Allspring Global Investments Holdings LLC Sells 104,864 Shares of BridgeBio Pharma, Inc. $BBIO

Allspring Global Investments Holdings LLC reduced its stake in BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 10.5% during the first quarter, Holdings Channel.com reports. The institutional investor owned 889,356 shares of the company’s stock after selling 104,864 shares during the period. Allspring Global Investments Holdings LLC’s holdings in BridgeBio Pharma were worth $66,213,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Jones Financial Companies Lllp purchased a new stake in shares of BridgeBio Pharma during the 1st quarter worth approximately $35,000. First Trust Advisors LP lifted its position in shares of BridgeBio Pharma by 200.4% during the 2nd quarter. First Trust Advisors LP now owns 263,693 shares of the company’s stock valued at $11,386,000 after buying an additional 175,918 shares during the last quarter. Baird Financial Group Inc. grew its stake in shares of BridgeBio Pharma by 1.8% during the 2nd quarter. Baird Financial Group Inc. now owns 42,057 shares of the company’s stock worth $1,816,000 after acquiring an additional 731 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in shares of BridgeBio Pharma during the 2nd quarter worth $1,650,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in BridgeBio Pharma by 2.4% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 95,326 shares of the company’s stock worth $4,132,000 after acquiring an additional 2,206 shares during the last quarter. 99.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BBIO has been the topic of several recent research reports. Canaccord Genuity Group started coverage on shares of BridgeBio Pharma in a report on Wednesday, June 3rd. They set a “buy” rating and a $104.00 price objective on the stock. Royal Bank Of Canada initiated coverage on shares of BridgeBio Pharma in a research note on Thursday, April 9th. They issued an “outperform” rating and a $100.00 target price for the company. Citigroup boosted their price target on shares of BridgeBio Pharma from $82.00 to $93.00 and gave the company a “neutral” rating in a research report on Thursday. Mizuho dropped their price target on shares of BridgeBio Pharma from $106.00 to $96.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 16th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of BridgeBio Pharma in a report on Friday, May 15th. Twenty research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $95.21.

BridgeBio Pharma Price Performance

Shares of NASDAQ:BBIO opened at $81.38 on Friday. The company’s fifty day moving average price is $71.13 and its 200-day moving average price is $72.32. The firm has a market capitalization of $15.94 billion, a price-to-earnings ratio of -21.76 and a beta of 0.95. BridgeBio Pharma, Inc. has a one year low of $42.09 and a one year high of $93.42.

BridgeBio Pharma (NASDAQ:BBIO) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.84) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.14). The firm had revenue of $194.51 million for the quarter, compared to the consensus estimate of $178.07 million. During the same period in the prior year, the company earned ($0.88) earnings per share. The business’s revenue was up 66.8% compared to the same quarter last year. As a group, equities research analysts expect that BridgeBio Pharma, Inc. will post -2.29 EPS for the current year.

Insider Buying and Selling at BridgeBio Pharma

In other news, Director Andrea Ellis sold 17,167 shares of the company’s stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $84.00, for a total value of $1,442,028.00. Following the completion of the transaction, the director directly owned 22,579 shares in the company, valued at approximately $1,896,636. This represents a 43.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Hannah Valantine sold 2,196 shares of the stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $68.57, for a total value of $150,579.72. Following the transaction, the director owned 9,259 shares in the company, valued at $634,889.63. This trade represents a 19.17% 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. Over the last ninety days, insiders have sold 432,117 shares of company stock valued at $32,633,740. 14.23% of the stock is currently owned by company insiders.

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.