Royce & Associates LP Acquires 46,994 Shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO)

Key Points

• Royce & Associates LP increased its stake in BridgeBio Pharma by 32.5%, now holding approximately 191,782 shares valued at $6.63 million.
• Several institutional investors also made significant changes to their positions in BBIO, with GAMMA Investing increasing its stake by 71.0% during the first quarter.
• BridgeBio Pharma reported a 44.8% decline in revenue year-over-year for the latest quarter, alongside an earnings per share of ($0.88), beating analyst estimates.

Royce & Associates LP lifted its stake in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 32.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 191,782 shares of the company's stock after purchasing an additional 46,994 shares during the quarter. Royce & Associates LP owned 0.10% of BridgeBio Pharma worth $6,630,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Capital Research Global Investors raised its stake in shares of BridgeBio Pharma by 34.9% during the 4th quarter. Capital Research Global Investors now owns 3,526,747 shares of the company's stock valued at $96,774,000 after purchasing an additional 912,439 shares during the period. Cambridge Investment Research Advisors Inc. raised its stake in shares of BridgeBio Pharma by 29.4% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 30,802 shares of the company's stock valued at $1,065,000 after purchasing an additional 6,997 shares during the period. GAMMA Investing LLC raised its stake in shares of BridgeBio Pharma by 71.0% during the 1st quarter. GAMMA Investing LLC now owns 920 shares of the company's stock valued at $32,000 after purchasing an additional 382 shares during the period. Allspring Global Investments Holdings LLC bought a new position in BridgeBio Pharma in the 1st quarter worth about $251,000. Finally, Teacher Retirement System of Texas increased its stake in BridgeBio Pharma by 28.6% in the 4th quarter. Teacher Retirement System of Texas now owns 36,208 shares of the company's stock worth $994,000 after acquiring an additional 8,048 shares during the last quarter. 99.85% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other BridgeBio Pharma news, major shareholder Global Investors Lp Viking sold 3,500,000 shares of the stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $44.00, for a total value of $154,000,000.00. Following the completion of the sale, the insider owned 18,555,375 shares in the company, valued at approximately $816,436,500. This trade represents a 15.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Neil Kumar sold 40,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $42.54, for a total value of $1,701,600.00. Following the completion of the sale, the chief executive officer owned 975,686 shares of the company's stock, valued at approximately $41,505,682.44. This trade represents a 3.94% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 9,851,181 shares of company stock worth $372,969,914. Insiders own 18.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Raymond James Financial assumed coverage on BridgeBio Pharma in a research note on Wednesday. They issued an "outperform" rating and a $56.00 target price on the stock. UBS Group upped their target price on BridgeBio Pharma from $65.00 to $72.00 and gave the stock a "buy" rating in a research note on Wednesday, April 30th. Wall Street Zen lowered BridgeBio Pharma from a "hold" rating to a "sell" rating in a research note on Saturday. Wolfe Research assumed coverage on BridgeBio Pharma in a research note on Tuesday, June 17th. They issued an "outperform" rating and a $49.00 target price on the stock. Finally, Oppenheimer upgraded BridgeBio Pharma from a "market perform" rating to an "outperform" rating and set a $60.00 price objective for the company in a report on Wednesday, July 9th. One analyst has rated the stock with a sell rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $61.18.

BridgeBio Pharma Stock Performance

BBIO stock traded down $0.03 during trading on Wednesday, hitting $46.29. 301,455 shares of the company traded hands, compared to its average volume of 2,977,110. The firm has a market capitalization of $8.79 billion, a PE ratio of -13.09 and a beta of 1.15. BridgeBio Pharma, Inc. has a 1 year low of $21.72 and a 1 year high of $48.68. The company has a 50-day moving average of $41.48 and a 200-day moving average of $36.81.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported ($0.88) earnings per share for the quarter, topping the consensus estimate of ($1.00) by $0.12. The business had revenue of $36.74 million during the quarter, compared to analysts' expectations of $57.14 million. During the same quarter last year, the business posted ($0.20) EPS. The company's quarterly revenue was down 44.8% compared to the same quarter last year. Sell-side analysts expect that BridgeBio Pharma, Inc. will post -3.67 EPS for the current year.

BridgeBio Pharma 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.