Platinum Investment Management Ltd. Grows Position in BridgeBio Pharma, Inc. $BBIO

Platinum Investment Management Ltd. boosted its stake in BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 7.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 75,708 shares of the company’s stock after buying an additional 5,358 shares during the quarter. Platinum Investment Management Ltd.’s holdings in BridgeBio Pharma were worth $3,269,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in BBIO. Mackenzie Financial Corp raised its holdings in shares of BridgeBio Pharma by 6.6% in the fourth quarter. Mackenzie Financial Corp now owns 9,505 shares of the company’s stock valued at $261,000 after purchasing an additional 592 shares during the last quarter. California State Teachers Retirement System increased its stake in BridgeBio Pharma by 6.8% in the 4th quarter. California State Teachers Retirement System now owns 115,655 shares of the company’s stock valued at $3,174,000 after buying an additional 7,388 shares during the last quarter. GAMMA Investing LLC increased its stake in BridgeBio Pharma by 5,811.5% in the 1st quarter. GAMMA Investing LLC now owns 31,804 shares of the company’s stock valued at $1,099,000 after buying an additional 31,266 shares during the last quarter. Rhumbline Advisers increased its position in shares of BridgeBio Pharma by 0.5% during the first quarter. Rhumbline Advisers now owns 220,128 shares of the company’s stock valued at $7,610,000 after acquiring an additional 1,008 shares during the last quarter. Finally, Moss Adams Wealth Advisors LLC increased its position in shares of BridgeBio Pharma by 113.8% during the first quarter. Moss Adams Wealth Advisors LLC now owns 16,202 shares of the company’s stock valued at $560,000 after acquiring an additional 8,625 shares during the last quarter. Hedge funds and other institutional investors own 99.85% of the company’s stock.

Wall Street Analysts Forecast Growth

BBIO has been the subject of a number of research analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $70.00 price target on shares of BridgeBio Pharma in a research report on Monday, September 15th. Piper Sandler raised their target price on BridgeBio Pharma from $63.00 to $68.00 and gave the company an “overweight” rating in a research report on Monday, July 14th. Wall Street Zen upgraded shares of BridgeBio Pharma from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Bank of America raised their price objective on shares of BridgeBio Pharma from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, June 25th. Finally, Oppenheimer raised their price target on shares of BridgeBio Pharma from $60.00 to $61.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 6th. Seventeen investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $63.94.

Insider Buying and Selling

In other news, Director Charles J. Homcy sold 250,000 shares of BridgeBio Pharma stock in a transaction on Friday, August 8th. The stock was sold at an average price of $46.05, for a total value of $11,512,500.00. Following the completion of the transaction, the director directly owned 966,674 shares in the company, valued at approximately $44,515,337.70. The trade was a 20.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frank Mccormick sold 74,000 shares of BridgeBio Pharma stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $53.16, for a total value of $3,933,840.00. Following the transaction, the director directly owned 83,275 shares of the company’s stock, valued at $4,426,899. The trade was a 47.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold 557,913 shares of company stock valued at $26,843,027 in the last 90 days. Corporate insiders own 18.20% of the company’s stock.

BridgeBio Pharma Stock Up 3.0%

BBIO opened at $53.48 on Thursday. The company has a market capitalization of $10.22 billion, a price-to-earnings ratio of -13.08 and a beta of 1.36. The firm has a 50-day moving average price of $49.98 and a 200-day moving average price of $41.93. BridgeBio Pharma, Inc. has a twelve month low of $21.72 and a twelve month high of $54.60.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings data on Tuesday, August 5th. The company reported ($0.95) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.83) by ($0.12). The company had revenue of $110.57 million for the quarter, compared to analyst estimates of $98.46 million. During the same period last year, the company earned ($0.39) EPS. The company’s quarterly revenue was up 4999.9% compared to the same quarter last year. On average, sell-side analysts expect that BridgeBio Pharma, Inc. will post -3.67 earnings per share for the current fiscal year.

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.