5 New Stock Picks of Billionaire Ken Fisher

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

Number of Hedge Fund Holders: 27

BridgeBio Pharma, Inc. (NASDAQ:BBIO) is a biotech firm that develops medicines for genetic diseases. Securities filings show that Fisher Asset Management owned 569,265 shares in the company at the end of the third quarter of 2021 worth $26.6 million, representing 0.01% of the portfolio. 

On September 10, investment advisory Bank of America upgraded BridgeBio Pharma, Inc. (NASDAQ:BBIO) stock to Buy from Neutral with a price target of $75, underlining the potential of several pipeline drugs of the firm. 

Among the hedge funds being tracked by Insider Monkey, Connecticut-based firm Viking Global is a leading shareholder in BridgeBio Pharma, Inc. (NASDAQ:BBIO) with 26 million shares worth more than $1.6 billion. 

In its Q2 2021 investor letter, Baron Opportunity Fund, an asset management firm, highlighted a few stocks and BridgeBio Pharma, Inc. (NASDAQ:BBIO) was one of them. Here is 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.”