Suvretta Capital Management LLC Increases Stock Holdings in 89bio, Inc. (NASDAQ:ETNB)

Suvretta Capital Management LLC raised its stake in 89bio, Inc. (NASDAQ:ETNB - Free Report) by 27.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,202,696 shares of the company's stock after purchasing an additional 2,211,052 shares during the period. 89bio accounts for about 2.7% of Suvretta Capital Management LLC's holdings, making the stock its 8th biggest position. Suvretta Capital Management LLC owned 9.61% of 89bio worth $79,785,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Sandia Investment Management LP lifted its position in 89bio by 28.5% during the 4th quarter. Sandia Investment Management LP now owns 11,286 shares of the company's stock worth $88,000 after acquiring an additional 2,500 shares in the last quarter. Sphera Funds Management LTD. increased its holdings in shares of 89bio by 3.7% in the 4th quarter. Sphera Funds Management LTD. now owns 556,532 shares of the company's stock valued at $4,352,000 after acquiring an additional 19,985 shares during the last quarter. RTW Investments LP increased its holdings in shares of 89bio by 1.3% in the 4th quarter. RTW Investments LP now owns 7,478,061 shares of the company's stock valued at $58,478,000 after acquiring an additional 99,513 shares during the last quarter. Redmile Group LLC grew its stake in 89bio by 38.0% during the 4th quarter. Redmile Group LLC now owns 2,167,176 shares of the company's stock worth $16,947,000 after buying an additional 597,326 shares during the last quarter. Finally, ProShare Advisors LLC grew its stake in 89bio by 32.0% during the 4th quarter. ProShare Advisors LLC now owns 29,149 shares of the company's stock worth $228,000 after buying an additional 7,070 shares during the last quarter.

Insider Transactions at 89bio

In related news, 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 value of $91,207.55. Following the completion of the sale, the insider now owns 328,323 shares in the company, valued at approximately $1,953,521.85. This represents a 4.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 2.60% of the stock is currently owned by corporate insiders.

89bio Stock Performance

ETNB traded up $0.39 during midday trading on Thursday, reaching $10.00. The company's stock had a trading volume of 1,587,223 shares, compared to its average volume of 1,418,327. The stock has a market cap of $1.46 billion, a P/E ratio of -3.43 and a beta of 1.23. The company has a fifty day simple moving average of $7.29 and a 200 day simple moving average of $8.17. 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.

89bio (NASDAQ:ETNB - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported ($0.49) EPS for the quarter, topping the consensus estimate of ($0.50) by $0.01. During the same period in the prior year, the company posted ($0.54) EPS. Research analysts expect that 89bio, Inc. will post -3.19 earnings per share for the current year.

Analysts Set New Price Targets

ETNB has been the subject of several recent analyst reports. Citigroup started 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. The Goldman Sachs Group began coverage on 89bio in a research note on Friday, March 14th. They set a "neutral" rating and a $11.00 target price for the company. Cantor Fitzgerald raised 89bio to a "strong-buy" rating in a report on Wednesday, April 30th. UBS Group upped their target price on 89bio from $25.00 to $38.00 and gave the company a "buy" rating in a report on Friday, January 31st. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 89bio in a report on Saturday, May 10th. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $26.43.

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.