89bio, Inc. (NASDAQ:ETNB) Shares Bought by Alliancebernstein L.P.

Alliancebernstein L.P. grew its holdings in 89bio, Inc. (NASDAQ:ETNB - Free Report) by 77.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,042,136 shares of the company's stock after purchasing an additional 455,074 shares during the period. Alliancebernstein L.P. owned approximately 0.98% of 89bio worth $8,150,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of ETNB. Kingswood Wealth Advisors LLC purchased a new stake in 89bio during the fourth quarter worth about $86,000. Victory Capital Management Inc. lifted its holdings in 89bio by 11.5% during the 4th 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 in the last quarter. KLP Kapitalforvaltning AS purchased a new position in 89bio in the 4th quarter valued at approximately $114,000. New York State Common Retirement Fund grew its stake in shares of 89bio by 24.3% in the fourth quarter. New York State Common Retirement Fund now owns 16,367 shares of the company's stock worth $128,000 after acquiring an additional 3,200 shares in the last quarter. Finally, Arizona State Retirement System increased its position in shares of 89bio by 15.8% during the fourth quarter. Arizona State Retirement System now owns 23,817 shares of the company's stock worth $186,000 after acquiring an additional 3,252 shares during the period.

Insider Buying and Selling

In related news, Director Ra Capital Management, L.P. bought 5,714,285 shares of the stock in a transaction that occurred on Thursday, January 30th. The stock was purchased at an average cost of $8.75 per share, for a total transaction of $49,999,993.75. Following the completion of the acquisition, the director now owns 19,554,319 shares in the company, valued at $171,100,291.25. This trade represents a 41.29 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles Mcwherter acquired 5,000 shares of the company's stock in a transaction dated Tuesday, January 21st. The shares were purchased at an average price of $6.55 per share, with a total value of $32,750.00. Following the completion of the acquisition, the director now owns 15,000 shares in the company, valued at approximately $98,250. The trade was a 50.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.80% of the stock is currently owned by company insiders.

89bio Price Performance

Shares of ETNB traded down $0.05 during trading hours on Thursday, reaching $5.84. The company had a trading volume of 224,344 shares, compared to its average volume of 1,302,279. 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 12-month low of $4.16 and a 12-month high of $11.84. The firm has a 50 day simple moving average of $8.25 and a 200-day simple moving average of $8.20. The company has a market capitalization of $852.98 million, a price-to-earnings ratio of -2.01 and a beta of 1.25.

89bio (NASDAQ:ETNB - Get Free Report) last issued its quarterly earnings data 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). 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 analyst reports. Citigroup assumed coverage on 89bio in a research note on Thursday, March 13th. They set a "buy" rating and a $25.00 target price for the company. Cantor Fitzgerald restated an "overweight" rating and set a $29.00 target price on shares of 89bio in a research note on Thursday, January 2nd. Weiss Ratings reiterated a "sell (d-)" rating on shares of 89bio in a report on Tuesday, April 8th. HC Wainwright restated a "buy" rating and issued a $21.00 price objective (down from $29.00) on shares of 89bio in a report on Friday, February 28th. Finally, The Goldman Sachs Group started coverage on 89bio in a research report on Friday, March 14th. They set a "neutral" rating and a $11.00 price objective for the company. 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 company. According to MarketBeat.com, 89bio has an average rating of "Moderate Buy" and a consensus target price of $27.56.

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.