Jennison Associates LLC Buys New Position in BridgeBio Pharma, Inc. (NASDAQ:BBIO)

Jennison Associates LLC bought a new position in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 30,119 shares of the company's stock, valued at approximately $767,000.

A number of other institutional investors have also recently modified their holdings of BBIO. Price T Rowe Associates Inc. MD increased its holdings in BridgeBio Pharma by 22.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 803,956 shares of the company's stock worth $24,859,000 after acquiring an additional 145,594 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of BridgeBio Pharma by 3.3% during the first quarter. Vanguard Group Inc. now owns 13,222,126 shares of the company's stock worth $408,828,000 after purchasing an additional 421,832 shares in the last quarter. First Turn Management LLC acquired a new stake in BridgeBio Pharma in the 3rd quarter worth about $10,178,000. Comerica Bank boosted its stake in BridgeBio Pharma by 3,013.5% during the 1st 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. increased its holdings 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 valued at $92,014,000 after purchasing an additional 217,000 shares during the last quarter. 99.85% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other BridgeBio Pharma news, CEO Neil Kumar sold 27,389 shares of the business's stock in a transaction on Tuesday, November 19th. The stock was 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the firm's 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 represents a 18.67 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,831,545 shares of company stock worth $150,056,923. 24.66% of the stock is owned by insiders.

BridgeBio Pharma Stock Performance

NASDAQ BBIO traded up $0.18 during trading on Friday, reaching $23.42. The company's stock had a trading volume of 2,088,438 shares, compared to its average volume of 1,784,871. The business's fifty day moving average price is $24.96 and its 200-day moving average price is $26.25. BridgeBio Pharma, Inc. has a twelve month low of $21.62 and a twelve month high of $44.32. The firm has a market cap of $4.43 billion, a price-to-earnings ratio of -9.72 and a beta of 1.09.

Analysts Set New Price Targets

Several research firms have issued reports on BBIO. Scotiabank raised their target price on BridgeBio Pharma from $44.00 to $45.00 and gave the stock a "sector outperform" rating in a research note on Friday, November 15th. JPMorgan Chase & Co. reduced their price objective on shares of BridgeBio Pharma from $46.00 to $43.00 and set an "overweight" rating on the stock in a report on Wednesday, August 7th. Oppenheimer assumed coverage on shares of BridgeBio Pharma in a research note on Thursday, October 3rd. They set a "market perform" rating for the company. Leerink Partners reduced their price target on shares of BridgeBio Pharma from $47.00 to $46.00 and set an "outperform" rating on the stock in a research note on Thursday, October 17th. Finally, Bank of America reissued a "buy" rating and set a $42.00 target price on shares of BridgeBio Pharma in a research note on Wednesday, September 11th. Two research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $47.57.

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.