Octagon Capital Advisors LP Reduces Stock Position in BridgeBio Pharma, Inc. (NASDAQ:BBIO)

Octagon Capital Advisors LP lessened its stake in BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 20.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 441,600 shares of the company’s stock after selling 110,400 shares during the period. BridgeBio Pharma makes up approximately 2.0% of Octagon Capital Advisors LP’s holdings, making the stock its 20th largest position. Octagon Capital Advisors LP owned about 0.23% of BridgeBio Pharma worth $12,118,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Ironwood Investment Management LLC lifted its stake in shares of BridgeBio Pharma by 0.5% during the 4th quarter. Ironwood Investment Management LLC now owns 63,157 shares of the company’s stock valued at $1,733,000 after buying an additional 338 shares in the last quarter. Summit Investment Advisors Inc. grew its position in shares of BridgeBio Pharma by 3.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 14,706 shares of the company’s stock worth $404,000 after purchasing an additional 466 shares in the last quarter. Steward Partners Investment Advisory LLC grew its position in shares of BridgeBio Pharma by 85.8% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,022 shares of the company’s stock worth $28,000 after purchasing an additional 472 shares in the last quarter. Xponance Inc. raised its stake in BridgeBio Pharma by 9.1% during the 4th quarter. Xponance Inc. now owns 10,089 shares of the company’s stock valued at $277,000 after purchasing an additional 844 shares during the period. Finally, Tocqueville Asset Management L.P. lifted its holdings in BridgeBio Pharma by 7.2% in the 4th quarter. Tocqueville Asset Management L.P. now owns 18,975 shares of the company’s stock worth $521,000 after purchasing an additional 1,275 shares in the last quarter. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

BridgeBio Pharma Trading Up 4.4%

Shares of BBIO opened at $35.68 on Tuesday. The company’s fifty day simple moving average is $34.29 and its 200-day simple moving average is $31.38. The company has a market cap of $6.77 billion, a P/E ratio of -12.52 and a beta of 1.15. BridgeBio Pharma, Inc. has a twelve month low of $21.62 and a twelve month high of $39.54.

BridgeBio Pharma (NASDAQ:BBIO) last issued its quarterly earnings results on Tuesday, April 29th. The company reported ($0.88) earnings per share for the quarter, topping the consensus estimate of ($1.00) by $0.12. The business had revenue of $36.74 million during the quarter, compared to analysts’ expectations of $57.14 million. During the same quarter in the previous year, the company posted ($0.20) earnings per share. The company’s quarterly revenue was down 44.8% compared to the same quarter last year. Analysts predict that BridgeBio Pharma, Inc. will post -3.67 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BBIO. HC Wainwright raised their target price on shares of BridgeBio Pharma from $49.00 to $53.00 and gave the company a “buy” rating in a research note on Tuesday, April 15th. Citigroup raised their price target on BridgeBio Pharma from $45.00 to $49.00 and gave the company a “buy” rating in a report on Friday, February 21st. JPMorgan Chase & Co. upped their price objective on BridgeBio Pharma from $44.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, March 24th. Cantor Fitzgerald reiterated an “overweight” rating and set a $95.00 target price on shares of BridgeBio Pharma in a research report on Friday, February 21st. Finally, Redburn Atlantic started coverage on shares of BridgeBio Pharma in a research note on Monday, March 31st. They issued a “buy” rating and a $50.00 price objective for the company. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, BridgeBio Pharma currently has a consensus rating of “Moderate Buy” and an average price target of $57.09.

Insider Buying and Selling at BridgeBio Pharma

In other news, CAO Maricel Apuli sold 1,026 shares of the business’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $38.51, for a total transaction of $39,511.26. Following the completion of the sale, the chief accounting officer now directly owns 147,639 shares of the company’s stock, valued at approximately $5,685,577.89. The trade was a 0.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $32.96, for a total transaction of $197,760,000.00. Following the completion of the transaction, the insider now directly owns 19,260,971 shares in the company, valued at $634,841,604.16. This represents a 23.75% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,410,217 shares of company stock valued at $212,434,332 in the last quarter. 24.66% of the stock is owned by insiders.

About BridgeBio Pharma

BridgeBio Pharma, Inc, a commercial-stage biopharmaceutical company, discovers, creates, tests, and delivers transformative medicines to treat patients who suffer from genetic diseases and cancers. Its products in development programs include AG10, a next-generation oral small molecule near-complete TTR stabilizer that is in Phase 3 clinical trial for the treatment of TTR amyloidosis, or transthyretin amyloid cardiomyopathy (ATTR-CM); low-dose infigratinib, an oral FGFR1-3 selective tyrosine kinase inhibitor, which is in Phase 3 double-blinded, placebo-controlled pivotal study for the treatment option for children with achondroplasia; and BBP-631, an AAV5 gene transfer product candidate that is in Phase 1/2 clinical trial for the treatment of congenital adrenal hyperplasia, or CAH, driven by 21-hydroxylase deficiency, or 21OHD.