Granahan Investment Management LLC Purchases 78,588 Shares of BridgeBio Pharma, Inc. $BBIO

Granahan Investment Management LLC increased its position in BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 95.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 161,278 shares of the company’s stock after purchasing an additional 78,588 shares during the quarter. Granahan Investment Management LLC’s holdings in BridgeBio Pharma were worth $8,377,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BBIO. Norges Bank acquired a new position in BridgeBio Pharma during the 2nd quarter valued at about $84,488,000. Invesco Ltd. grew its position in shares of BridgeBio Pharma by 40.3% during the 3rd quarter. Invesco Ltd. now owns 3,928,657 shares of the company’s stock worth $204,054,000 after buying an additional 1,127,592 shares during the period. Wellington Management Group LLP grew its position in shares of BridgeBio Pharma by 1,698.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,019,194 shares of the company’s stock worth $52,937,000 after buying an additional 962,525 shares during the period. Franklin Resources Inc. raised its stake in shares of BridgeBio Pharma by 75.8% during the third quarter. Franklin Resources Inc. now owns 1,444,023 shares of the company’s stock worth $75,003,000 after buying an additional 622,618 shares during the last quarter. Finally, GW&K Investment Management LLC bought a new stake in shares of BridgeBio Pharma during the third quarter worth approximately $31,073,000. 99.85% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other BridgeBio Pharma news, CAO Maricel Apuli sold 510 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $74.31, for a total transaction of $37,898.10. Following the sale, the chief accounting officer directly owned 123,945 shares in the company, valued at approximately $9,210,352.95. This trade represents a 0.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Neil Kumar sold 40,000 shares of BridgeBio Pharma stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $71.94, for a total transaction of $2,877,600.00. Following the completion of the transaction, the chief executive officer directly owned 695,686 shares in the company, valued at approximately $50,047,650.84. The trade was a 5.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 197,084 shares of company stock worth $13,859,219 in the last three months. 18.20% of the stock is owned by corporate insiders.

BridgeBio Pharma Trading Up 2.1%

Shares of BridgeBio Pharma stock opened at $69.41 on Monday. The stock’s fifty day simple moving average is $72.97 and its 200 day simple moving average is $66.18. The company has a market capitalization of $13.46 billion, a PE ratio of -18.36 and a beta of 1.13. BridgeBio Pharma, Inc. has a 12 month low of $28.33 and a 12 month high of $84.94.

BridgeBio Pharma (NASDAQ:BBIO) last posted its earnings results on Tuesday, February 24th. The company reported ($1.00) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.75) by ($0.25). The business had revenue of $154.18 million during the quarter, compared to analysts’ expectations of $150.71 million. During the same period last year, the firm posted ($1.40) earnings per share. The company’s revenue for the quarter was up 2521.2% on a year-over-year basis. Analysts predict that BridgeBio Pharma, Inc. will post -3.67 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have issued reports on BBIO. JPMorgan Chase & Co. raised their price objective on shares of BridgeBio Pharma from $89.00 to $94.00 and gave the company an “overweight” rating in a research note on Tuesday, March 10th. Barclays reiterated an “overweight” rating on shares of BridgeBio Pharma in a research report on Tuesday, March 10th. Truist Financial increased their price target on BridgeBio Pharma from $86.00 to $95.00 and gave the company a “buy” rating in a research note on Wednesday, February 25th. HC Wainwright lifted their price objective on BridgeBio Pharma from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, February 17th. Finally, TD Cowen reiterated a “buy” rating on shares of BridgeBio Pharma in a report on Monday, January 12th. Twenty-three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $83.95.

BridgeBio Pharma Profile

BridgeBio Pharma, Inc is a clinical-stage biopharmaceutical company headquartered in Palo Alto, California. Founded in 2015 by Neil Kumar, the company is dedicated to discovering, developing and delivering transformative medicines for patients with genetic diseases and cancers. BridgeBio operates an integrated model that spans target identification, preclinical research, clinical development and commercialization, aiming to streamline the process from bench to bedside.

BridgeBio’s pipeline comprises multiple therapeutic modalities, including small molecules, biologics and genetic therapies.