Assenagon Asset Management S.A. Buys 10,579 Shares of BridgeBio Pharma, Inc. $BBIO

Assenagon Asset Management S.A. grew its stake in BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 31.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 44,092 shares of the company’s stock after purchasing an additional 10,579 shares during the period. Assenagon Asset Management S.A.’s holdings in BridgeBio Pharma were worth $3,274,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Total Clarity Wealth Management Inc. increased its stake in BridgeBio Pharma by 133.4% during the first quarter. Total Clarity Wealth Management Inc. now owns 13,682 shares of the company’s stock valued at $1,016,000 after acquiring an additional 7,821 shares during the period. Diversified Trust Co raised its stake in shares of BridgeBio Pharma by 12.2% in the first quarter. Diversified Trust Co now owns 43,971 shares of the company’s stock valued at $3,265,000 after purchasing an additional 4,770 shares in the last quarter. Hsbc Holdings PLC bought a new position in BridgeBio Pharma in the fourth quarter worth $1,050,000. Rockefeller Capital Management L.P. lifted its position in BridgeBio Pharma by 189.8% in the fourth quarter. Rockefeller Capital Management L.P. now owns 38,429 shares of the company’s stock worth $2,939,000 after purchasing an additional 25,169 shares during the period. Finally, Invesco Ltd. boosted its stake in BridgeBio Pharma by 23.0% during the fourth quarter. Invesco Ltd. now owns 4,831,305 shares of the company’s stock worth $369,547,000 after buying an additional 902,648 shares in the last quarter. Institutional investors own 99.85% of the company’s stock.

Insider Buying and Selling

In other news, CEO Neil Kumar sold 40,000 shares of the stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $67.90, for a total transaction of $2,716,000.00. Following the sale, the chief executive officer owned 575,686 shares in the company, valued at approximately $39,089,079.40. This represents a 6.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Hannah Valantine sold 2,808 shares of the firm’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $68.00, for a total value of $190,944.00. Following the completion of the sale, the director owned 11,455 shares of the company’s stock, valued at approximately $778,940. This trade represents a 19.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 306,361 shares of company stock valued at $21,020,442. Insiders own 14.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BBIO. Royal Bank Of Canada assumed coverage on shares of BridgeBio Pharma in a report on Thursday, April 9th. They issued an “outperform” rating and a $100.00 price target on the stock. William Blair started coverage on shares of BridgeBio Pharma in a report on Tuesday, March 10th. They set an “outperform” rating for the company. Leerink Partners reiterated an “outperform” rating and set a $98.00 target price on shares of BridgeBio Pharma in a research report on Thursday, March 12th. JPMorgan Chase & Co. upped their target price on shares of BridgeBio Pharma from $89.00 to $94.00 and gave the company an “overweight” rating in a research note on Tuesday, March 10th. Finally, HC Wainwright reissued a “buy” rating and issued a $110.00 price target on shares of BridgeBio Pharma in a research report on Thursday, May 28th. Twenty-one equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $92.90.

BridgeBio Pharma Price Performance

Shares of BBIO opened at $74.48 on Wednesday. The company has a market capitalization of $14.59 billion, a P/E ratio of -19.91 and a beta of 0.97. BridgeBio Pharma, Inc. has a one year low of $41.80 and a one year high of $84.94. The business’s 50 day simple moving average is $68.73 and its 200-day simple moving average is $71.82.

BridgeBio Pharma (NASDAQ:BBIO) last released 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 company had revenue of $194.51 million during the quarter, compared to analyst estimates of $178.07 million. During the same quarter in the previous year, the business posted ($0.88) EPS. BridgeBio Pharma’s revenue was up 66.8% compared to the same quarter last year. On average, sell-side analysts anticipate that BridgeBio Pharma, Inc. will post -2.29 EPS for the current fiscal year.

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.