89bio, Inc. (NASDAQ:ETNB) Shares Sold by abrdn plc

abrdn plc lessened its stake in 89bio, Inc. (NASDAQ:ETNB - Free Report) by 30.0% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 329,338 shares of the company's stock after selling 141,049 shares during the quarter. abrdn plc owned approximately 0.31% of 89bio worth $2,575,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ETNB. JPMorgan Chase & Co. lifted its stake in 89bio by 77.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 99,467 shares of the company's stock worth $736,000 after purchasing an additional 43,384 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of 89bio in the fourth quarter worth about $1,897,000. Barclays PLC lifted its position in shares of 89bio by 228.9% in the third quarter. Barclays PLC now owns 214,768 shares of the company's stock worth $1,590,000 after buying an additional 149,479 shares in the last quarter. Geode Capital Management LLC boosted its stake in 89bio by 8.4% during the third quarter. Geode Capital Management LLC now owns 2,074,970 shares of the company's stock valued at $15,358,000 after buying an additional 160,356 shares during the last quarter. Finally, FMR LLC grew its holdings in 89bio by 2,153.2% during the 3rd quarter. FMR LLC now owns 73,386 shares of the company's stock valued at $543,000 after buying an additional 70,129 shares in the last quarter.

89bio Trading Down 2.6 %

Shares of NASDAQ:ETNB traded down $0.29 during trading on Thursday, reaching $10.72. 1,140,943 shares of the company were exchanged, compared to its average volume of 3,009,048. The business's fifty day simple moving average is $8.16 and its 200-day simple moving average is $8.32. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. 89bio, Inc. has a 12-month low of $5.99 and a 12-month high of $16.63. The firm has a market capitalization of $1.14 billion, a PE ratio of -3.68 and a beta of 1.17.

Insiders Place Their Bets

In other news, Director Charles Mcwherter bought 5,000 shares of the stock in a transaction on Tuesday, January 21st. The stock was bought at an average cost of $6.55 per share, for a total transaction of $32,750.00. Following the completion of the purchase, the director now directly owns 15,000 shares in the company, valued at approximately $98,250. The trade was a 50.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Quoc Le-Nguyen sold 10,963 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $6.49, for a total value of $71,149.87. Following the sale, the insider now owns 271,833 shares of the company's stock, valued at approximately $1,764,196.17. This represents a 3.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have bought 5,744,285 shares of company stock worth $50,235,694 in the last ninety days. 2.80% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on ETNB shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of 89bio in a research report on Saturday, February 1st. Raymond James upgraded shares of 89bio to a "strong-buy" rating in a research report on Thursday, December 12th. Cantor Fitzgerald restated an "overweight" rating and issued a $29.00 target price on shares of 89bio in a report on Thursday, January 2nd. UBS Group upped their target price on shares of 89bio from $25.00 to $38.00 and gave the company a "buy" rating in a research report on Friday, January 31st. Finally, Wolfe Research started coverage on 89bio in a research report on Tuesday, February 4th. They set an "outperform" rating on the stock. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $31.43.

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.