BridgeBio Pharma, Inc. (NASDAQ:BBIO) Major Shareholder Global Investors Lp Viking Sells 3,500,000 Shares

BridgeBio Pharma, Inc. (NASDAQ:BBIO - Get Free Report) major shareholder Global Investors Lp Viking sold 3,500,000 shares of the firm's stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $44.00, for a total transaction of $154,000,000.00. Following the completion of the sale, the insider owned 18,555,375 shares of the company's stock, valued at $816,436,500. This trade represents a 15.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Major shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.

BridgeBio Pharma Trading Up 2.0%

NASDAQ BBIO traded up $0.88 on Friday, hitting $43.71. The company's stock had a trading volume of 2,459,721 shares, compared to its average volume of 2,504,498. The firm has a market cap of $8.30 billion, a P/E ratio of -12.38 and a beta of 1.15. BridgeBio Pharma, Inc. has a 52-week low of $21.72 and a 52-week high of $45.48. The company's 50-day simple moving average is $37.93 and its 200 day simple moving average is $34.63.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported ($0.88) EPS for the quarter, topping analysts' consensus estimates 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 period in the previous year, the business earned ($0.20) EPS. The business's revenue was down 44.8% compared to the same quarter last year. On average, research analysts forecast that BridgeBio Pharma, Inc. will post -3.67 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Wall Street Zen upgraded BridgeBio Pharma from a "sell" rating to a "hold" rating in a research report on Saturday, June 7th. Redburn Atlantic assumed coverage on BridgeBio Pharma in a report on Monday, March 31st. They set a "buy" rating and a $50.00 price objective for the company. Bank of America boosted their price objective on BridgeBio Pharma from $50.00 to $54.00 and gave the company a "buy" rating in a research note on Wednesday, June 25th. UBS Group lifted their price target on BridgeBio Pharma from $65.00 to $72.00 and gave the company a "buy" rating in a research report on Wednesday, April 30th. Finally, Wells Fargo & Company lifted their price target on BridgeBio Pharma from $67.00 to $76.00 and gave the stock an "overweight" rating in a research note on Monday. Two analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $58.85.

Hedge Funds Weigh In On BridgeBio Pharma

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Steward Partners Investment Advisory LLC grew its holdings in shares of BridgeBio Pharma by 85.8% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,022 shares of the company's stock valued at $28,000 after buying an additional 472 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in BridgeBio Pharma by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,306,765 shares of the company's stock valued at $35,858,000 after acquiring an additional 21,963 shares in the last quarter. Arizona State Retirement System boosted its stake in BridgeBio Pharma by 9.7% during the 4th quarter. Arizona State Retirement System now owns 35,470 shares of the company's stock valued at $973,000 after purchasing an additional 3,141 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in BridgeBio Pharma during the 4th quarter valued at $456,000. Finally, E Fund Management Co. Ltd. increased its holdings in shares of BridgeBio Pharma by 13.8% in the 4th quarter. E Fund Management Co. Ltd. now owns 17,785 shares of the company's stock worth $488,000 after purchasing an additional 2,151 shares in the last quarter. Institutional investors own 99.85% of the company's stock.

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.