Alliancebernstein L.P. Reduces $10M in BridgeBio Pharma, Inc. ($BBIO)
Alliancebernstein L.P. has reduced its holdings in BridgeBio Pharma, Inc. according to its latest 13F filing.
Key Points
- Alliancebernstein L.P. trimmed its position in BridgeBio Pharma, Inc. by 141,839 shares, bringing its total to 1,908,907 shares valued at approximately $128.2 million.
- BridgeBio Pharma, Inc. shares traded at $67.14, with a market cap of about $13.2 billion and a forward P/E ratio of 135.9.
- Analysts are generally positive on BridgeBio, with a consensus rating of strong buy and a mean price target of $102.71.
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Alliancebernstein L.P. trimmed its position in BridgeBio Pharma, Inc. (NasdaqGS: BBIO) by 141,839 shares, according to its latest Form 13F filing with the SEC. This reduction brings its total shares held to 1,908,907, valued at approximately $128.2 million as of the reporting period.
What Changed in Alliancebernstein's BridgeBio Pharma Position
Alliancebernstein's stake decreased from 2,050,746 shares to 1,908,907 shares, reflecting a reduction of about 6.9%. The reported value of this position is approximately $128.2 million.
Other Institutional Activity in BridgeBio Pharma
In addition to Alliancebernstein, several other funds adjusted their positions in BridgeBio Pharma during the same period. BlackRock, Inc. reduced its stake by 341,772 shares, ending with 14,207,757 shares valued at around $1.06 billion. Meanwhile, Janus Henderson Group PLC increased its holdings by 2,178,556 shares, bringing its total to 13,179,013 shares worth approximately $978.6 million. Viking Global Investors LP cut its position by 2,551,500 shares, resulting in a total of 11,842,434 shares valued at about $879.4 million. Farallon Capital Management LLC added 367,000 shares, increasing its stake to 9,365,463 shares worth roughly $695.5 million. Vanguard Portfolio Management LLC boosted its position significantly, acquiring 8,080,573 shares valued at around $600.1 million.
BridgeBio Pharma, Inc. Stock Down 12.3%
Shares of NasdaqGS: BBIO traded near $67.14. BridgeBio Pharma, Inc. has a market cap of approximately $13.2 billion, a forward P/E ratio of 135.9, and a beta of 0.975. The stock has a 52-week low of $38.58 and a 52-week high of $84.94, with a 50-day moving average of $70.28 and a 200-day moving average of $67.14.
$BBIO stock price
Daily closing prices, year to date. Not investment advice.
Recent Earnings
In its latest earnings report, BridgeBio Pharma posted revenue of $579.96 million, reflecting a growth rate of 66.8%. The company reported an earnings per share (EPS) of -$3.74, indicating ongoing challenges despite revenue growth.
Dividend
BridgeBio Pharma does not currently pay a dividend based on the available data.
Insider Buying and Selling at BridgeBio Pharma, Inc.
Insider activity included several sales by CEO Neil Kumar, who sold 40,000 shares at an average price of $67.88 on June 5 and 40,000 shares at $67.46 on June 4. Additionally, he sold 26,103 shares at $69.44 on May 21. President and CFO Thomas Trimarchi sold 22,781 shares at $66.13 on May 16 and 13,651 shares at $65.08 on May 18.
Analysts Set New Price Targets
Canaccord Genuity initiated coverage with a buy rating and a price target of $104.00, while Citigroup started coverage with a hold rating and a target of $82.00. The consensus among analysts is a strong buy with a mean price target of $102.71 based on 23 opinions.
About BridgeBio Pharma, Inc.
BridgeBio Pharma, Inc. is a biopharmaceutical company focused on developing medicines for patients with genetic diseases. The company is known for its innovative treatments like Attruby for cardiomyopathy and Fosdenopterin for molybdenum cofactor deficiency. Founded in 2015 and based in Palo Alto, California, it also works on gene therapies and has partnerships with major firms in the healthcare sector.
Bottom Line
The recent trimming of shares by Alliancebernstein highlights ongoing adjustments in institutional holdings for BridgeBio Pharma. Investors often track these changes as they can indicate shifts in market sentiment. The 13F filing reflects positions as of the reporting period and may not represent current holdings.
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