Erste Asset Management GmbH Acquires New Position in 89bio, Inc. (NASDAQ:ETNB)

Erste Asset Management GmbH bought a new position in 89bio, Inc. (NASDAQ:ETNB - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 763,000 shares of the company's stock, valued at approximately $5,631,000. Erste Asset Management GmbH owned approximately 0.72% of 89bio as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its stake in 89bio by 9.6% in the first quarter. Vanguard Group Inc. now owns 4,722,971 shares of the company's stock valued at $54,975,000 after buying an additional 415,386 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of 89bio by 28.9% in 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 during the last quarter. Comerica Bank lifted its stake in shares of 89bio by 9.7% during the first quarter. Comerica Bank now owns 171,000 shares of the company's stock worth $1,990,000 after buying an additional 15,070 shares during the period. Harbor Capital Advisors Inc. grew its holdings in shares of 89bio by 254.1% during the second quarter. Harbor Capital Advisors Inc. now owns 85,898 shares of the company's stock valued at $688,000 after buying an additional 61,641 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in shares of 89bio in the 2nd quarter valued at $203,000.

89bio Price Performance

Shares of NASDAQ:ETNB traded down $0.71 during trading on Tuesday, reaching $8.73. 547,277 shares of the company's stock traded hands, compared to its average volume of 942,872. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09. 89bio, Inc. has a fifty-two week low of $7.00 and a fifty-two week high of $16.63. The company has a 50-day simple moving average of $8.32 and a 200-day simple moving average of $8.39. The firm has a market cap of $926.51 million, a PE ratio of -3.00 and a beta of 1.12.

Insiders Place Their Bets

In other news, 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 acquisition, the chief executive officer now directly owns 466,236 shares of the company's stock, valued at $3,893,070.60. The trade was a 2.19 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.80% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

ETNB has been the topic of a number of research reports. Royal Bank of Canada cut their price objective on 89bio from $13.00 to $12.00 and set a "sector perform" rating on the stock in a report on Tuesday, August 6th. HC Wainwright reiterated a "buy" rating and issued a $29.00 price target on shares of 89bio in a report on Monday, November 11th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $29.00 price objective on shares of 89bio in a report on Friday, September 20th. Finally, Raymond James cut their price objective on shares of 89bio from $53.00 to $49.00 and set a "strong-buy" rating on the stock in a research note on Friday, November 8th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $30.33.

89bio Company 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.