Renaissance Technologies LLC Invests $2.24 Million in 89bio, Inc. (NASDAQ:ETNB)

Renaissance Technologies LLC bought a new position in 89bio, Inc. (NASDAQ:ETNB - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 279,400 shares of the company's stock, valued at approximately $2,238,000. Renaissance Technologies LLC owned approximately 0.28% of 89bio at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of ETNB. PNC Financial Services Group Inc. raised its holdings in 89bio by 10.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 14,760 shares of the company's stock worth $165,000 after acquiring an additional 1,360 shares during the last quarter. Ameritas Investment Partners Inc. increased its holdings in shares of 89bio by 28.4% in the 1st quarter. Ameritas Investment Partners Inc. now owns 7,886 shares of the company's stock worth $92,000 after purchasing an additional 1,744 shares in the last quarter. Swiss National Bank raised its stake in shares of 89bio by 3.1% in the first quarter. Swiss National Bank now owns 147,200 shares of the company's stock worth $1,713,000 after purchasing an additional 4,400 shares during the last quarter. Chicago Partners Investment Group LLC lifted its holdings in shares of 89bio by 43.6% during the fourth quarter. Chicago Partners Investment Group LLC now owns 15,388 shares of the company's stock valued at $158,000 after purchasing an additional 4,673 shares in the last quarter. Finally, ProShare Advisors LLC boosted its position in shares of 89bio by 34.5% during the first quarter. ProShare Advisors LLC now owns 20,737 shares of the company's stock valued at $241,000 after buying an additional 5,319 shares during the last quarter.

89bio Stock Performance

Shares of NASDAQ:ETNB traded down $0.10 during midday trading on Thursday, hitting $7.16. The company had a trading volume of 660,849 shares, compared to its average volume of 984,202. The company has a fifty day moving average of $8.40 and a two-hundred day moving average of $8.84. 89bio, Inc. has a 12-month low of $6.57 and a 12-month high of $16.63. The company has a debt-to-equity ratio of 0.04, a current ratio of 13.92 and a quick ratio of 13.92. The company has a market cap of $704.43 million, a price-to-earnings ratio of -3.56 and a beta of 1.09.

89bio (NASDAQ:ETNB - Get Free Report) last released its earnings results on Monday, August 5th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $0.08. During the same quarter in the previous year, the business earned ($0.52) earnings per share. On average, equities research analysts expect that 89bio, Inc. will post -2.32 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. HC Wainwright restated a "buy" rating and set a $29.00 target price on shares of 89bio in a research note on Tuesday, August 6th. Cantor Fitzgerald restated an "overweight" rating and issued a $29.00 target price on shares of 89bio in a report on Friday, September 20th. Raymond James boosted their target price on shares of 89bio from $50.00 to $53.00 and gave the company a "strong-buy" rating in a research note on Tuesday, August 6th. Finally, Royal Bank of Canada dropped their price target on 89bio from $13.00 to $12.00 and set a "sector perform" rating on the stock in a research note on Tuesday, August 6th. Two analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, 89bio currently has a consensus rating of "Moderate Buy" and an average target price of $30.14.

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.