Primecap Management Co. CA Sells 20,176 Shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO)

Primecap Management Co. CA trimmed its holdings in BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 2.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 906,724 shares of the company’s stock after selling 20,176 shares during the period. Primecap Management Co. CA owned about 0.48% of BridgeBio Pharma worth $23,085,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Bfsg LLC lifted its position in BridgeBio Pharma by 175.6% in the 2nd quarter. Bfsg LLC now owns 1,240 shares of the company’s stock valued at $31,000 after acquiring an additional 790 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of BridgeBio Pharma in the second quarter valued at approximately $48,000. Values First Advisors Inc. purchased a new position in shares of BridgeBio Pharma during the third quarter valued at approximately $57,000. CWM LLC boosted its position in shares of BridgeBio Pharma by 132.9% during the third quarter. CWM LLC now owns 3,442 shares of the company’s stock valued at $88,000 after buying an additional 1,964 shares during the last quarter. Finally, EntryPoint Capital LLC bought a new stake in BridgeBio Pharma during the first quarter worth $117,000. 99.85% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Neil Kumar sold 27,389 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $22.41, for a total value of $613,787.49. Following the completion of the transaction, the chief executive officer now directly owns 4,897,443 shares of the company’s stock, valued at $109,751,697.63. This trade represents a 0.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of BridgeBio Pharma stock in a transaction 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 completion of the transaction, the insider now owns 25,260,971 shares of the company’s stock, valued at approximately $650,470,003.25. This trade represents a 18.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,831,545 shares of company stock worth $150,056,923 over the last quarter. 24.66% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Bank of America reaffirmed a “buy” rating and set a $42.00 price objective on shares of BridgeBio Pharma in a report on Wednesday, September 11th. JPMorgan Chase & Co. reduced their price objective on shares of BridgeBio Pharma from $46.00 to $43.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. HC Wainwright reissued a “buy” rating and set a $43.00 target price on shares of BridgeBio Pharma in a research report on Friday, October 25th. Piper Sandler assumed coverage on BridgeBio Pharma in a research note on Wednesday, September 4th. They issued an “overweight” rating and a $46.00 target price on the stock. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $70.00 price target on shares of BridgeBio Pharma in a research report on Monday, September 16th. Two analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $47.57.

BridgeBio Pharma Stock Performance

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

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.