Assenagon Asset Management S.A. Takes Position in 89bio, Inc. (NASDAQ:ETNB)

Assenagon Asset Management S.A. acquired a new position in shares of 89bio, Inc. (NASDAQ:ETNB - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 242,602 shares of the company's stock, valued at approximately $1,897,000. Assenagon Asset Management S.A. owned about 0.23% of 89bio at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of ETNB. American Century Companies Inc. increased its position in 89bio by 219.0% during the second quarter. American Century Companies Inc. now owns 63,864 shares of the company's stock worth $512,000 after buying an additional 43,842 shares during the period. Renaissance Technologies LLC purchased a new position in shares of 89bio during the second quarter worth approximately $2,238,000. XTX Topco Ltd acquired a new position in shares of 89bio in the 2nd quarter valued at $256,000. Squarepoint Ops LLC acquired a new position in shares of 89bio in the 2nd quarter valued at $327,000. Finally, The Manufacturers Life Insurance Company raised its position in 89bio by 12.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,355 shares of the company's stock valued at $251,000 after purchasing an additional 3,557 shares during the last quarter.

89bio Stock Performance

Shares of ETNB traded up $0.17 during mid-day trading on Thursday, reaching $6.92. 1,534,223 shares of the company's stock traded hands, compared to its average volume of 1,030,159. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66. The business's 50-day moving average price is $7.80 and its 200-day moving average price is $8.20. The stock has a market capitalization of $734.42 million, a P/E ratio of -2.38 and a beta of 1.14. 89bio, Inc. has a 12 month low of $5.99 and a 12 month high of $16.63.

Analyst Upgrades and Downgrades

Several analysts have commented on ETNB shares. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $29.00 price objective on shares of 89bio in a research note on Thursday, January 2nd. Raymond James raised 89bio to a "strong-buy" rating in a report on Thursday, December 12th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 89bio in a report on Saturday, January 18th. Finally, HC Wainwright reissued a "buy" rating and issued a $29.00 price objective on shares of 89bio in a research note on Tuesday. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $30.33.

Insider Buying and Selling

In other 89bio news, insider Quoc Le-Nguyen sold 10,963 shares of the company's stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $6.49, for a total value of $71,149.87. Following the transaction, the insider now directly owns 271,833 shares of the company's stock, valued at $1,764,196.17. This represents a 3.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Rohan Palekar bought 10,000 shares of 89bio stock in a transaction on Friday, November 22nd. The stock was acquired at an average price of $8.35 per share, with a total value of $83,500.00. Following the completion of the purchase, the chief executive officer now directly owns 466,236 shares of the company's stock, valued at approximately $3,893,070.60. The trade was a 2.19 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 25,000 shares of company stock worth $202,950 in the last three months. 2.80% of the stock is currently owned by insiders.

About 89bio

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.