Assenagon Asset Management S.A. Buys 1,096,799 Shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO)

Assenagon Asset Management S.A. increased its stake in BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 4,544.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,120,933 shares of the company’s stock after purchasing an additional 1,096,799 shares during the period. Assenagon Asset Management S.A. owned approximately 0.59% of BridgeBio Pharma worth $38,751,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC grew its position in BridgeBio Pharma by 85.8% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,022 shares of the company’s stock valued at $28,000 after acquiring an additional 472 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of BridgeBio Pharma by 71.0% during the first quarter. GAMMA Investing LLC now owns 920 shares of the company’s stock valued at $32,000 after buying an additional 382 shares during the last quarter. Itau Unibanco Holding S.A. bought a new position in shares of BridgeBio Pharma during the fourth quarter valued at about $41,000. Sterling Capital Management LLC grew its stake in shares of BridgeBio Pharma by 554.6% during the fourth quarter. Sterling Capital Management LLC now owns 1,787 shares of the company’s stock valued at $49,000 after buying an additional 1,514 shares during the last quarter. Finally, GF Fund Management CO. LTD. bought a new position in shares of BridgeBio Pharma during the fourth quarter valued at about $109,000. Institutional investors own 99.85% of the company’s stock.

BridgeBio Pharma Stock Up 1.5%

Shares of BBIO opened at $39.65 on Friday. The business’s 50 day moving average price is $35.10 and its 200-day moving average price is $33.00. BridgeBio Pharma, Inc. has a 52 week low of $21.62 and a 52 week high of $40.40. The stock has a market cap of $7.53 billion, a P/E ratio of -13.91 and a beta of 1.10.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings results on Tuesday, April 29th. The company reported ($0.88) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.00) by $0.12. The firm had revenue of $36.74 million during the quarter, compared to the consensus estimate of $57.14 million. The business’s revenue for the quarter was down 44.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.20) EPS. On average, equities analysts anticipate that BridgeBio Pharma, Inc. will post -3.67 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on BBIO. JPMorgan Chase & Co. raised their target price on shares of BridgeBio Pharma from $44.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, March 24th. Cantor Fitzgerald restated an “overweight” rating and issued a $95.00 target price on shares of BridgeBio Pharma in a report on Friday, February 21st. Scotiabank raised their target price on shares of BridgeBio Pharma from $52.00 to $55.00 and gave the stock a “sector outperform” rating in a report on Wednesday, April 30th. Wall Street Zen raised BridgeBio Pharma from a “sell” rating to a “hold” rating in a research note on Saturday, June 7th. Finally, UBS Group raised their target price on BridgeBio Pharma from $65.00 to $72.00 and gave the stock a “buy” rating in a research note on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $57.36.

Insider Buying and Selling

In related news, CEO Neil Kumar sold 75,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $36.87, for a total value of $2,765,250.00. Following the transaction, the chief executive officer now directly owns 4,948,447 shares of the company’s stock, valued at approximately $182,449,240.89. This represents a 1.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Hannah Valantine sold 4,292 shares of the company’s stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $40.00, for a total transaction of $171,680.00. Following the transaction, the director now owns 1,764 shares in the company, valued at $70,560. This represents a 70.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,396,474 shares of company stock worth $219,332,971 in the last quarter. Corporate insiders own 18.20% of the company’s stock.

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.