Raymond James Financial Inc. purchased a new stake in shares of 89bio, Inc. (NASDAQ:ETNB - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 377,370 shares of the company's stock, valued at approximately $2,951,000. Raymond James Financial Inc. owned approximately 0.36% of 89bio at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the company. Quest Partners LLC raised its holdings in 89bio by 172.1% in the 3rd 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. Intech Investment Management LLC acquired a new position in 89bio in the 3rd quarter valued at approximately $160,000. Charles Schwab Investment Management Inc. raised its stake in shares of 89bio by 8.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 721,050 shares of the company's stock valued at $5,336,000 after acquiring an additional 53,932 shares during the last quarter. Algert Global LLC raised its stake in shares of 89bio by 103.4% during the third quarter. Algert Global LLC now owns 62,217 shares of the company's stock valued at $460,000 after acquiring an additional 31,630 shares during the last quarter. Finally, FMR LLC lifted its holdings in shares of 89bio by 2,153.2% during the third quarter. FMR LLC now owns 73,386 shares of the company's stock worth $543,000 after purchasing an additional 70,129 shares during the period.
89bio Trading Up 5.7 %
Shares of ETNB stock traded up $0.39 during trading hours on Wednesday, hitting $7.19. 2,021,555 shares of the company were exchanged, compared to its average volume of 1,244,500. The company has a 50 day simple moving average of $9.19 and a two-hundred day simple moving average of $8.40. The firm has a market cap of $1.05 billion, a P/E ratio of -2.47 and a beta of 1.17. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66. 89bio, Inc. has a fifty-two week low of $5.99 and a fifty-two week high of $11.84.
89bio (NASDAQ:ETNB - Get Free Report) last issued its earnings results on Thursday, March 6th. The company reported ($1.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.42). Equities analysts anticipate that 89bio, Inc. will post -3.19 EPS for the current year.
Insider Activity
In other news, Director Charles Mcwherter acquired 5,000 shares of the firm's stock in a transaction dated Tuesday, January 21st. The stock was purchased at an average price of $6.55 per share, for a total transaction of $32,750.00. Following the completion of the acquisition, the director now directly owns 15,000 shares in the company, valued at $98,250. The trade was a 50.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Quoc Le-Nguyen sold 10,963 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $6.49, for a total value of $71,149.87. Following the completion of the transaction, the insider now owns 271,833 shares in the company, valued at approximately $1,764,196.17. This represents a 3.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.80% of the stock is currently owned by company insiders.
Analyst Upgrades and Downgrades
Several brokerages recently issued reports on ETNB. Wolfe Research started coverage on 89bio in a research report on Tuesday, February 4th. They set an "outperform" rating for the company. Citigroup assumed coverage on 89bio in a research note on Thursday, March 13th. They issued a "buy" rating and a $25.00 price target for the company. UBS Group lifted their price objective on 89bio from $25.00 to $38.00 and gave the stock a "buy" rating in a research note on Friday, January 31st. Cantor Fitzgerald reiterated an "overweight" rating and issued a $29.00 target price on shares of 89bio in a report on Thursday, January 2nd. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of 89bio in a report on Saturday, March 22nd. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $27.56.
Read Our Latest Analysis on ETNB
About 89bio
(
Free Report)
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.
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