The Manufacturers Life Insurance Company Purchases New Stake in BridgeBio Pharma, Inc. $BBIO

Key Points

• The Manufacturers Life Insurance Company acquired 1.96 million BridgeBio Pharma shares worth approximately $145.7 million, giving it a 1.0% stake. Institutional investors and hedge funds collectively own 99.85% of BBIO.
• Analyst sentiment remains broadly positive: 20 analysts rate BBIO a Buy, two a Hold and one a Sell, producing a “Moderate Buy” consensus and an average price target of $100.79.
• BridgeBio reported quarterly revenue of $243.68 million, up 120.4% year over year and above estimates, but its adjusted loss of $0.78 per share missed the $0.58 consensus. Insiders sold $30.3 million in stock over the past three months.

The Manufacturers Life Insurance Company acquired a new position in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,955,733 shares of the company's stock, valued at approximately $145,663,000. The Manufacturers Life Insurance Company owned 1.00% of BridgeBio Pharma as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of BBIO. Silvant Capital Management LLC bought a new position in BridgeBio Pharma in the 2nd quarter valued at about $28,000. Allworth Financial LP bought a new stake in shares of BridgeBio Pharma during the 2nd quarter worth approximately $31,000. Harvest Fund Management Co. Ltd bought a new stake in shares of BridgeBio Pharma during the 3rd quarter worth approximately $34,000. Jones Financial Companies Lllp acquired a new stake in shares of BridgeBio Pharma during the 1st quarter worth approximately $35,000. Finally, Farther Finance Advisors LLC boosted its position in shares of BridgeBio Pharma by 91.4% during the 4th quarter. Farther Finance Advisors LLC now owns 513 shares of the company's stock worth $39,000 after acquiring an additional 245 shares in the last quarter. 99.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at BridgeBio Pharma

In related news, Director Andrea Ellis sold 17,167 shares of the firm's stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $84.00, for a total transaction of $1,442,028.00. Following the sale, the director owned 22,579 shares of the company's stock, valued at $1,896,636. This trade represents a 43.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Hannah Valantine sold 2,808 shares of the business's stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $68.00, for a total value of $190,944.00. Following the sale, the director owned 11,455 shares in the company, valued at $778,940. This represents a 19.69% 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 387,343 shares of company stock valued at $30,289,400 over the last three months. 14.23% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

BBIO has been the topic of a number of recent analyst reports. TD Cowen lifted their price objective on shares of BridgeBio Pharma from $95.00 to $110.00 and gave the company a "buy" rating in a research note on Tuesday, August 11th. Citigroup raised their target price on BridgeBio Pharma from $82.00 to $93.00 and gave the company a "neutral" rating in a report on Thursday, July 16th. Weiss Ratings downgraded BridgeBio Pharma from a "sell (d)" rating to a "sell (d-)" rating in a report on Tuesday, August 11th. Raymond James Financial lowered BridgeBio Pharma from an "outperform" rating to a "market perform" rating in a research note on Tuesday, May 26th. Finally, Truist Financial boosted their price target on BridgeBio Pharma from $102.00 to $107.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. Twenty equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $100.79.

BridgeBio Pharma Price Performance

BBIO stock opened at $81.07 on Tuesday. The company has a 50 day simple moving average of $79.11 and a 200 day simple moving average of $73.31. The stock has a market cap of $15.85 billion, a price-to-earnings ratio of -22.71 and a beta of 0.96. BridgeBio Pharma, Inc. has a 1 year low of $46.81 and a 1 year high of $93.42.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.78) EPS for the quarter, missing the consensus estimate of ($0.58) by ($0.20). The company had revenue of $243.68 million for the quarter, compared to analyst estimates of $220.91 million. BridgeBio Pharma's revenue was up 120.4% compared to the same quarter last year. During the same period last year, the firm posted ($0.95) earnings per share. On average, equities research analysts anticipate that BridgeBio Pharma, Inc. will post -2.62 EPS for the current fiscal year.

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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