Woodline Partners LP Sells 585,766 Shares of BridgeBio Pharma, Inc. $BBIO

Key Points

• Woodline Partners LP has reduced its stake in BridgeBio Pharma by 26.5%, selling 585,766 shares and retaining a total of 1,625,755 shares worth approximately $56.2 million.
• Over 99.85% of BridgeBio Pharma's stock is owned by institutional investors, with several firms recently increasing their holdings, indicating strong investor interest in the company.
• BridgeBio's stock saw a significant price target increase from various analysts, with a consensus rating of "Buy" and an average target price of $63.35.

Woodline Partners LP cut its position in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 26.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,625,755 shares of the company's stock after selling 585,766 shares during the quarter. Woodline Partners LP owned 0.86% of BridgeBio Pharma worth $56,202,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. GAMMA Investing LLC increased its holdings in BridgeBio Pharma by 71.0% in the first 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. Jones Financial Companies Lllp bought a new stake in shares of BridgeBio Pharma in the 1st quarter valued at about $35,000. GF Fund Management CO. LTD. bought a new stake in shares of BridgeBio Pharma in the 4th quarter valued at about $109,000. CWM LLC grew its position in shares of BridgeBio Pharma by 12.8% in the 1st quarter. CWM LLC now owns 5,261 shares of the company's stock valued at $182,000 after buying an additional 598 shares during the last quarter. Finally, Commerce Bank bought a new stake in shares of BridgeBio Pharma in the 1st quarter valued at about $209,000. 99.85% of the stock is currently owned by institutional investors and hedge funds.

BridgeBio Pharma Price Performance

Shares of BBIO stock traded down $1.39 on Friday, reaching $51.21. 2,087,756 shares of the company were exchanged, compared to its average volume of 2,955,937. The company has a market cap of $9.79 billion, a price-to-earnings ratio of -12.52 and a beta of 1.25. The company has a 50-day moving average of $48.39 and a 200-day moving average of $40.15. BridgeBio Pharma, Inc. has a one year low of $21.72 and a one year high of $54.60.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported ($0.95) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.83) by ($0.12). The firm had revenue of $110.57 million for the quarter, compared to the consensus estimate of $98.46 million. BridgeBio Pharma's quarterly revenue was up 4999.9% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.39) earnings per share. As a group, sell-side analysts predict that BridgeBio Pharma, Inc. will post -3.67 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have commented on BBIO. Wells Fargo & Company upped their price target on BridgeBio Pharma from $67.00 to $76.00 and gave the company an "overweight" rating in a research report on Monday, June 30th. HC Wainwright lifted their price objective on BridgeBio Pharma from $56.00 to $70.00 and gave the stock a "buy" rating in a research report on Friday, August 29th. Jefferies Financial Group assumed coverage on BridgeBio Pharma in a research report on Monday, July 14th. They issued a "buy" rating and a $70.00 price objective for the company. Citigroup lifted their price objective on BridgeBio Pharma from $58.00 to $67.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Finally, Scotiabank lifted their price objective on BridgeBio Pharma from $55.00 to $57.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, August 6th. Seventeen analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $63.94.

Insider Activity at BridgeBio Pharma

In other news, CAO Maricel Apuli sold 1,000 shares of the business's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $45.44, for a total transaction of $45,440.00. Following the completion of the sale, the chief accounting officer directly owned 141,859 shares of the company's stock, valued at $6,446,072.96. The trade was a 0.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Neil Kumar sold 40,000 shares of the business's stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $51.34, for a total transaction of $2,053,600.00. Following the sale, the chief executive officer directly owned 895,686 shares of the company's stock, valued at approximately $45,984,519.24. The trade was a 4.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,202,620 shares of company stock valued at $187,174,970 over the last quarter. 18.20% of the stock is currently owned by company insiders.

About BridgeBio Pharma

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.