Assetmark Inc. Lowers Holdings in BridgeBio Pharma, Inc. (NASDAQ:BBIO)

Assetmark Inc. decreased its stake in BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 13.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,974 shares of the company’s stock after selling 444 shares during the quarter. Assetmark Inc.’s holdings in BridgeBio Pharma were worth $82,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Polar Asset Management Partners Inc. purchased a new stake in shares of BridgeBio Pharma in the third quarter worth about $1,286,000. First Turn Management LLC purchased a new stake in shares of BridgeBio Pharma in the third quarter worth about $10,178,000. Janus Henderson Group PLC boosted its stake in shares of BridgeBio Pharma by 11.7% in the third quarter. Janus Henderson Group PLC now owns 4,818,012 shares of the company’s stock worth $122,658,000 after buying an additional 505,481 shares during the last quarter. Intech Investment Management LLC purchased a new position in BridgeBio Pharma during the third quarter worth approximately $1,136,000. Finally, Principal Financial Group Inc. boosted its position in BridgeBio Pharma by 1.8% during the third quarter. Principal Financial Group Inc. now owns 1,145,123 shares of the company’s stock worth $29,155,000 after purchasing an additional 19,978 shares in the last quarter. Hedge funds and other institutional investors own 99.85% of the company’s stock.

Insider Buying and Selling

In related news, CFO Brian C. Stephenson sold 68,000 shares of BridgeBio Pharma stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $36.29, for a total transaction of $2,467,720.00. Following the transaction, the chief financial officer now owns 93,758 shares in the company, valued at approximately $3,402,477.82. This trade represents a 42.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Neil Kumar sold 326,932 shares of BridgeBio Pharma stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $36.29, for a total value of $11,864,362.28. Following the transaction, the chief executive officer now owns 5,371,515 shares in the company, valued at approximately $194,932,279.35. The trade was a 5.74 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,579,739 shares of company stock worth $323,171,901. 24.66% of the stock is owned by corporate insiders.

BridgeBio Pharma Price Performance

Shares of NASDAQ:BBIO opened at $32.97 on Friday. The business’s 50 day moving average price is $33.62 and its 200-day moving average price is $28.82. The firm has a market capitalization of $6.27 billion, a PE ratio of -11.57 and a beta of 1.07. BridgeBio Pharma, Inc. has a 1 year low of $21.62 and a 1 year high of $39.47.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings data on Thursday, February 20th. The company reported ($1.31) EPS for the quarter, missing analysts’ consensus estimates of ($1.09) by ($0.22). The company had revenue of $5.88 million during the quarter, compared to analysts’ expectations of $4.04 million. As a group, analysts expect that BridgeBio Pharma, Inc. will post -3.67 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on BBIO. HC Wainwright reissued a “buy” rating and issued a $49.00 price objective on shares of BridgeBio Pharma in a report on Thursday, February 13th. Scotiabank raised their price objective on BridgeBio Pharma from $49.00 to $52.00 and gave the company a “sector outperform” rating in a report on Friday, February 21st. Bank of America raised their price objective on BridgeBio Pharma from $42.00 to $45.00 and gave the company a “buy” rating in a report on Monday, November 25th. Citigroup raised their price objective on BridgeBio Pharma from $45.00 to $49.00 and gave the company a “buy” rating in a report on Friday, February 21st. Finally, Evercore ISI raised their price objective on BridgeBio Pharma from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Monday, December 23rd. One 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, the company has a consensus rating of “Moderate Buy” and an average target price of $51.55.

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.