Renaissance Technologies LLC Takes $27.16 Million Position in BridgeBio Pharma, Inc. $BBIO

Key Points

• Renaissance Technologies acquired a new $27.16 million position in BridgeBio Pharma during the first quarter, purchasing 365,772 shares. Institutional investors collectively own 99.85% of the company.
• Analysts maintain a generally positive outlook, with 20 Buy ratings, two Holds and one Sell, producing a “Moderate Buy” consensus and an average price target of $95.21.
• BridgeBio reported quarterly revenue of $194.51 million, up 66.8% year over year, but missed its EPS estimate. Company insiders sold 430,117 shares worth approximately $32.49 million during the latest quarter.

Renaissance Technologies LLC acquired a new position in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 365,772 shares of the company's stock, valued at approximately $27,162,000. Renaissance Technologies LLC owned approximately 0.19% of BridgeBio Pharma at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Brooklands Fund Management Ltd bought a new stake in BridgeBio Pharma during the fourth quarter valued at approximately $210,348,000. Price T Rowe Associates Inc. MD increased its holdings in shares of BridgeBio Pharma by 144.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,828,746 shares of the company's stock worth $292,862,000 after buying an additional 2,261,181 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of BridgeBio Pharma by 25.8% during the 4th quarter. Janus Henderson Group PLC now owns 11,000,457 shares of the company's stock valued at $841,349,000 after buying an additional 2,259,378 shares in the last quarter. Norges Bank purchased a new stake in shares of BridgeBio Pharma during the 4th quarter valued at $116,802,000. Finally, Wellington Management Group LLP lifted its holdings in shares of BridgeBio Pharma by 130.4% during the 4th quarter. Wellington Management Group LLP now owns 2,348,731 shares of the company's stock worth $179,654,000 after acquiring an additional 1,329,537 shares during the last quarter. 99.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on BBIO shares. Citigroup upped their target price on shares of BridgeBio Pharma from $82.00 to $93.00 and gave the stock a "neutral" rating in a research report on Thursday, July 16th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of BridgeBio Pharma in a research note on Friday, May 15th. Royal Bank Of Canada initiated coverage on BridgeBio Pharma in a report on Thursday, April 9th. They issued an "outperform" rating and a $100.00 price objective for the company. Mizuho reduced their price objective on BridgeBio Pharma from $106.00 to $96.00 and set an "outperform" rating on the stock in a research report on Tuesday, June 16th. Finally, Canaccord Genuity Group assumed coverage on BridgeBio Pharma in a report on Wednesday, June 3rd. They set a "buy" rating and a $104.00 price objective on the stock. Twenty investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $95.21.

Insider Buying and Selling

In related news, CEO Neil Kumar sold 40,000 shares of the company's stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $67.90, for a total transaction of $2,716,000.00. Following the completion of the sale, the chief executive officer directly owned 575,686 shares in the company, valued at $39,089,079.40. This represents a 6.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Thomas Trimarchi sold 13,651 shares of the firm's stock in a transaction on Monday, May 18th. The stock was sold at an average price of $65.08, for a total transaction of $888,407.08. Following the completion of the sale, the chief financial officer directly owned 359,194 shares in the company, valued at approximately $23,376,345.52. This trade represents a 3.66% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 430,117 shares of company stock valued at $32,490,580 over the last quarter. Company insiders own 14.23% of the company's stock.

BridgeBio Pharma Price Performance

Shares of BBIO stock opened at $83.54 on Thursday. The business has a 50-day moving average of $73.76 and a 200 day moving average of $72.74. BridgeBio Pharma, Inc. has a 1-year low of $42.09 and a 1-year high of $93.42. The stock has a market capitalization of $16.33 billion, a PE ratio of -22.34 and a beta of 0.95.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.84) EPS for the quarter, missing analysts' consensus estimates of ($0.70) by ($0.14). The business had revenue of $194.51 million during the quarter, compared to analyst estimates of $178.07 million. BridgeBio Pharma's revenue for the quarter was up 66.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.88) earnings per share. Analysts anticipate that BridgeBio Pharma, Inc. will post -2.27 EPS for the current year.

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.

Want to see what other hedge funds are holding BBIO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.