Allspring Global Investments Holdings LLC Sells 10,412 Shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO)

Allspring Global Investments Holdings LLC trimmed its stake in BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 71.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,183 shares of the company’s stock after selling 10,412 shares during the period. Allspring Global Investments Holdings LLC’s holdings in BridgeBio Pharma were worth $169,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in BBIO. Campbell & CO Investment Adviser LLC acquired a new position in shares of BridgeBio Pharma during the third quarter worth $403,000. Moody Aldrich Partners LLC raised its stake in BridgeBio Pharma by 72.2% in the third quarter. Moody Aldrich Partners LLC now owns 137,512 shares of the company’s stock valued at $3,626,000 after buying an additional 57,639 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in BridgeBio Pharma by 170.8% in the third quarter. The Manufacturers Life Insurance Company now owns 665,604 shares of the company’s stock worth $17,552,000 after acquiring an additional 419,813 shares in the last quarter. Primecap Management Co. CA boosted its holdings in BridgeBio Pharma by 34.9% in the third quarter. Primecap Management Co. CA now owns 938,700 shares of the company’s stock worth $24,754,000 after acquiring an additional 242,608 shares in the last quarter. Finally, Boone Capital Management LLC purchased a new stake in shares of BridgeBio Pharma during the third quarter worth about $8,264,000. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BBIO has been the subject of a number of recent analyst reports. Mizuho lowered their target price on shares of BridgeBio Pharma from $60.00 to $53.00 and set a “buy” rating for the company in a research note on Tuesday, March 5th. JPMorgan Chase & Co. lifted their price objective on BridgeBio Pharma from $35.00 to $45.00 and gave the company an “overweight” rating in a research note on Wednesday, March 20th. Cantor Fitzgerald lifted their target price on shares of BridgeBio Pharma from $60.00 to $70.00 and gave the company an “overweight” rating in a report on Tuesday, March 19th. Citigroup lifted their price objective on shares of BridgeBio Pharma from $42.00 to $46.00 and gave the company a “buy” rating in a report on Friday, February 23rd. Finally, HC Wainwright restated a “buy” rating and set a $47.00 target price on shares of BridgeBio Pharma in a research report on Monday, March 4th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $47.82.

BridgeBio Pharma Price Performance

Shares of NASDAQ:BBIO opened at $24.88 on Monday. The business’s 50 day moving average price is $29.42 and its 200-day moving average price is $31.79. BridgeBio Pharma, Inc. has a 1 year low of $12.75 and a 1 year high of $44.32. The firm has a market capitalization of $4.37 billion, a PE ratio of -6.31 and a beta of 1.03.

BridgeBio Pharma (NASDAQ:BBIO) last announced its earnings results on Thursday, February 22nd. The company reported ($0.96) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.87) by ($0.09). The business had revenue of $1.74 million for the quarter, compared to the consensus estimate of $4.78 million. The firm’s revenue was down 8.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.92) earnings per share. As a group, analysts expect that BridgeBio Pharma, Inc. will post -3.09 earnings per share for the current year.

Insider Buying and Selling at BridgeBio Pharma

In other news, Director Randal W. Scott sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $34.00, for a total value of $85,000.00. Following the completion of the sale, the director now directly owns 6,500 shares in the company, valued at $221,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 28.52% of the stock is owned by insiders.

BridgeBio Pharma Company 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.