5 Best Biotech Stocks to Buy According to Joseph Edelman’s Perceptive Advisors

2. BridgeBio Pharma, Inc. (NASDAQ:BBIO)

Edelman’s Stake Value: $472,862,000

Percentage of Joseph Edelman’s 13F Portfolio: 6.13%

Number of Hedge Fund Holders: 27

BridgeBio Pharma, Inc. (NASDAQ: BBIO) is ranked second on our list of the 10 best biotech stocks to buy according to Joseph Edelman’s Perceptive Advisors. Headquartered in California, the company engages in the development and production of medicines for genetic diseases. 

According to the latest filings, Perceptive Advisors owned 7.75 million shares in BridgeBio Pharma, Inc (NASDAQ: BBIO) at the end of the second quarter of 2021, worth $472.8 million.

On September 10, Bank of America upgraded BridgeBio Pharma, Inc (NASDAQ: BBIO) from Neutral to Buy and kept the price target of $75, citing a positive outlook on the company’s upcoming trials. 

At the end of the second quarter of 2021, 27 hedge funds in the database of Insider Monkey held stakes worth $2.79 billion in BridgeBio Pharma, Inc. (NASDAQ: BBIO), up from 26 hedge funds in the previous quarter. Moreover, the company beat the analysts’ EPS estimate of -$0.97 by $0.31 for the second quarter of 2021.

 In its Q2 2021 investor letter, Baron Opportunity Fund mentioned BridgeBio Pharma, Inc. (NASDAQ: BBIO). Here’s what the fund said:  

“BridgeBio Pharma, Inc. is a biotechnology company developing drugs that address a host of genetic disorders. Shares fell in the quarter given concerns around increasing competition. While we expect positive results from BridgeBio’s Phase 3 trial for its lead program for TTR amyloidosis, a disease in which toxic proteins build up in the heart and nerves, encouraging updates from Alnylam’s competing drug, Vitrusiran, and more recently, Intellia’s gene editing platform, pressured the stock. We exited our position.”