Renaissance Technologies LLC Purchases New Shares in BridgeBio Pharma, Inc. $BBIO

Renaissance Technologies LLC acquired a new position in BridgeBio Pharma, Inc. (NASDAQ:BBIO) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 365,772 shares of the company’s stock, valued at approximately $27,162,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Harvest Fund Management Co. Ltd bought a new stake in shares of BridgeBio Pharma during the 3rd quarter valued at about $34,000. Jones Financial Companies Lllp bought a new position in BridgeBio Pharma in the first quarter worth about $35,000. Farther Finance Advisors LLC lifted its holdings in BridgeBio Pharma by 91.4% in the fourth quarter. Farther Finance Advisors LLC now owns 513 shares of the company’s stock worth $39,000 after buying an additional 245 shares during the period. Global Retirement Partners LLC boosted its position in BridgeBio Pharma by 271.5% during the 4th quarter. Global Retirement Partners LLC now owns 509 shares of the company’s stock valued at $39,000 after acquiring an additional 372 shares in the last quarter. Finally, Kemnay Advisory Services Inc. bought a new stake in BridgeBio Pharma during the 4th quarter valued at approximately $41,000. 99.85% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at BridgeBio Pharma

In other news, CEO Neil Kumar sold 40,000 shares of the stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $67.46, for a total value of $2,698,400.00. Following the sale, the chief executive officer directly owned 535,686 shares of the company’s stock, valued at approximately $36,137,377.56. This represents a 6.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Andrea Ellis sold 17,167 shares of BridgeBio Pharma 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 of the company’s stock, valued at approximately $1,896,636. This represents a 43.19% decrease in their position. 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 90 days, insiders sold 430,117 shares of company stock valued at $32,490,580. 14.23% of the stock is currently owned by corporate insiders.

BridgeBio Pharma Stock Down 2.3%

Shares of BBIO opened at $83.54 on Thursday. The business’s 50 day moving average price is $73.76 and its 200-day moving average price is $72.74. BridgeBio Pharma, Inc. has a 52 week low of $42.09 and a 52 week high of $93.42. The stock has a market cap of $16.33 billion, a P/E ratio of -22.34 and a beta of 0.95.

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 during the quarter, compared to the consensus estimate of $178.07 million. During the same quarter in the prior year, the firm earned ($0.88) EPS. The firm’s revenue was up 66.8% compared to the same quarter last year. On average, equities analysts anticipate that BridgeBio Pharma, Inc. will post -2.27 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on BBIO. HC Wainwright increased their target price on BridgeBio Pharma from $110.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Canaccord Genuity Group initiated coverage on BridgeBio Pharma in a research note on Wednesday, June 3rd. They issued a “buy” rating and a $104.00 price target on the stock. Weiss Ratings reiterated a “sell (d)” rating on shares of BridgeBio Pharma in a report on Friday, May 15th. Royal Bank Of Canada began coverage on BridgeBio Pharma in a research report on Thursday, April 9th. They set an “outperform” rating and a $100.00 price objective for the company. Finally, Morgan Stanley upped their target price on shares of BridgeBio Pharma from $94.00 to $98.00 and gave the stock an “overweight” rating in a research report on Thursday, May 28th. Twenty analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $95.21.

About BridgeBio Pharma

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.