Fifth Third Bancorp Purchases Shares of 49,729 BridgeBio Pharma, Inc. $BBIO

Fifth Third Bancorp acquired a new position in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 49,729 shares of the company’s stock, valued at approximately $3,693,000.

Several other institutional investors and hedge funds have also recently modified their holdings of BBIO. Central Pacific Bank Trust Division bought a new position in BridgeBio Pharma during the 4th quarter valued at $789,000. Allspring Global Investments Holdings LLC boosted its holdings in BridgeBio Pharma by 14,211.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 994,220 shares of the company’s stock worth $77,783,000 after acquiring an additional 987,273 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of BridgeBio Pharma by 12.9% in the 4th quarter. Geode Capital Management LLC now owns 4,412,523 shares of the company’s stock worth $344,689,000 after acquiring an additional 502,582 shares in the last quarter. Nan Fung Trinity HK Ltd. bought a new stake in shares of BridgeBio Pharma in the 4th quarter worth $8,422,000. Finally, Thrivent Financial for Lutherans purchased a new stake in shares of BridgeBio Pharma in the fourth quarter valued at about $4,567,000. 99.85% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other BridgeBio Pharma news, Director Jennifer E. Cook sold 148,589 shares of the business’s stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $88.54, for a total value of $13,156,070.06. Following the transaction, the director directly owned 8,383 shares in the company, valued at $742,230.82. The trade was a 94.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through 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, June 4th. The shares were sold at an average price of $67.46, for a total transaction of $2,698,400.00. Following the transaction, the chief executive officer directly owned 535,686 shares of the company’s stock, valued at $36,137,377.56. This represents a 6.95% 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. In the last quarter, insiders have sold 432,117 shares of company stock valued at $32,633,740. Company insiders own 14.23% of the company’s stock.

BridgeBio Pharma Price Performance

NASDAQ BBIO opened at $81.38 on Monday. The business’s fifty day moving average is $71.13 and its 200-day moving average is $72.29. The stock 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 results on Thursday, May 7th. The company reported ($0.84) earnings per share for the quarter, missing the consensus estimate of ($0.70) by ($0.14). The company 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 firm posted ($0.88) EPS. The business’s revenue for the quarter was up 66.8% compared to the same quarter last year. Research analysts expect that BridgeBio Pharma, Inc. will post -2.29 EPS for the current fiscal year.

Analysts Set New Price Targets

BBIO has been the topic of a number of recent analyst reports. Royal Bank Of Canada started coverage on shares of BridgeBio Pharma in a research report on Thursday, April 9th. They set an “outperform” rating and a $100.00 price target on the stock. HC Wainwright upped their price objective on shares of BridgeBio Pharma from $110.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Raymond James Financial lowered shares of BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a research note on Tuesday, May 26th. Canaccord Genuity Group began coverage on shares of BridgeBio Pharma in a research report on Wednesday, June 3rd. They set a “buy” rating and a $104.00 target price on the stock. Finally, Citigroup boosted their target price on BridgeBio Pharma from $82.00 to $93.00 and gave the stock a “neutral” rating in a research note on Thursday. Twenty research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $95.21.

BridgeBio Pharma Company 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.