Millennium Management LLC Sells 76,845 Shares of 89bio, Inc. (NASDAQ:ETNB)

Millennium Management LLC trimmed its position in 89bio, Inc. (NASDAQ:ETNB - Free Report) by 7.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,010,352 shares of the company's stock after selling 76,845 shares during the quarter. Millennium Management LLC owned about 1.03% of 89bio worth $8,093,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Quest Partners LLC lifted its position in 89bio by 226.2% during the 2nd quarter. Quest Partners LLC now owns 8,113 shares of the company's stock worth $65,000 after acquiring an additional 5,626 shares during the last quarter. Ameritas Investment Partners Inc. lifted its position in shares of 89bio by 28.4% during 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 during the last quarter. Principal Financial Group Inc. bought a new stake in 89bio during the 1st quarter valued at approximately $124,000. Chicago Partners Investment Group LLC grew its holdings in 89bio by 43.6% in the 4th quarter. Chicago Partners Investment Group LLC now owns 15,388 shares of the company's stock valued at $158,000 after buying an additional 4,673 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its position 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 buying an additional 1,360 shares during the period.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Cantor Fitzgerald restated an "overweight" rating and issued a $29.00 price objective on shares of 89bio in a research note on Friday, September 20th. HC Wainwright restated a "buy" rating and set a $29.00 price objective on shares of 89bio in a report on Tuesday, August 6th. Raymond James increased 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 lowered 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 equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $30.14.

89bio Price Performance

NASDAQ ETNB traded up $0.13 during trading on Thursday, reaching $7.44. 444,298 shares of the company traded hands, compared to its average volume of 969,872. 89bio, Inc. has a 1-year low of $6.57 and a 1-year high of $16.63. The company has a debt-to-equity ratio of 0.04, a quick ratio of 13.92 and a current ratio of 13.92. The stock's 50 day moving average price is $8.20 and its two-hundred day moving average price is $8.69. The company has a market cap of $731.98 million, a price-to-earnings ratio of -3.70 and a beta of 1.09.

89bio (NASDAQ:ETNB - Get Free Report) last announced its quarterly earnings results on Monday, August 5th. The company reported ($0.48) EPS for the quarter, beating the consensus estimate of ($0.56) by $0.08. During the same period last year, the business posted ($0.52) earnings per share. As a group, analysts anticipate that 89bio, Inc. will post -2.32 EPS for the current year.

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.