SEB Asset Management AB Takes $17.51 Million Position in BridgeBio Pharma, Inc. $BBIO

Key Points

• SEB Asset Management AB initiated a new position in BridgeBio Pharma in the first quarter, buying 235,813 shares worth about $17.5 million. Institutional investors now own 99.85% of the stock.
• BridgeBio reported Q2? no, quarterly earnings on May 7 with EPS of -$0.84, missing expectations, but revenue came in at $194.5 million, above estimates and up 66.8% year over year.
• Wall Street sentiment remains constructive, with 20 Buy ratings and an average Moderate Buy rating; the consensus price target is $95.21 after several analysts raised targets.

SEB Asset Management AB purchased a new position in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 235,813 shares of the company's stock, valued at approximately $17,511,000. SEB Asset Management AB owned 0.12% of BridgeBio Pharma as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BBIO. Swiss National Bank raised its stake in BridgeBio Pharma by 1.2% in the first quarter. Swiss National Bank now owns 286,000 shares of the company's stock worth $21,238,000 after buying an additional 3,400 shares in the last quarter. ANB Bank purchased a new stake in BridgeBio Pharma during the first quarter worth $211,000. California Public Employees Retirement System boosted its position in BridgeBio Pharma by 21.9% during the 1st quarter. California Public Employees Retirement System now owns 253,479 shares of the company's stock valued at $18,823,000 after acquiring an additional 45,596 shares in the last quarter. Assetmark Inc. boosted its position in BridgeBio Pharma by 423.7% during the 1st quarter. Assetmark Inc. now owns 20,790 shares of the company's stock valued at $1,544,000 after acquiring an additional 16,820 shares in the last quarter. Finally, Financiere des Professionnels Fonds d investissement inc. bought a new stake in BridgeBio Pharma during the 1st quarter valued at $587,000. 99.85% of the stock is currently owned by institutional investors.

BridgeBio Pharma Stock Performance

Shares of BBIO stock opened at $80.76 on Tuesday. BridgeBio Pharma, Inc. has a fifty-two week low of $42.09 and a fifty-two week high of $93.42. The firm has a market capitalization of $15.82 billion, a price-to-earnings ratio of -21.59 and a beta of 0.95. The stock's 50-day simple moving average is $71.46 and its 200-day simple moving average is $72.33.

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. As a group, equities analysts forecast that BridgeBio Pharma, Inc. will post -2.29 earnings per share for the current year.

Wall Street Analysts Forecast Growth

BBIO has been the subject of several recent research reports. Citigroup boosted their price target on BridgeBio Pharma from $82.00 to $93.00 and gave the stock a "neutral" rating in a research report on Thursday, July 16th. Canaccord Genuity Group started coverage on BridgeBio Pharma in a research note on Wednesday, June 3rd. They issued a "buy" rating and a $104.00 target price on the stock. Royal Bank Of Canada started coverage on shares of BridgeBio Pharma in a report on Thursday, April 9th. They issued an "outperform" rating and a $100.00 target price for the company. Morgan Stanley boosted their target price on shares of BridgeBio Pharma from $94.00 to $98.00 and gave the stock an "overweight" rating in a report on Thursday, May 28th. Finally, Mizuho decreased their price target on shares of BridgeBio Pharma from $106.00 to $96.00 and set an "outperform" rating for the company in a research report on Tuesday, June 16th. Twenty investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $95.21.

Insider Buying and Selling at BridgeBio Pharma

In other BridgeBio Pharma news, CEO Neil Kumar sold 40,000 shares of the firm's stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $67.46, for a total value of $2,698,400.00. Following the completion of the transaction, the chief executive officer owned 535,686 shares of the company's stock, valued at approximately $36,137,377.56. This trade represents a 6.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible 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 BridgeBio Pharma 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 sale, the director owned 11,589 shares of the company's stock, valued at $778,201.35. The trade was a 46.32% 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. 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 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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