Sofinnova Investments Inc. Has $55.11 Million Holdings in BridgeBio Pharma, Inc. $BBIO

Sofinnova Investments Inc. lessened its holdings in BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 13.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 720,448 shares of the company’s stock after selling 111,399 shares during the period. BridgeBio Pharma comprises 2.2% of Sofinnova Investments Inc.’s investment portfolio, making the stock its 13th biggest holding. Sofinnova Investments Inc.’s holdings in BridgeBio Pharma were worth $55,107,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Truvestments Capital LLC raised its holdings in shares of BridgeBio Pharma by 112.7% in the 4th quarter. Truvestments Capital LLC now owns 1,155 shares of the company’s stock worth $88,000 after acquiring an additional 612 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its stake in BridgeBio Pharma by 2.6% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 17,239 shares of the company’s stock valued at $1,319,000 after buying an additional 436 shares during the last quarter. Panagora Asset Management Inc. increased its stake in BridgeBio Pharma by 1.3% in the 4th quarter. Panagora Asset Management Inc. now owns 738,843 shares of the company’s stock valued at $56,514,000 after buying an additional 9,319 shares during the last quarter. Public Employees Retirement Association of Colorado increased its stake in BridgeBio Pharma by 53.4% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 15,637 shares of the company’s stock valued at $1,196,000 after buying an additional 5,446 shares during the last quarter. Finally, MML Investors Services LLC purchased a new stake in BridgeBio Pharma in the 4th quarter valued at about $379,000. Institutional investors and hedge funds own 99.85% of the company’s stock.

Insider Activity at BridgeBio Pharma

In other news, Director Randal W. Scott sold 10,000 shares of the stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $67.15, for a total transaction of $671,500.00. Following the completion of the transaction, the director directly owned 11,589 shares of the company’s stock, valued at $778,201.35. This represents a 46.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Neil Kumar sold 40,000 shares of the stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $67.90, for a total transaction of $2,716,000.00. Following the transaction, the chief executive officer directly owned 575,686 shares of the company’s stock, valued at $39,089,079.40. This represents a 6.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 171,754 shares of company stock valued at $11,914,859 over the last quarter. 14.23% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

BBIO has been the subject of several analyst reports. Citigroup initiated coverage on shares of BridgeBio Pharma in a research note on Tuesday, May 19th. They issued a “neutral” rating and a $82.00 price objective for the company. Weiss Ratings reiterated a “sell (d)” rating on shares of BridgeBio Pharma in a research note on Friday, May 15th. Mizuho reiterated an “outperform” rating and issued a $106.00 price objective on shares of BridgeBio Pharma in a research note on Tuesday, April 28th. Canaccord Genuity Group initiated coverage on shares of BridgeBio Pharma in a research note on Wednesday, June 3rd. They issued a “buy” rating and a $104.00 price objective for the company. Finally, JPMorgan Chase & Co. increased 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. Twenty-three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, BridgeBio Pharma presently has a consensus rating of “Moderate Buy” and an average target price of $89.59.

BridgeBio Pharma Stock Up 1.8%

BridgeBio Pharma stock opened at $68.00 on Tuesday. BridgeBio Pharma, Inc. has a twelve month low of $39.63 and a twelve month high of $84.94. The firm has a 50 day moving average price of $70.12 and a 200-day moving average price of $72.10. The company has a market capitalization of $13.32 billion, a P/E ratio of -18.18 and a beta of 0.98.

BridgeBio Pharma (NASDAQ:BBIO) last released its earnings results on Thursday, May 7th. The company reported ($0.84) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.14). The firm had revenue of $194.52 million for the quarter, compared to analysts’ expectations of $178.07 million. During the same period in the prior year, the company earned ($0.88) earnings per share. The firm’s revenue for the quarter was up 66.8% on a year-over-year basis. Equities analysts expect that BridgeBio Pharma, Inc. will post -2.32 EPS for the current fiscal year.

About BridgeBio Pharma

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.