HighVista Strategies LLC Acquires New Shares in 89bio, Inc. (NASDAQ:ETNB)

HighVista Strategies LLC bought a new stake in shares of 89bio, Inc. (NASDAQ:ETNB - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 66,787 shares of the company's stock, valued at approximately $494,000. HighVista Strategies LLC owned approximately 0.06% of 89bio at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Quest Partners LLC lifted its position in 89bio by 226.2% in the second quarter. Quest Partners LLC now owns 8,113 shares of the company's stock valued at $65,000 after buying an additional 5,626 shares during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of 89bio during the second quarter worth $66,000. China Universal Asset Management Co. Ltd. lifted its holdings in 89bio by 76.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company's stock valued at $151,000 after acquiring an additional 8,810 shares during the period. Intech Investment Management LLC acquired a new stake in 89bio in the third quarter valued at $160,000. Finally, SG Americas Securities LLC purchased a new position in shares of 89bio in the second quarter valued at $203,000.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other news, CEO Rohan Palekar acquired 10,000 shares of the stock in a transaction on Friday, November 22nd. The shares were purchased at an average cost of $8.35 per share, for a total transaction of $83,500.00. Following the transaction, the chief executive officer now owns 466,236 shares in the company, valued at approximately $3,893,070.60. This trade represents a 2.19 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.80% of the stock is currently owned by company insiders.

89bio Price Performance

89bio stock traded down $0.43 during mid-day trading on Wednesday, hitting $8.30. The company's stock had a trading volume of 618,559 shares, compared to its average volume of 941,486. 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 stock has a market capitalization of $880.88 million, a P/E ratio of -2.85 and a beta of 1.12. 89bio, Inc. has a twelve month low of $7.00 and a twelve month high of $16.63. The stock's fifty day moving average price is $8.33 and its two-hundred day moving average price is $8.39.

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.