Melqart Asset Management UK Ltd Grows Position in BridgeBio Pharma, Inc. (NASDAQ:BBIO)

Melqart Asset Management UK Ltd boosted its position in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 31.0% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 403,485 shares of the company's stock after acquiring an additional 95,574 shares during the period. Melqart Asset Management UK Ltd owned 0.21% of BridgeBio Pharma worth $10,273,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. California State Teachers Retirement System increased its position in shares of BridgeBio Pharma by 7.3% during the first quarter. California State Teachers Retirement System now owns 105,596 shares of the company's stock valued at $3,265,000 after buying an additional 7,153 shares during the period. Comerica Bank increased its position in shares of BridgeBio Pharma by 3,013.5% during the first quarter. Comerica Bank now owns 38,514 shares of the company's stock valued at $1,191,000 after buying an additional 37,277 shares during the period. Diversified Trust Co increased its position in shares of BridgeBio Pharma by 28.9% during the second quarter. Diversified Trust Co now owns 35,713 shares of the company's stock valued at $905,000 after buying an additional 8,011 shares during the period. Assenagon Asset Management S.A. increased its position in shares of BridgeBio Pharma by 3,429.6% during the second quarter. Assenagon Asset Management S.A. now owns 246,895 shares of the company's stock valued at $6,254,000 after buying an additional 239,900 shares during the period. Finally, Bfsg LLC grew its holdings in shares of BridgeBio Pharma by 175.6% during the second quarter. Bfsg LLC now owns 1,240 shares of the company's stock worth $31,000 after purchasing an additional 790 shares in the last quarter. 99.85% of the stock is currently owned by institutional investors.

BridgeBio Pharma Trading Up 2.0 %

BBIO traded up $0.52 during trading on Wednesday, reaching $27.10. The stock had a trading volume of 1,652,798 shares, compared to its average volume of 1,916,031. The stock's 50 day moving average is $25.08 and its two-hundred day moving average is $26.11. The company has a market capitalization of $5.12 billion, a price-to-earnings ratio of -11.03 and a beta of 1.08. BridgeBio Pharma, Inc. has a one year low of $21.62 and a one year high of $44.32.

Insiders Place Their Bets

In other news, CFO Brian C. Stephenson sold 4,156 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $22.41, for a total value of $93,135.96. Following the sale, the chief financial officer now directly owns 93,758 shares of the company's stock, valued at approximately $2,101,116.78. This represents a 4.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Genetic Disorder L.P. Kkr sold 5,800,000 shares of the 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 sale, the insider now directly owns 25,260,971 shares in the company, valued at $650,470,003.25. This trade represents a 18.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,831,545 shares of company stock worth $150,056,923. 24.66% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

BBIO has been the subject of several recent analyst reports. JPMorgan Chase & Co. cut their price objective on BridgeBio Pharma from $46.00 to $43.00 and set an "overweight" rating for the company in a report on Wednesday, August 7th. Oppenheimer initiated coverage on BridgeBio Pharma in a report on Thursday, October 3rd. They set a "market perform" rating for the company. Scotiabank upped their target price on BridgeBio Pharma from $45.00 to $48.00 and gave the stock a "sector outperform" rating in a research note on Monday, November 25th. Piper Sandler initiated coverage on BridgeBio Pharma in a research note on Wednesday, September 4th. They issued an "overweight" rating and a $46.00 target price for the company. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $70.00 target price on shares of BridgeBio Pharma in a research note on Monday, September 16th. Two analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $48.43.

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.