Rock Springs Capital Management LP Acquires 24,750 Shares of BridgeBio Pharma, Inc. $BBIO

Key Points

• Rock Springs Capital Management increased its BridgeBio Pharma position by 23.9%, purchasing 24,750 shares to hold 128,250 shares worth approximately $9.5 million. Institutional investors collectively own 99.85% of the company.
• Analysts maintain a generally positive outlook, with 20 Buy ratings, two Holds and one Sell; the consensus rating is Moderate Buy with an average price target of $95.21.
• BridgeBio shares opened at $84.12, near their one-year high of $93.42. The company’s latest revenue rose 66.8% year over year to $194.51 million, although quarterly EPS of negative $0.84 missed estimates.

Rock Springs Capital Management LP boosted its holdings in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 23.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 128,250 shares of the company's stock after buying an additional 24,750 shares during the quarter. Rock Springs Capital Management LP owned approximately 0.07% of BridgeBio Pharma worth $9,524,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of BBIO. Janus Henderson Group PLC boosted its position in 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 acquiring an additional 2,259,378 shares in the last quarter. Farallon Capital Management LLC raised its position in shares of BridgeBio Pharma by 9.8% in the 4th quarter. Farallon Capital Management LLC now owns 8,998,463 shares of the company's stock worth $688,292,000 after acquiring an additional 806,463 shares in the last quarter. Invesco Ltd. lifted its stake in shares of BridgeBio Pharma by 23.0% during the 4th quarter. Invesco Ltd. now owns 4,831,305 shares of the company's stock worth $369,547,000 after purchasing an additional 902,648 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of BridgeBio Pharma by 12.9% during the 4th quarter. Geode Capital Management LLC now owns 4,412,523 shares of the company's stock worth $344,689,000 after purchasing an additional 502,582 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of BridgeBio Pharma by 144.2% during 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 purchasing an additional 2,261,181 shares during the last quarter. Institutional investors own 99.85% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. HC Wainwright lifted their target price on BridgeBio Pharma from $110.00 to $120.00 and gave the company a "buy" rating in a research note on Monday, July 13th. Raymond James Financial lowered shares of BridgeBio Pharma from an "outperform" rating to a "market perform" rating in a research report on Tuesday, May 26th. Morgan Stanley raised their price target on shares of BridgeBio Pharma from $94.00 to $98.00 and gave the company an "overweight" rating in a report on Thursday, May 28th. Royal Bank Of Canada began coverage on shares of BridgeBio Pharma in a research report on Thursday, April 9th. They issued an "outperform" rating and a $100.00 price objective on the stock. Finally, Canaccord Genuity Group initiated coverage on shares of BridgeBio Pharma in a research note on Wednesday, June 3rd. They set a "buy" rating and a $104.00 price objective for the company. Twenty research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $95.21.

BridgeBio Pharma Price Performance

Shares of NASDAQ:BBIO opened at $84.12 on Tuesday. The business's 50-day moving average is $73.07 and its 200 day moving average is $72.59. BridgeBio Pharma, Inc. has a 1 year low of $42.09 and a 1 year high of $93.42. The firm has a market capitalization of $16.48 billion, a P/E ratio of -22.49 and a beta of 0.95.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.84) EPS for the quarter, missing the consensus estimate of ($0.70) by ($0.14). The company had revenue of $194.51 million for the quarter, compared to analysts' expectations of $178.07 million. The firm's revenue was up 66.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.88) earnings per share. On average, analysts expect that BridgeBio Pharma, Inc. will post -2.27 EPS for the current year.

Insider Buying and Selling at BridgeBio Pharma

In other BridgeBio Pharma news, CEO Neil Kumar sold 40,000 shares of the company's stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $67.46, for a total transaction of $2,698,400.00. Following the transaction, the chief executive officer owned 535,686 shares in the company, valued at approximately $36,137,377.56. This represents a 6.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Randal W. Scott sold 10,000 shares of the firm's stock in a transaction on Friday, May 15th. The stock was sold at an average price of $67.15, for a total transaction of $671,500.00. Following the completion of the transaction, the director directly owned 11,589 shares of the company's stock, valued at approximately $778,201.35. This represents a 46.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 432,117 shares of company stock worth $32,633,740 in the last three months. 14.23% of the stock is owned by company insiders.

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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