FMR LLC increased its position in shares of 89bio, Inc. (NASDAQ:ETNB - Free Report) by 2,153.2% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 73,386 shares of the company's stock after buying an additional 70,129 shares during the period. FMR LLC owned 0.07% of 89bio worth $543,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of ETNB. Westfield Capital Management Co. LP lifted its stake in 89bio by 29.6% in the third quarter. Westfield Capital Management Co. LP now owns 3,006,038 shares of the company's stock valued at $22,245,000 after buying an additional 686,673 shares during the period. Algert Global LLC increased its stake in shares of 89bio by 103.4% in the 3rd quarter. Algert Global LLC now owns 62,217 shares of the company's stock valued at $460,000 after acquiring an additional 31,630 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of 89bio by 8.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 721,050 shares of the company's stock valued at $5,336,000 after acquiring an additional 53,932 shares during the period. Intech Investment Management LLC bought a new position in 89bio during the third quarter worth $160,000. Finally, Quest Partners LLC grew its holdings in 89bio by 172.1% in the third quarter. Quest Partners LLC now owns 22,074 shares of the company's stock worth $163,000 after purchasing an additional 13,961 shares during the period.
Analysts Set New Price Targets
A number of equities analysts have recently issued reports on ETNB shares. Raymond James raised shares of 89bio to a "strong-buy" rating in a research report on Thursday, December 12th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $29.00 price target on shares of 89bio in a report on Friday, September 20th. Finally, HC Wainwright restated a "buy" rating and set a $29.00 price objective on shares of 89bio in a report on Monday, November 11th. 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 company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $30.33.
Read Our Latest Research Report on 89bio
89bio Stock Down 7.6 %
Shares of 89bio stock traded down $0.58 on Thursday, hitting $7.03. The company had a trading volume of 4,655,971 shares, compared to its average volume of 965,951. 89bio, Inc. has a 1 year low of $6.43 and a 1 year high of $16.63. 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 stock has a 50 day moving average of $8.45 and a 200-day moving average of $8.35. The stock has a market capitalization of $746.07 million, a price-to-earnings ratio of -2.42 and a beta of 1.12.
Insider Activity at 89bio
In other 89bio news, CEO Rohan Palekar bought 10,000 shares of 89bio stock in a transaction dated Friday, November 22nd. The stock was bought at an average cost 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 in the company, valued at approximately $3,893,070.60. The trade was a 2.19 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last three months, insiders purchased 25,000 shares of company stock valued at $202,950. 2.80% of the stock is owned by insiders.
89bio Company Profile
(
Free Report)
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.
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