Pictet Asset Management Holding SA Sells 995,585 Shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO)

Pictet Asset Management Holding SA decreased its holdings in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 35.5% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,807,472 shares of the company's stock after selling 995,585 shares during the period. Pictet Asset Management Holding SA owned about 0.96% of BridgeBio Pharma worth $49,597,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in BridgeBio Pharma in the 4th quarter valued at $29,237,000. Vanguard Group Inc. increased its holdings in shares of BridgeBio Pharma by 6.2% in the fourth quarter. Vanguard Group Inc. now owns 15,077,915 shares of the company's stock valued at $413,738,000 after purchasing an additional 879,059 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of BridgeBio Pharma by 11.7% during the 3rd quarter. Janus Henderson Group PLC now owns 4,818,012 shares of the company's stock worth $122,658,000 after buying an additional 505,481 shares during the last quarter. Erste Asset Management GmbH bought a new stake in shares of BridgeBio Pharma during the 3rd quarter worth about $3,497,000. Finally, Exome Asset Management LLC grew its stake in BridgeBio Pharma by 167.4% in the 3rd quarter. Exome Asset Management LLC now owns 211,000 shares of the company's stock valued at $5,372,000 after buying an additional 132,093 shares during the last quarter. 99.85% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Brian C. Stephenson sold 8,500 shares of BridgeBio Pharma stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $33.19, for a total transaction of $282,115.00. Following the transaction, the chief financial officer now owns 102,464 shares in the company, valued at approximately $3,400,780.16. The trade was a 7.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the company's stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $32.96, for a total value of $197,760,000.00. Following the completion of the sale, the insider now owns 19,260,971 shares in the company, valued at $634,841,604.16. The trade was a 23.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,654,739 shares of company stock valued at $325,937,151. 24.66% of the stock is currently owned by corporate insiders.

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BridgeBio Pharma Stock Performance

Shares of NASDAQ BBIO traded down $0.38 during trading hours on Thursday, hitting $34.24. 746,099 shares of the stock were exchanged, compared to its average volume of 2,199,711. The company's fifty day simple moving average is $34.19 and its two-hundred day simple moving average is $29.43. The company has a market cap of $6.51 billion, a PE ratio of -12.01 and a beta of 1.07. BridgeBio Pharma, Inc. has a 1-year low of $21.62 and a 1-year high of $39.47.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last issued its 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 business had revenue of $5.88 million during the quarter, compared to analysts' expectations of $4.04 million. As a group, sell-side analysts expect that BridgeBio Pharma, Inc. will post -3.67 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. HC Wainwright restated a "buy" rating and set a $49.00 price objective on shares of BridgeBio Pharma in a research report on Thursday, February 13th. Scotiabank boosted 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 report on Friday, February 21st. Citigroup raised their price target on shares of BridgeBio Pharma from $45.00 to $49.00 and gave the stock a "buy" rating in a research report on Friday, February 21st. Cantor Fitzgerald restated an "overweight" rating and set a $95.00 target price on shares of BridgeBio Pharma in a research report on Friday, February 21st. Finally, 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. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, BridgeBio Pharma currently has a consensus rating of "Moderate Buy" and an average price target of $52.64.

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.