Pictet Asset Management Holding SA Cuts Stock Holdings in BridgeBio Pharma, Inc. (NASDAQ:BBIO)

Pictet Asset Management Holding SA cut its stake in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 35.5% in the 4th quarter, Holdings Channel reports. The institutional investor owned 1,807,472 shares of the company’s stock after selling 995,585 shares during the quarter. Pictet Asset Management Holding SA’s holdings in BridgeBio Pharma were worth $49,597,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Steward Partners Investment Advisory LLC boosted its holdings in BridgeBio Pharma by 85.8% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,022 shares of the company’s stock valued at $28,000 after acquiring an additional 472 shares during the last quarter. Advisors Asset Management Inc. raised its holdings in shares of BridgeBio Pharma by 56.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 4,576 shares of the company’s stock worth $117,000 after purchasing an additional 1,645 shares during the period. Avanza Fonder AB purchased a new position in shares of BridgeBio Pharma in the 4th quarter worth about $181,000. First Bank & Trust acquired a new position in shares of BridgeBio Pharma in the 4th quarter valued at about $205,000. Finally, Moss Adams Wealth Advisors LLC purchased a new stake in shares of BridgeBio Pharma during the 4th quarter worth about $208,000. 99.85% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other BridgeBio Pharma news, CFO Brian C. Stephenson sold 68,000 shares of the 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 of the company’s stock, valued at $3,402,477.82. This trade represents a 42.04 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 completion of the transaction, the chief executive officer now owns 5,371,515 shares of the company’s stock, 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. Insiders sold a total of 9,654,739 shares of company stock valued at $325,937,151 in the last ninety days. Corporate insiders own 24.66% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of BridgeBio Pharma from $44.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, March 24th. Citigroup lifted their target price on shares of BridgeBio Pharma from $45.00 to $49.00 and gave the company a “buy” rating in a report on Friday, February 21st. Evercore ISI increased their price target on BridgeBio Pharma from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Monday, December 23rd. Cantor Fitzgerald restated an “overweight” rating and set a $95.00 price objective on shares of BridgeBio Pharma in a research note on Friday, February 21st. Finally, HC Wainwright reiterated a “buy” rating and issued a $49.00 target price on shares of BridgeBio Pharma in a research note on Thursday, February 13th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.90.

BridgeBio Pharma Stock Down 3.5 %

Shares of NASDAQ BBIO opened at $35.11 on Friday. BridgeBio Pharma, Inc. has a fifty-two week low of $21.62 and a fifty-two week high of $39.47. The business has a 50 day moving average price of $34.26 and a two-hundred day moving average price of $29.28. The firm has a market cap of $6.68 billion, a PE ratio of -12.32 and a beta of 1.07.

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

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.