Pictet Asset Management Holding SA Reduces Position in 89bio, Inc. (NASDAQ:ETNB)

Pictet Asset Management Holding SA trimmed its position in 89bio, Inc. (NASDAQ:ETNB - Free Report) by 7.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,007,034 shares of the company's stock after selling 239,574 shares during the period. Pictet Asset Management Holding SA owned about 2.83% of 89bio worth $23,515,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in ETNB. Intech Investment Management LLC purchased a new position in shares of 89bio in the third quarter worth approximately $160,000. Charles Schwab Investment Management Inc. raised its position in 89bio by 8.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 721,050 shares of the company's stock worth $5,336,000 after acquiring an additional 53,932 shares during the period. FMR LLC boosted its stake in shares of 89bio by 2,153.2% during the 3rd quarter. FMR LLC now owns 73,386 shares of the company's stock worth $543,000 after acquiring an additional 70,129 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of 89bio by 1.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 140,998 shares of the company's stock valued at $1,043,000 after acquiring an additional 1,624 shares during the period. Finally, Walleye Capital LLC increased its stake in shares of 89bio by 1,232.2% in the 3rd quarter. Walleye Capital LLC now owns 435,298 shares of the company's stock worth $3,221,000 after purchasing an additional 402,624 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Raymond James upgraded 89bio to a "strong-buy" rating in a research report on Thursday, December 12th. UBS Group boosted their price objective on 89bio from $25.00 to $38.00 and gave the company a "buy" rating in a research note on Friday, January 31st. HC Wainwright restated a "buy" rating and set a $21.00 target price (down previously from $29.00) on shares of 89bio in a research note on Friday, February 28th. Wolfe Research initiated coverage on shares of 89bio in a report on Tuesday, February 4th. They set an "outperform" rating on the stock. Finally, The Goldman Sachs Group initiated coverage on shares of 89bio in a research note on Friday, March 14th. They issued a "neutral" rating and a $11.00 price objective for the company. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $27.56.

Remove Ads

Insider Buying and Selling at 89bio

In other news, insider Quoc Le-Nguyen sold 10,963 shares of the company's stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $6.49, for a total transaction of $71,149.87. Following the sale, the insider now directly owns 271,833 shares in the company, valued at approximately $1,764,196.17. This represents a 3.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles Mcwherter purchased 5,000 shares of the company's stock in a transaction that occurred on Tuesday, January 21st. The stock was bought at an average price of $6.55 per share, with a total value of $32,750.00. Following the transaction, the director now owns 15,000 shares of the company's stock, valued at $98,250. This represents a 50.00 % increase in their position. The disclosure for this purchase can be found here. 2.80% of the stock is owned by company insiders.

89bio Price Performance

Shares of ETNB stock traded down $0.33 during trading hours on Thursday, hitting $6.86. The stock had a trading volume of 1,770,933 shares, compared to its average volume of 1,246,589. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. The stock has a market capitalization of $1.00 billion, a price-to-earnings ratio of -2.36 and a beta of 1.17. 89bio, Inc. has a one year low of $5.99 and a one year high of $11.84. The stock's 50-day moving average price is $9.19 and its two-hundred day moving average price is $8.40.

89bio (NASDAQ:ETNB - Get Free Report) last released its quarterly earnings data on Thursday, March 6th. The company reported ($1.02) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.60) by ($0.42). Equities analysts forecast that 89bio, Inc. will post -3.19 EPS for the current year.

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.