Primecap Management Co. CA Reduces Stock Holdings in BridgeBio Pharma, Inc. (NASDAQ:BBIO)

Primecap Management Co. CA reduced its stake in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 2.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 906,724 shares of the company’s stock after selling 20,176 shares during the quarter. Primecap Management Co. CA’s holdings in BridgeBio Pharma were worth $23,085,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Bfsg LLC increased its position in shares of BridgeBio Pharma by 175.6% during the second quarter. Bfsg LLC now owns 1,240 shares of the company’s stock valued at $31,000 after buying an additional 790 shares during the period. Headlands Technologies LLC purchased a new stake in BridgeBio Pharma in the second quarter worth about $48,000. Values First Advisors Inc. bought a new stake in BridgeBio Pharma during the 3rd quarter valued at approximately $57,000. CWM LLC grew its holdings in shares of BridgeBio Pharma by 132.9% during the 3rd quarter. CWM LLC now owns 3,442 shares of the company’s stock worth $88,000 after acquiring an additional 1,964 shares during the period. Finally, EntryPoint Capital LLC bought a new position in shares of BridgeBio Pharma in the 1st quarter worth approximately $117,000. 99.85% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $25.75, for a total value of $149,350,000.00. Following the transaction, the insider now owns 25,260,971 shares in the company, valued at $650,470,003.25. This represents a 18.67 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Brian C. Stephenson sold 4,156 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $22.41, for a total transaction of $93,135.96. Following the sale, the chief financial officer now owns 93,758 shares of the company’s stock, valued at $2,101,116.78. This trade represents a 4.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,831,545 shares of company stock valued at $150,056,923. Company insiders own 24.66% of the company’s stock.

BridgeBio Pharma Stock Up 0.9 %

Shares of BBIO stock opened at $23.24 on Friday. The firm has a market capitalization of $4.39 billion, a PE ratio of -9.64 and a beta of 1.09. The company has a 50 day moving average price of $25.01 and a 200-day moving average price of $26.29. BridgeBio Pharma, Inc. has a 52 week low of $21.62 and a 52 week high of $44.32.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on BBIO shares. Oppenheimer assumed coverage on BridgeBio Pharma in a research report on Thursday, October 3rd. They set a “market perform” rating on the stock. Evercore ISI reduced their target price on shares of BridgeBio Pharma from $50.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Piper Sandler started coverage on shares of BridgeBio Pharma in a research report on Wednesday, September 4th. They set an “overweight” rating and a $46.00 price target for the company. Bank of America restated a “buy” rating and issued a $42.00 price objective on shares of BridgeBio Pharma in a report on Wednesday, September 11th. Finally, JPMorgan Chase & Co. lowered their target price on shares of BridgeBio Pharma from $46.00 to $43.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. Two investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $47.57.

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.