Corebridge Financial Inc. Sells 5,275 Shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO)

Corebridge Financial Inc. lessened its stake in BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 7.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 69,887 shares of the company’s stock after selling 5,275 shares during the quarter. Corebridge Financial Inc.’s holdings in BridgeBio Pharma were worth $1,918,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Polar Asset Management Partners Inc. bought a new stake in BridgeBio Pharma in the 3rd quarter valued at approximately $1,286,000. Janus Henderson Group PLC increased its stake in BridgeBio Pharma by 11.7% in the 3rd quarter. Janus Henderson Group PLC now owns 4,818,012 shares of the company’s stock valued at $122,658,000 after buying an additional 505,481 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of BridgeBio Pharma by 1.8% during the 3rd quarter. Principal Financial Group Inc. now owns 1,145,123 shares of the company’s stock worth $29,155,000 after buying an additional 19,978 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of BridgeBio Pharma by 8.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,284,802 shares of the company’s stock valued at $32,711,000 after acquiring an additional 95,605 shares in the last quarter. Finally, Melqart Asset Management UK Ltd raised its holdings in BridgeBio Pharma by 31.0% during the third quarter. Melqart Asset Management UK Ltd now owns 403,485 shares of the company’s stock worth $10,273,000 after acquiring an additional 95,574 shares in the last quarter. 99.85% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Neil Kumar sold 326,932 shares of the company’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $36.29, for a total transaction of $11,864,362.28. Following the completion of the sale, the chief executive officer now owns 5,371,515 shares of the company’s stock, valued at $194,932,279.35. This represents a 5.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 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 shares were 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 approximately $634,841,604.16. This represents a 23.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,654,739 shares of company stock worth $325,937,151 in the last quarter. Corporate insiders own 24.66% of the company’s stock.

BridgeBio Pharma Price Performance

Shares of NASDAQ BBIO opened at $34.62 on Thursday. The firm has a market cap of $6.58 billion, a price-to-earnings ratio of -12.15 and a beta of 1.07. The stock’s fifty day moving average price is $34.19 and its two-hundred day moving average price is $29.43. BridgeBio Pharma, Inc. has a one year low of $21.62 and a one year high of $39.47.

BridgeBio Pharma (NASDAQ:BBIO) last released its quarterly earnings results on Thursday, February 20th. The company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($1.09) by ($0.22). The company had revenue of $5.88 million for the quarter, compared to analyst estimates of $4.04 million. On average, equities analysts anticipate that BridgeBio Pharma, Inc. will post -3.67 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

BBIO has been the subject of several analyst reports. Redburn Atlantic began coverage on shares of BridgeBio Pharma in a research note on Monday. They issued a “buy” rating and a $50.00 target price for the company. JPMorgan Chase & Co. boosted their price objective on shares of BridgeBio Pharma from $44.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, March 24th. Scotiabank raised their target price on shares of BridgeBio Pharma from $49.00 to $52.00 and gave the company a “sector outperform” rating in a research note on Friday, February 21st. Citigroup boosted their price target on BridgeBio Pharma from $45.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Finally, HC Wainwright reiterated a “buy” rating and set a $49.00 target price on shares of BridgeBio Pharma in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, BridgeBio Pharma has a consensus rating of “Moderate Buy” and an average price target of $52.64.

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.