Fred Alger Management LLC Buys 173,566 Shares of BridgeBio Pharma, Inc. $BBIO

Fred Alger Management LLC grew its position in BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 729.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 197,365 shares of the company’s stock after purchasing an additional 173,566 shares during the quarter. Fred Alger Management LLC’s holdings in BridgeBio Pharma were worth $10,251,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of BridgeBio Pharma during the 2nd quarter worth $25,000. Aster Capital Management DIFC Ltd bought a new position in BridgeBio Pharma in the 3rd quarter worth $31,000. Harvest Fund Management Co. Ltd bought a new position in BridgeBio Pharma in the 3rd quarter worth $34,000. Jones Financial Companies Lllp acquired a new position in BridgeBio Pharma during the 1st quarter worth $35,000. Finally, First Horizon Corp bought a new stake in BridgeBio Pharma during the third quarter valued at about $36,000. 99.85% of the stock is currently owned by institutional investors and hedge funds.

BridgeBio Pharma Stock Performance

NASDAQ BBIO opened at $71.03 on Tuesday. The firm has a 50-day simple moving average of $72.92 and a 200 day simple moving average of $66.31. BridgeBio Pharma, Inc. has a twelve month low of $28.33 and a twelve month high of $84.94. The stock has a market cap of $13.77 billion, a PE ratio of -18.79 and a beta of 1.13.

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

Insider Activity at BridgeBio Pharma

In other news, CEO Neil Kumar sold 40,000 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $68.73, for a total transaction of $2,749,200.00. Following the sale, the chief executive officer directly owned 655,686 shares in the company, valued at approximately $45,065,298.78. The trade was a 5.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Thomas Trimarchi sold 13,600 shares of the firm’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $74.72, for a total value of $1,016,192.00. Following the completion of the transaction, the chief financial officer directly owned 336,585 shares of the company’s stock, valued at approximately $25,149,631.20. This trade represents a 3.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 237,084 shares of company stock worth $16,608,419 in the last three months. Company insiders own 18.20% of the company’s stock.

Analyst Upgrades and Downgrades

BBIO has been the topic of several research analyst reports. Barclays reaffirmed an “overweight” rating on shares of BridgeBio Pharma in a research report on Tuesday, March 10th. Weiss Ratings restated a “sell (d-)” rating on shares of BridgeBio Pharma in a research note on Wednesday, January 21st. TD Cowen reaffirmed a “buy” rating on shares of BridgeBio Pharma in a report on Monday, January 12th. Sanford C. Bernstein started coverage on BridgeBio Pharma in a research report on Thursday, December 11th. They issued an “outperform” rating and a $94.00 price target on the stock. Finally, JPMorgan Chase & Co. upped their price target on BridgeBio Pharma from $89.00 to $94.00 and gave the stock an “overweight” rating in a report on Tuesday, March 10th. Twenty-three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, BridgeBio Pharma currently has an average rating of “Moderate Buy” and an average price target of $83.95.

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.