Quarry LP Takes $398,000 Position in BridgeBio Pharma, Inc. $BBIO

Key Points

• Quarry LP invested approximately $398,000 in BridgeBio Pharma by acquiring 11,500 shares in the 1st quarter, adding to a trend where 99.85% of the stock is owned by institutional investors.
• Insider trading activity included significant sales, with Director Frank Mccormick selling 100,000 shares worth roughly $4.42 million, and Global Investors Lp Viking selling 3.5 million shares valued at approximately $154 million.
• Analysts are optimistic about BridgeBio Pharma, with Citigroup and Wells Fargo raising their price targets on the stock, resulting in a current average rating of "Buy" and an average price target of $62.18.

Quarry LP acquired a new position in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 11,500 shares of the company's stock, valued at approximately $398,000.

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

Insider Transactions at BridgeBio Pharma

In other BridgeBio Pharma news, Director Charles J. Homcy sold 50,000 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $48.00, for a total value of $2,400,000.00. Following the sale, the director owned 916,674 shares of the company's stock, valued at $44,000,352. This trade represents a 5.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Maricel Apuli sold 1,000 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $45.44, for a total value of $45,440.00. Following the completion of the sale, the chief accounting officer directly owned 141,859 shares in the company, valued at $6,446,072.96. This trade represents a 0.70% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,092,912 shares of company stock worth $181,359,210. Insiders own 18.20% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on BBIO shares. Jefferies Financial Group started coverage on BridgeBio Pharma in a research note on Monday, July 14th. They set a "buy" rating and a $70.00 price target for the company. Citigroup raised their price target on BridgeBio Pharma from $58.00 to $67.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Wall Street Zen raised BridgeBio Pharma from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Wells Fargo & Company raised their price target on BridgeBio Pharma from $67.00 to $76.00 and gave the stock an "overweight" rating in a research note on Monday, June 30th. Finally, Raymond James Financial started coverage on BridgeBio Pharma in a research note on Wednesday, July 30th. They set an "outperform" rating and a $56.00 price target for the company. Seventeen investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $63.35.

BridgeBio Pharma Price Performance

Shares of BBIO stock traded up $1.55 during trading on Friday, reaching $53.38. The company had a trading volume of 2,833,245 shares, compared to its average volume of 2,982,775. The firm's 50 day simple moving average is $47.40 and its two-hundred day simple moving average is $39.57. BridgeBio Pharma, Inc. has a one year low of $21.72 and a one year high of $53.97. The company has a market capitalization of $10.20 billion, a PE ratio of -13.05 and a beta of 1.25.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last issued 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 company had revenue of $110.57 million during the quarter, compared to analyst estimates of $98.46 million. During the same quarter last year, the firm earned ($0.39) earnings per share. The business's quarterly revenue was up 4999.9% compared to the same quarter last year. Analysts forecast that BridgeBio Pharma, Inc. will post -3.67 earnings per share for the current year.

BridgeBio Pharma Company 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.