Rock Springs Capital Management LP Takes $4.32 Million Position in 89bio, Inc. (NASDAQ:ETNB)

Rock Springs Capital Management LP purchased a new stake in 89bio, Inc. (NASDAQ:ETNB - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 552,741 shares of the company's stock, valued at approximately $4,322,000. Rock Springs Capital Management LP owned approximately 0.52% of 89bio as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the business. Federated Hermes Inc. lifted its position in 89bio by 206.9% during the fourth quarter. Federated Hermes Inc. now owns 6,283 shares of the company's stock valued at $49,000 after acquiring an additional 4,236 shares during the last quarter. Kingswood Wealth Advisors LLC acquired a new position in 89bio during the 4th quarter valued at approximately $86,000. Tower Research Capital LLC TRC raised its holdings in shares of 89bio by 109.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 11,725 shares of the company's stock worth $92,000 after buying an additional 6,132 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of 89bio by 11.5% during the fourth quarter. Victory Capital Management Inc. now owns 13,969 shares of the company's stock worth $109,000 after buying an additional 1,437 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of 89bio during the fourth quarter valued at $114,000.

Insider Activity

In related news, Director Ra Capital Management, L.P. bought 5,714,285 shares of the business's stock in a transaction dated Thursday, January 30th. The stock was acquired at an average price of $8.75 per share, with a total value of $49,999,993.75. Following the completion of the purchase, the director now directly owns 19,554,319 shares of the company's stock, valued at approximately $171,100,291.25. This trade represents a 41.29 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Quoc Le-Nguyen sold 15,329 shares of the company's stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $5.95, for a total transaction of $91,207.55. Following the transaction, the insider now owns 328,323 shares of the company's stock, valued at approximately $1,953,521.85. This trade represents a 4.46 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.80% of the company's stock.

89bio Price Performance

Shares of 89bio stock traded up $0.04 during trading hours on Friday, reaching $6.94. The stock had a trading volume of 906,074 shares, compared to its average volume of 1,315,584. The stock's 50 day moving average is $7.63 and its 200 day moving average is $8.16. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09. 89bio, Inc. has a twelve month low of $4.16 and a twelve month high of $11.84. The firm has a market capitalization of $1.01 billion, a PE ratio of -2.38 and a beta of 1.25.

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

Analysts Set New Price Targets

ETNB has been the subject of several research analyst reports. Wolfe Research assumed coverage on 89bio in a research note on Tuesday, February 4th. They issued an "outperform" rating for the company. The Goldman Sachs Group initiated coverage on shares of 89bio in a research report on Friday, March 14th. They set a "neutral" rating and a $11.00 price target for the company. Citigroup assumed coverage on shares of 89bio in a research note on Thursday, March 13th. They set a "buy" rating and a $25.00 price objective for the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of 89bio in a research note on Thursday. Finally, UBS Group boosted their target price on shares of 89bio from $25.00 to $38.00 and gave the company a "buy" rating in a research report on Friday, January 31st. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, 89bio currently has a consensus rating of "Moderate Buy" and a consensus target price of $27.25.

89bio 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.