BridgeBio Pharma, Inc. $BBIO Position Lifted by Franklin Resources Inc.

Franklin Resources Inc. raised its stake in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 49.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,164,928 shares of the company’s stock after acquiring an additional 720,905 shares during the quarter. Franklin Resources Inc. owned approximately 1.12% of BridgeBio Pharma worth $165,595,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in BBIO. Norges Bank bought a new position in BridgeBio Pharma during the 4th quarter valued at $116,802,000. Invesco Ltd. boosted its stake in BridgeBio Pharma by 40.3% during the 3rd quarter. Invesco Ltd. now owns 3,928,657 shares of the company’s stock valued at $204,054,000 after acquiring an additional 1,127,592 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake 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 valued at $77,783,000 after acquiring an additional 987,273 shares during the last quarter. Polar Capital Holdings Plc bought a new position in BridgeBio Pharma during the 3rd quarter valued at $50,956,000. Finally, Wellington Management Group LLP boosted its stake in BridgeBio Pharma by 1,698.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,019,194 shares of the company’s stock valued at $52,937,000 after acquiring an additional 962,525 shares during the last quarter. 99.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Citigroup assumed coverage on shares of BridgeBio Pharma in a research report on Tuesday, May 19th. They issued a “neutral” rating and a $82.00 price target on the stock. Canaccord Genuity Group assumed coverage on shares of BridgeBio Pharma in a research report on Wednesday, June 3rd. They issued a “buy” rating and a $104.00 price target on the stock. Barclays restated an “overweight” rating on shares of BridgeBio Pharma in a research report on Tuesday, March 10th. Leerink Partners restated an “outperform” rating and issued a $98.00 price target on shares of BridgeBio Pharma in a research report on Thursday, March 12th. Finally, JPMorgan Chase & Co. raised their price target on shares of BridgeBio Pharma from $89.00 to $94.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 10th. Twenty-three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $89.59.

Insider Activity at BridgeBio Pharma

In other BridgeBio Pharma news, CAO Maricel Apuli sold 2,000 shares of the firm’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $71.58, for a total transaction of $143,160.00. Following the transaction, the chief accounting officer owned 134,115 shares of the company’s stock, valued at approximately $9,599,951.70. This trade represents a 1.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Thomas Trimarchi sold 13,651 shares of the firm’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $65.08, for a total transaction of $888,407.08. Following the transaction, the chief financial officer directly owned 359,194 shares in the company, valued at approximately $23,376,345.52. The trade was a 3.66% 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. Insiders sold a total of 211,754 shares of company stock worth $14,664,059 in the last 90 days. Corporate insiders own 14.23% of the company’s stock.

BridgeBio Pharma Stock Up 0.5%

BBIO stock opened at $67.68 on Wednesday. The stock has a market cap of $13.26 billion, a PE ratio of -18.10 and a beta of 0.97. The firm’s 50-day simple moving average is $70.55 and its 200 day simple moving average is $72.13. BridgeBio Pharma, Inc. has a fifty-two week low of $38.57 and a fifty-two week high of $84.94.

BridgeBio Pharma (NASDAQ:BBIO) last released its earnings results on Thursday, May 7th. The company reported ($0.84) EPS for the quarter, missing the consensus estimate of ($0.70) by ($0.14). The business had revenue of $194.52 million for the quarter, compared to analysts’ expectations of $178.07 million. The company’s revenue for the quarter was up 66.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.88) earnings per share. Equities analysts forecast that BridgeBio Pharma, Inc. will post -2.32 EPS for the current fiscal year.

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.