California Public Employees Retirement System Grows Holdings in BridgeBio Pharma, Inc. $BBIO

California Public Employees Retirement System lifted its stake in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 21.9% in the first quarter, Holdings Channel reports. The institutional investor owned 253,479 shares of the company’s stock after buying an additional 45,596 shares during the quarter. California Public Employees Retirement System’s holdings in BridgeBio Pharma were worth $18,823,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Assetmark Inc. boosted its stake in BridgeBio Pharma by 423.7% during the 1st quarter. Assetmark Inc. now owns 20,790 shares of the company’s stock valued at $1,544,000 after acquiring an additional 16,820 shares during the last quarter. Financiere des Professionnels Fonds d investissement inc. bought a new stake in shares of BridgeBio Pharma in the 1st quarter worth about $587,000. Hillsdale Investment Management Inc. increased its position in shares of BridgeBio Pharma by 1.9% in the 1st quarter. Hillsdale Investment Management Inc. now owns 167,742 shares of the company’s stock worth $12,457,000 after purchasing an additional 3,202 shares during the last quarter. Emerald Mutual Fund Advisers Trust raised its stake in shares of BridgeBio Pharma by 1.1% in the 1st quarter. Emerald Mutual Fund Advisers Trust now owns 320,211 shares of the company’s stock valued at $23,779,000 after purchasing an additional 3,427 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of BridgeBio Pharma by 1.2% in the 1st quarter. Principal Financial Group Inc. now owns 1,330,415 shares of the company’s stock valued at $98,797,000 after purchasing an additional 16,112 shares in the last quarter. Institutional investors own 99.85% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on BBIO shares. Raymond James Financial cut shares of BridgeBio Pharma from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 26th. Canaccord Genuity Group started coverage on BridgeBio Pharma in a research note on Wednesday, June 3rd. They set a “buy” rating and a $104.00 price objective on the stock. Mizuho reduced their target price on BridgeBio Pharma from $106.00 to $96.00 and set an “outperform” rating on the stock in a report on Tuesday, June 16th. Royal Bank Of Canada began coverage on BridgeBio Pharma in a report on Thursday, April 9th. They set an “outperform” rating and a $100.00 target price on the stock. Finally, HC Wainwright boosted their price target on BridgeBio Pharma from $110.00 to $120.00 and gave the company a “buy” rating in a report on Monday, July 13th. Twenty equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, BridgeBio Pharma presently has a consensus rating of “Moderate Buy” and a consensus target price of $95.21.

BridgeBio Pharma Stock Up 0.3%

Shares of NASDAQ:BBIO opened at $82.93 on Friday. The company has a market cap of $16.24 billion, a PE ratio of -22.17 and a beta of 0.95. BridgeBio Pharma, Inc. has a fifty-two week low of $42.09 and a fifty-two week high of $93.42. The firm has a 50-day simple moving average of $72.33 and a 200 day simple moving average of $72.45.

BridgeBio Pharma (NASDAQ:BBIO) last issued its earnings results 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 business had revenue of $194.51 million for the quarter, compared to analysts’ expectations of $178.07 million. During the same quarter in the prior year, the company earned ($0.88) earnings per share. The firm’s revenue was up 66.8% compared to the same quarter last year. As a group, research analysts forecast that BridgeBio Pharma, Inc. will post -2.29 EPS for the current fiscal year.

Insider Buying and Selling at BridgeBio Pharma

In related news, Director Jennifer E. Cook sold 148,589 shares of the firm’s stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $88.54, for a total value of $13,156,070.06. Following the sale, the director owned 8,383 shares of the company’s stock, valued at approximately $742,230.82. This trade represents a 94.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Hannah Valantine sold 2,196 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at $634,889.63. This represents a 19.17% 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. In the last three months, insiders sold 432,117 shares of company stock worth $32,633,740. Corporate insiders own 14.23% of the company’s stock.

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.