Cormorant Asset Management LP Lowers Stock Holdings in BridgeBio Pharma, Inc. $BBIO

Cormorant Asset Management LP reduced its holdings in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 14.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,200,000 shares of the company’s stock after selling 200,000 shares during the quarter. BridgeBio Pharma accounts for 4.2% of Cormorant Asset Management LP’s portfolio, making the stock its 6th biggest holding. Cormorant Asset Management LP’s holdings in BridgeBio Pharma were worth $91,788,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. L & S Advisors Inc purchased a new stake in BridgeBio Pharma during the third quarter valued at $877,000. TD Asset Management Inc purchased a new stake in BridgeBio Pharma during the third quarter valued at $4,620,000. HighVista Strategies LLC increased its position in BridgeBio Pharma by 21.4% during the third quarter. HighVista Strategies LLC now owns 81,959 shares of the company’s stock valued at $4,257,000 after acquiring an additional 14,460 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in BridgeBio Pharma by 14,211.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 994,220 shares of the company’s stock valued at $77,783,000 after acquiring an additional 987,273 shares during the last quarter. Finally, Central Pacific Bank Trust Division purchased a new stake in BridgeBio Pharma during the fourth quarter valued at $789,000. 99.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Barclays reiterated an “overweight” rating on shares of BridgeBio Pharma in a research report on Tuesday, March 10th. Morgan Stanley upped their price objective on BridgeBio Pharma from $94.00 to $98.00 and gave the company an “overweight” rating in a research report on Thursday, May 28th. Raymond James Financial cut BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 26th. Oppenheimer reduced their price objective on BridgeBio Pharma from $83.00 to $81.00 and set an “outperform” rating for the company in a research report on Wednesday, February 25th. Finally, Mizuho reduced their price objective on BridgeBio Pharma from $106.00 to $96.00 and set an “outperform” rating for the company in a research report on Tuesday. Twenty-two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $91.05.

BridgeBio Pharma Stock Up 1.1%

Shares of BBIO opened at $67.39 on Thursday. The business has a 50-day simple moving average of $69.89 and a two-hundred day simple moving average of $72.04. The stock has a market cap of $13.20 billion, a price-to-earnings ratio of -18.02 and a beta of 0.97. BridgeBio Pharma, Inc. has a 52 week low of $39.65 and a 52 week high of $84.94.

BridgeBio Pharma (NASDAQ:BBIO) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.84) EPS for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.14). The business had revenue of $194.52 million during the quarter, compared to analyst estimates of $178.07 million. The firm’s quarterly revenue was up 66.8% on a year-over-year basis. During the same period last year, the firm posted ($0.88) EPS. On average, equities analysts anticipate that BridgeBio Pharma, Inc. will post -2.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other BridgeBio Pharma news, CEO Neil Kumar sold 40,000 shares of the company’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $67.46, for a total value of $2,698,400.00. Following the completion of the sale, the chief executive officer owned 535,686 shares in the company, valued at $36,137,377.56. This represents a 6.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Thomas Trimarchi sold 13,651 shares of the company’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $65.08, for a total value of $888,407.08. Following the completion of the sale, the chief financial officer owned 359,194 shares of the company’s stock, valued at approximately $23,376,345.52. The trade was a 3.66% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 261,994 shares of company stock valued at $17,926,648. 14.23% of the stock is currently owned by corporate insiders.

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.