89bio, Inc. (NASDAQ:ETNB) Shares Purchased by Jacobs Levy Equity Management Inc.

Jacobs Levy Equity Management Inc. boosted its stake in shares of 89bio, Inc. (NASDAQ:ETNB - Free Report) by 186.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 130,894 shares of the company's stock after buying an additional 85,230 shares during the quarter. Jacobs Levy Equity Management Inc. owned approximately 0.12% of 89bio worth $969,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Candriam S.C.A. raised its stake in shares of 89bio by 173.6% during the second quarter. Candriam S.C.A. now owns 848,079 shares of the company's stock valued at $6,793,000 after acquiring an additional 538,079 shares in the last quarter. HighVista Strategies LLC acquired a new stake in shares of 89bio in the third quarter worth $494,000. Harbor Capital Advisors Inc. raised its position in 89bio by 165.3% during the third quarter. Harbor Capital Advisors Inc. now owns 227,930 shares of the company's stock valued at $1,687,000 after acquiring an additional 142,032 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of 89bio during the 2nd quarter valued at approximately $2,238,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in 89bio by 28.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 31,221 shares of the company's stock worth $364,000 after buying an additional 7,000 shares in the last quarter.

89bio Price Performance

NASDAQ ETNB traded down $0.06 during trading hours on Monday, hitting $8.01. 308,054 shares of the company's stock traded hands, compared to its average volume of 949,152. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09. The firm's 50-day moving average is $8.36 and its 200-day moving average is $8.37. 89bio, Inc. has a 52-week low of $7.00 and a 52-week high of $16.63.

Insiders Place Their Bets

In other 89bio news, Director Charles Mcwherter bought 10,000 shares of 89bio stock in a transaction on Thursday, December 5th. The shares were bought at an average cost of $8.00 per share, for a total transaction of $80,000.00. Following the acquisition, the director now directly owns 10,000 shares in the company, valued at $80,000. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on ETNB shares. Raymond James cut their price objective on shares of 89bio from $53.00 to $49.00 and set a "strong-buy" rating for the company in a report on Friday, November 8th. HC Wainwright reissued a "buy" rating and issued a $29.00 price objective on shares of 89bio in a report on Monday, November 11th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $29.00 target price on shares of 89bio in a research note on Friday, September 20th. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $30.33.

89bio Profile

89bio, Inc, a clinical-stage biopharmaceutical company, focuses on the development and commercialization of therapies for the treatment of liver and cardio-metabolic diseases. Its lead product candidate is pegozafermin, a glycoPEGylated analog of fibroblast growth factor 21 for the treatment of nonalcoholic steatohepatitis; and for the treatment of severe hypertriglyceridemia.