Boone Capital Management LLC Buys Shares of 460,282 BridgeBio Pharma, Inc. $BBIO

by · The Markets Daily

Boone Capital Management LLC bought a new position in BridgeBio Pharma, Inc. (NASDAQ:BBIO – Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 460,282 shares of the company’s stock, valued at approximately $23,907,000. BridgeBio Pharma comprises about 7.8% of Boone Capital Management LLC’s investment portfolio, making the stock its 5th largest position. Boone Capital Management LLC owned approximately 0.24% of BridgeBio Pharma as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in BBIO. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of BridgeBio Pharma during the second quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd bought a new position in BridgeBio Pharma in the 3rd quarter worth approximately $31,000. Harvest Fund Management Co. Ltd acquired a new stake in BridgeBio Pharma in the 3rd quarter valued at approximately $34,000. First Horizon Corp acquired a new stake in BridgeBio Pharma in the 3rd quarter valued at approximately $36,000. Finally, Huntington National Bank raised its stake in BridgeBio Pharma by 111.7% during the 3rd quarter. Huntington National Bank now owns 743 shares of the company’s stock valued at $39,000 after acquiring an additional 392 shares in the last quarter. Institutional investors and hedge funds own 99.85% of the company’s stock.

BridgeBio Pharma Stock Up 2.1%

Shares of BBIO stock opened at $69.41 on Friday. The stock has a 50-day simple moving average of $72.97 and a 200 day simple moving average of $66.07. The stock has a market capitalization of $13.46 billion, a P/E ratio of -18.36 and a beta of 1.13. BridgeBio Pharma, Inc. has a fifty-two week low of $28.33 and a fifty-two week high of $84.94.

BridgeBio Pharma (NASDAQ:BBIO – Get Free Report) last issued its quarterly earnings results on Tuesday, February 24th. The company reported ($1.00) EPS for the quarter, missing the consensus estimate of ($0.75) by ($0.25). The business had revenue of $154.18 million for the quarter, compared to analysts’ expectations of $150.71 million. During the same quarter in the previous year, the business posted ($1.40) EPS. The company’s quarterly revenue was up 2521.2% compared to the same quarter last year. On average, sell-side analysts anticipate that BridgeBio Pharma, Inc. will post -3.67 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on BBIO. JPMorgan Chase & Co. increased their price target on BridgeBio Pharma from $89.00 to $94.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 10th. Sanford C. Bernstein initiated coverage on shares of BridgeBio Pharma in a research note on Thursday, December 11th. They set an “outperform” rating and a $94.00 target price on the stock. Oppenheimer dropped their price target on shares of BridgeBio Pharma from $83.00 to $81.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 25th. Leerink Partners reaffirmed an “outperform” rating and issued a $98.00 price target on shares of BridgeBio Pharma in a research note on Thursday. Finally, Morgan Stanley increased their price objective on shares of BridgeBio Pharma from $96.00 to $98.00 and gave the company an “overweight” rating in a report on Wednesday, February 25th. Twenty-three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $83.95.

Get Our Latest Analysis on BridgeBio Pharma

Insiders Place Their Bets

In related news, CFO Thomas Trimarchi sold 13,600 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $74.72, for a total value of $1,016,192.00. Following the sale, the chief financial officer directly owned 336,585 shares in the company, valued at $25,149,631.20. The trade was a 3.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Neil Kumar sold 28,053 shares of the stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $71.39, for a total transaction of $2,002,703.67. Following the sale, the chief executive officer directly owned 234,451 shares of the company’s stock, valued at approximately $16,737,456.89. This represents a 10.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 227,095 shares of company stock worth $16,099,240. Company insiders own 18.20% of the company’s stock.

About BridgeBio Pharma

(Free Report)

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.

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