XTX Topco Ltd Has $1.20 Million Stake in BridgeBio Pharma, Inc. (NASDAQ:BBIO)

Key Points

• XTX Topco Ltd has significantly increased its stake in BridgeBio Pharma by 159.6%, acquiring 34,601 shares valued at approximately $1.20 million at the end of the first quarter.
• In its latest quarterly earnings, BridgeBio reported a loss of ($0.88) earnings per share, surpassing analysts' expectations of ($1.00), but revenue dropped significantly by 44.8% year-over-year.
• A major shareholder, Global Investors Lp Viking, sold 3.5 million shares for a total of $154 million, reducing their ownership by nearly 16% in the company.

XTX Topco Ltd boosted its position in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 159.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 34,601 shares of the company's stock after purchasing an additional 21,272 shares during the period. XTX Topco Ltd's holdings in BridgeBio Pharma were worth $1,196,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Mackenzie Financial Corp raised its stake in BridgeBio Pharma by 101.1% during the first quarter. Mackenzie Financial Corp now owns 19,116 shares of the company's stock worth $661,000 after purchasing an additional 9,611 shares during the period. Skandinaviska Enskilda Banken AB publ raised its stake in shares of BridgeBio Pharma by 42.3% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 59,061 shares of the company's stock valued at $2,042,000 after acquiring an additional 17,547 shares during the period. Cetera Investment Advisers raised its stake in shares of BridgeBio Pharma by 38.7% in the 1st quarter. Cetera Investment Advisers now owns 51,559 shares of the company's stock valued at $1,782,000 after acquiring an additional 14,396 shares during the period. Royce & Associates LP raised its stake in shares of BridgeBio Pharma by 32.5% in the 1st quarter. Royce & Associates LP now owns 191,782 shares of the company's stock valued at $6,630,000 after acquiring an additional 46,994 shares during the period. Finally, Legato Capital Management LLC raised its stake in shares of BridgeBio Pharma by 174.7% in the 1st quarter. Legato Capital Management LLC now owns 21,071 shares of the company's stock valued at $728,000 after acquiring an additional 13,401 shares during the period. 99.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Frank Mccormick sold 100,000 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $44.23, for a total transaction of $4,423,000.00. Following the completion of the transaction, the director directly owned 879,979 shares in the company, valued at $38,921,471.17. The trade was a 10.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $34.20, for a total value of $205,200,000.00. Following the transaction, the insider owned 13,260,971 shares of the company's stock, valued at approximately $453,525,208.20. This trade represents a 31.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,750,155 shares of company stock valued at $369,080,403. Insiders own 18.20% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Piper Sandler boosted their price target on shares of BridgeBio Pharma from $63.00 to $68.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Oppenheimer upgraded shares of BridgeBio Pharma from a "market perform" rating to an "outperform" rating and set a $60.00 price objective on the stock in a report on Wednesday, July 9th. Cantor Fitzgerald reissued an "overweight" rating and set a $95.00 price target on shares of BridgeBio Pharma in a research report on Tuesday, July 29th. Wall Street Zen downgraded shares of BridgeBio Pharma from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Finally, Bank of America boosted their price target on shares of BridgeBio Pharma from $50.00 to $54.00 and gave the stock a "buy" rating in a research report on Wednesday, June 25th. One investment analyst has rated the stock with a sell rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, BridgeBio Pharma presently has an average rating of "Moderate Buy" and an average price target of $61.18.

BridgeBio Pharma Trading Up 0.2%

BridgeBio Pharma stock traded up $0.10 during trading hours on Friday, reaching $47.37. 2,215,429 shares of the company were exchanged, compared to its average volume of 2,297,460. The firm has a market cap of $8.99 billion, a price-to-earnings ratio of -13.42 and a beta of 1.23. The stock has a 50-day moving average of $42.30 and a 200 day moving average of $37.06. BridgeBio Pharma, Inc. has a 12 month low of $21.72 and a 12 month high of $48.68.

BridgeBio Pharma Company 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.