" rating in a report on Tuesday, August 11th. Twenty research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $101.53.

Insider Transactions at BridgeBio Pharma

In other news, Director Hannah Valantine sold 2,196 shares of the company's stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $68.57, for a total value of $150,579.72. Following the transaction, the director owned 9,259 shares in the company, valued at $634,889.63. This represents a 19.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jennifer E. Cook sold 148,589 shares of the stock in a transaction that occurred on Thursday, July 9th. The stock was 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 directly owned 8,383 shares of the company's stock, valued at $742,230.82. This trade represents a 94.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 347,343 shares of company stock worth $27,591,000. 14.23% of the stock is currently owned by company insiders.

BridgeBio Pharma Stock Performance

Shares of NASDAQ:BBIO opened at $75.41 on Friday. The firm has a 50 day simple moving average of $80.65 and a 200 day simple moving average of $73.61. BridgeBio Pharma, Inc. has a 52 week low of $48.78 and a 52 week high of $93.42. The company has a market cap of $14.74 billion, a PE ratio of -21.12 and a beta of 0.97.

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 business had revenue of $243.68 million for the quarter, compared to analysts' expectations of $220.91 million. The business's quarterly revenue was up 120.4% on a year-over-year basis. During the same quarter last year, the firm posted ($0.95) EPS. On average, equities analysts predict that BridgeBio Pharma, Inc. will post -2.6 earnings per share for the current 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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