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

Massachusetts Financial Services Co. MA increased its stake in shares of BridgeBio Pharma, Inc. (NASDAQ:BBIO) by 23.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 737,367 shares of the company’s stock after acquiring an additional 139,104 shares during the period. Massachusetts Financial Services Co. MA’s holdings in BridgeBio Pharma were worth $18,773,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Intech Investment Management LLC acquired a new stake in BridgeBio Pharma during the 3rd quarter worth approximately $1,136,000. Advisors Asset Management Inc. raised its stake in shares of BridgeBio Pharma by 56.1% during the third quarter. Advisors Asset Management Inc. now owns 4,576 shares of the company’s stock worth $117,000 after purchasing an additional 1,645 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of BridgeBio Pharma during the third quarter worth $309,000. Jennison Associates LLC purchased a new position in BridgeBio Pharma in the 3rd quarter valued at $767,000. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new position in BridgeBio Pharma in the 3rd quarter valued at $932,000. Hedge funds and other institutional investors own 99.85% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Neil Kumar sold 27,389 shares of BridgeBio Pharma 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 completion of the sale, the chief executive officer now directly owns 4,897,443 shares in the company, valued at $109,751,697.63. The trade was a 0.56 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Brian C. Stephenson sold 4,156 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $22.41, for a total transaction of $93,135.96. Following the transaction, the chief financial officer now directly owns 93,758 shares in the company, valued at $2,101,116.78. The trade was a 4.24 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,831,545 shares of company stock valued at $150,056,923. Corporate insiders own 24.66% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on BBIO shares. JPMorgan Chase & Co. lowered their target price 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. Piper Sandler began coverage on BridgeBio Pharma in a report on Wednesday, September 4th. They issued an “overweight” rating and a $46.00 price objective on the stock. Oppenheimer began coverage on BridgeBio Pharma in a research note on Thursday, October 3rd. They set a “market perform” rating for the company. HC Wainwright lifted their price target on BridgeBio Pharma from $43.00 to $49.00 and gave the company a “buy” rating in a research note on Monday. Finally, 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 research report on Monday. Two equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $48.43.

BridgeBio Pharma Price Performance

BBIO stock opened at $27.19 on Tuesday. BridgeBio Pharma, Inc. has a 12 month low of $21.62 and a 12 month high of $44.32. The firm has a market capitalization of $5.14 billion, a PE ratio of -11.28 and a beta of 1.09. The company’s 50 day simple moving average is $24.98 and its 200-day simple moving average is $26.23.

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.