Covestor Ltd Trims Position in BridgeBio Pharma, Inc. (NASDAQ:BBIO)

Covestor Ltd decreased its holdings in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 8.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,968 shares of the company’s stock after selling 1,811 shares during the quarter. BridgeBio Pharma accounts for approximately 0.4% of Covestor Ltd’s portfolio, making the stock its 26th largest position. Covestor Ltd’s holdings in BridgeBio Pharma were worth $576,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of BBIO. Principal Financial Group Inc. increased its position in shares of BridgeBio Pharma by 1.8% during the 3rd quarter. Principal Financial Group Inc. now owns 1,145,123 shares of the company’s stock valued at $29,155,000 after purchasing an additional 19,978 shares during the last quarter. Teacher Retirement System of Texas increased its stake in BridgeBio Pharma by 28.6% during the fourth quarter. Teacher Retirement System of Texas now owns 36,208 shares of the company’s stock worth $994,000 after acquiring an additional 8,048 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of BridgeBio Pharma by 6.2% in the fourth quarter. Vanguard Group Inc. now owns 15,077,915 shares of the company’s stock valued at $413,738,000 after buying an additional 879,059 shares in the last quarter. Exome Asset Management LLC lifted its holdings in BridgeBio Pharma by 167.4% during the 3rd quarter. Exome Asset Management LLC now owns 211,000 shares of the company’s stock worth $5,372,000 after buying an additional 132,093 shares during the last quarter. Finally, Barclays PLC increased its position in shares of BridgeBio Pharma by 31.9% during the third quarter. Barclays PLC now owns 545,008 shares of the company’s stock worth $13,876,000 after purchasing an additional 131,743 shares in the last quarter. Institutional investors own 99.85% of the company’s stock.

BridgeBio Pharma Price Performance

NASDAQ:BBIO traded down $1.33 on Thursday, reaching $31.55. 200,815 shares of the company’s stock were exchanged, compared to its average volume of 2,250,552. BridgeBio Pharma, Inc. has a 52 week low of $21.62 and a 52 week high of $39.47. The firm has a market cap of $6.00 billion, a price-to-earnings ratio of -11.07 and a beta of 1.08. The stock has a fifty day simple moving average of $33.55 and a 200-day simple moving average of $29.67.

BridgeBio Pharma (NASDAQ:BBIO) last announced its earnings results on Thursday, February 20th. The company reported ($1.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.09) by ($0.22). The company had revenue of $5.88 million for the quarter, compared to analyst estimates of $4.04 million. As a group, sell-side analysts predict that BridgeBio Pharma, Inc. will post -3.67 EPS for the current year.

Insider Buying and Selling

In other news, CEO Neil Kumar sold 326,932 shares of BridgeBio Pharma stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $36.29, for a total transaction of $11,864,362.28. Following the completion of the sale, the chief executive officer now directly owns 5,371,515 shares in the company, valued at approximately $194,932,279.35. This trade represents a 5.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Andrea Ellis sold 30,000 shares of the business’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $34.05, for a total value of $1,021,500.00. Following the sale, the director now owns 12,000 shares in the company, valued at $408,600. The trade was a 71.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,684,739 shares of company stock worth $326,958,651 in the last quarter. Corporate insiders own 24.66% of the company’s stock.

Analyst Ratings Changes

BBIO has been the topic of a number of recent research reports. Scotiabank upped their target price on BridgeBio Pharma from $49.00 to $52.00 and gave the company a “sector outperform” rating in a research note on Friday, February 21st. Evercore ISI lifted their price target on BridgeBio Pharma from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Monday, December 23rd. HC Wainwright reiterated a “buy” rating and set a $49.00 price objective on shares of BridgeBio Pharma in a research report on Thursday, February 13th. Redburn Atlantic assumed coverage on shares of BridgeBio Pharma in a research report on Monday, March 31st. They set a “buy” rating and a $50.00 target price for the company. Finally, JPMorgan Chase & Co. increased their price target on shares of BridgeBio Pharma from $44.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, March 24th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $52.64.

BridgeBio Pharma 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.