JPMorgan Chase & Co. Grows Stock Holdings in 89bio, Inc. (NASDAQ:ETNB)

JPMorgan Chase & Co. grew its stake in 89bio, Inc. (NASDAQ:ETNB - Free Report) by 77.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 99,467 shares of the company's stock after buying an additional 43,384 shares during the period. JPMorgan Chase & Co. owned 0.09% of 89bio worth $736,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in ETNB. Northwestern Mutual Wealth Management Co. purchased a new position in 89bio in the 2nd quarter worth $66,000. China Universal Asset Management Co. Ltd. raised its stake in shares of 89bio by 76.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company's stock worth $151,000 after purchasing an additional 8,810 shares during the last quarter. Intech Investment Management LLC acquired a new stake in shares of 89bio during the third quarter worth about $160,000. Quest Partners LLC boosted its position in 89bio by 172.1% in the third quarter. Quest Partners LLC now owns 22,074 shares of the company's stock valued at $163,000 after buying an additional 13,961 shares during the last quarter. Finally, SG Americas Securities LLC increased its holdings in 89bio by 21.4% in the 3rd quarter. SG Americas Securities LLC now owns 30,713 shares of the company's stock worth $227,000 after buying an additional 5,421 shares during the period.

89bio Price Performance

Shares of ETNB stock traded up $1.87 during mid-day trading on Monday, hitting $9.00. 26,084,831 shares of the stock were exchanged, compared to its average volume of 2,620,095. 89bio, Inc. has a 52-week low of $5.99 and a 52-week high of $16.63. 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 company has a market cap of $954.75 million, a PE ratio of -3.09 and a beta of 1.14. The firm has a fifty day moving average of $7.74 and a 200 day moving average of $8.18.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Raymond James upgraded shares of 89bio to a "strong-buy" rating in a research note on Thursday, December 12th. Weiss Ratings restated a "sell (d-)" rating on shares of 89bio in a research report on Saturday, January 18th. HC Wainwright reaffirmed a "buy" rating and set a $29.00 price target on shares of 89bio in a research report on Tuesday, January 21st. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $29.00 price objective on shares of 89bio in a report on Thursday, January 2nd. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $30.33.

Insiders Place Their Bets

In other news, CEO Rohan Palekar acquired 10,000 shares of 89bio stock in a transaction that occurred on Friday, November 22nd. The stock was purchased at an average cost of $8.35 per share, with a total value of $83,500.00. Following the purchase, the chief executive officer now owns 466,236 shares in the company, valued at $3,893,070.60. This trade represents a 2.19 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles Mcwherter purchased 5,000 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were acquired at an average price of $6.55 per share, for a total transaction of $32,750.00. Following the completion of the transaction, the director now directly owns 15,000 shares of the company's stock, valued at $98,250. The trade was a 50.00 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 30,000 shares of company stock worth $235,700. 2.80% of the stock is owned by corporate 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.