Massachusetts Financial Services Co. MA Grows Stake in BridgeBio Pharma, Inc. (NASDAQ:BBIO)

Massachusetts Financial Services Co. MA boosted its stake in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 23.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 737,367 shares of the company's stock after purchasing an additional 139,104 shares during the period. Massachusetts Financial Services Co. MA owned about 0.39% of BridgeBio Pharma worth $18,773,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of BBIO. Price T Rowe Associates Inc. MD increased its stake in shares of BridgeBio Pharma by 22.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 803,956 shares of the company's stock worth $24,859,000 after buying an additional 145,594 shares during the period. First Turn Management LLC bought a new position in shares of BridgeBio Pharma during the third quarter valued at about $10,178,000. Jennison Associates LLC purchased a new stake in shares of BridgeBio Pharma during the third quarter worth about $767,000. Comerica Bank grew its stake in shares of BridgeBio Pharma by 3,013.5% in the first quarter. Comerica Bank now owns 38,514 shares of the company's stock worth $1,191,000 after purchasing an additional 37,277 shares during the last quarter. Finally, Frazier Life Sciences Management L.P. grew its stake in shares of BridgeBio Pharma by 6.4% in the second quarter. Frazier Life Sciences Management L.P. now owns 3,632,604 shares of the company's stock worth $92,014,000 after purchasing an additional 217,000 shares during the last quarter. 99.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BBIO has been the subject of several research analyst reports. Bank of America increased their price objective on BridgeBio Pharma from $42.00 to $45.00 and gave the stock a "buy" rating in a report on Monday. Piper Sandler began coverage on shares of BridgeBio Pharma in a research report on Wednesday, September 4th. They set an "overweight" rating and a $46.00 price objective on the stock. Leerink Partners dropped their target price on shares of BridgeBio Pharma from $47.00 to $46.00 and set an "outperform" rating for the company in a research report on Thursday, October 17th. Oppenheimer began coverage on shares of BridgeBio Pharma in a research report on Thursday, October 3rd. They set a "market perform" rating on the stock. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $70.00 price objective on shares of BridgeBio Pharma in a report on Monday, September 16th. Two equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.43.

Insiders Place Their Bets

In other BridgeBio Pharma news, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the company's stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $25.75, for a total transaction of $149,350,000.00. Following the transaction, the insider now owns 25,260,971 shares in the company, valued at approximately $650,470,003.25. This represents a 18.67 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Neil Kumar sold 27,389 shares of the firm's stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $22.41, for a total transaction of $613,787.49. Following the sale, the chief executive officer now directly owns 4,897,443 shares in the company, valued at approximately $109,751,697.63. The trade was a 0.56 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,831,545 shares of company stock valued at $150,056,923. Insiders own 24.66% of the company's stock.

BridgeBio Pharma Stock Down 2.8 %

Shares of NASDAQ BBIO traded down $0.75 during trading on Tuesday, reaching $26.44. The company had a trading volume of 4,317,097 shares, compared to its average volume of 1,921,169. BridgeBio Pharma, Inc. has a 12-month low of $21.62 and a 12-month high of $44.32. The business's 50-day moving average is $24.97 and its 200 day moving average is $26.21. The stock has a market cap of $5.00 billion, a PE ratio of -10.97 and a beta of 1.09.

BridgeBio Pharma Company Profile

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.