Legal & General Group Plc Purchases 23,716 Shares of BridgeBio Pharma, Inc. $BBIO

Legal & General Group Plc increased its holdings in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 17.5% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 159,573 shares of the company's stock after buying an additional 23,716 shares during the period. Legal & General Group Plc owned 0.08% of BridgeBio Pharma worth $6,890,000 as of its most recent SEC filing.

• BridgeBio's Volatile Week Puts Biotech Stocks Under a Microscope

Several other hedge funds and other institutional investors have also added to or reduced their stakes in BBIO. Driehaus Capital Management LLC bought a new position in BridgeBio Pharma in the 1st quarter worth about $51,874,000. Invesco Ltd. grew its holdings in shares of BridgeBio Pharma by 147.0% during the first quarter. Invesco Ltd. now owns 2,206,163 shares of the company's stock worth $76,267,000 after purchasing an additional 1,313,036 shares in the last quarter. Duquesne Family Office LLC bought a new position in shares of BridgeBio Pharma in the first quarter worth approximately $15,143,000. Nuveen LLC bought a new position in shares of BridgeBio Pharma in the first quarter worth approximately $14,973,000. Finally, Cormorant Asset Management LP raised its stake in BridgeBio Pharma by 25.0% in the first quarter. Cormorant Asset Management LP now owns 2,000,000 shares of the company's stock valued at $69,140,000 after purchasing an additional 400,000 shares in the last quarter. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on BBIO shares. Wells Fargo & Company boosted their price target on shares of BridgeBio Pharma from $76.00 to $84.00 and gave the stock an "overweight" rating in a research note on Tuesday, November 11th. The Goldman Sachs Group lifted their price objective on shares of BridgeBio Pharma from $55.00 to $100.00 and gave the stock a "buy" rating in a report on Thursday, October 30th. JPMorgan Chase & Co. increased their target price on BridgeBio Pharma from $76.00 to $77.00 and gave the company an "overweight" rating in a research note on Friday, November 7th. Cowen reaffirmed a "positive" rating on shares of BridgeBio Pharma in a research note on Thursday, October 30th. Finally, Cantor Fitzgerald upped their price objective on BridgeBio Pharma from $100.00 to $110.00 and gave the stock an "overweight" rating in a report on Thursday, October 30th. Twenty equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $74.37.

Read Our Latest Stock Analysis on BridgeBio Pharma

BridgeBio Pharma Stock Up 3.8%

BridgeBio Pharma stock opened at $74.15 on Thursday. The firm has a fifty day simple moving average of $61.02 and a two-hundred day simple moving average of $50.70. BridgeBio Pharma, Inc. has a twelve month low of $25.34 and a twelve month high of $74.34. The company has a market capitalization of $14.29 billion, a PE ratio of -17.74 and a beta of 1.26.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last announced its quarterly earnings data on Wednesday, October 29th. The company reported ($0.95) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.88) by ($0.07). The firm had revenue of $120.70 million during the quarter, compared to analysts' expectations of $107.71 million. The company's revenue was up 4318.0% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.86) earnings per share. As a group, equities analysts expect that BridgeBio Pharma, Inc. will post -3.67 earnings per share for the current fiscal year.

Insider Buying and Selling at BridgeBio Pharma

In other news, Director Hannah Valantine sold 25,484 shares of the firm's stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $66.07, for a total value of $1,683,727.88. Following the transaction, the director owned 7,465 shares in the company, valued at approximately $493,212.55. This trade represents a 77.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Andrew Lo sold 55,000 shares of BridgeBio Pharma stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $65.69, for a total transaction of $3,612,950.00. Following the completion of the transaction, the director directly owned 50,583 shares in the company, valued at approximately $3,322,797.27. The trade was a 52.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 589,204 shares of company stock worth $37,370,800 over the last quarter. Company insiders own 18.20% of the company's stock.

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.

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