JPMorgan Chase & Co. Has $2.41 Million Position in 89bio, Inc. (NASDAQ:ETNB)

JPMorgan Chase & Co. raised its position in shares of 89bio, Inc. (NASDAQ:ETNB - Free Report) by 210.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 308,459 shares of the company's stock after buying an additional 208,992 shares during the period. JPMorgan Chase & Co. owned about 0.29% of 89bio worth $2,412,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Assenagon Asset Management S.A. bought a new stake in shares of 89bio during the fourth quarter valued at approximately $1,897,000. Barclays PLC grew its stake in shares of 89bio by 228.9% during the third quarter. Barclays PLC now owns 214,768 shares of the company's stock valued at $1,590,000 after purchasing an additional 149,479 shares during the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of 89bio during the fourth quarter valued at approximately $114,000. Geode Capital Management LLC grew its stake in shares of 89bio by 8.4% during the third quarter. Geode Capital Management LLC now owns 2,074,970 shares of the company's stock valued at $15,358,000 after purchasing an additional 160,356 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in shares of 89bio by 17.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 26,185 shares of the company's stock valued at $205,000 after purchasing an additional 3,820 shares during the last quarter.

89bio Stock Up 2.0 %

Shares of NASDAQ:ETNB traded up $0.15 during midday trading on Tuesday, reaching $7.55. 1,521,250 shares of the company were exchanged, compared to its average volume of 1,323,169. 89bio, Inc. has a fifty-two week low of $4.16 and a fifty-two week high of $11.84. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09. The stock has a fifty day simple moving average of $7.49 and a two-hundred day simple moving average of $8.17. The firm has a market cap of $1.10 billion, a PE ratio of -2.59 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) EPS for the quarter, missing analysts' consensus estimates of ($0.60) by ($0.42). As a group, sell-side analysts forecast that 89bio, Inc. will post -3.19 earnings per share for the current year.

Insider Buying and Selling

In other 89bio news, insider Quoc Le-Nguyen sold 15,329 shares of 89bio stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $5.95, for a total value of $91,207.55. Following the sale, the insider now directly owns 328,323 shares in the company, valued at approximately $1,953,521.85. The trade was a 4.46 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ra Capital Management, L.P. purchased 5,714,285 shares of the stock in a transaction on Thursday, January 30th. The stock was acquired at an average price of $8.75 per share, for a total transaction of $49,999,993.75. Following the completion of the purchase, the director now directly owns 19,554,319 shares in the company, valued at approximately $171,100,291.25. The trade was a 41.29 % increase in their position. The disclosure for this purchase can be found here. 2.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on ETNB. Wolfe Research began coverage on shares of 89bio in a research note on Tuesday, February 4th. They issued an "outperform" rating on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $21.00 price objective (down from $29.00) on shares of 89bio in a research note on Friday, February 28th. Citigroup began coverage on shares of 89bio in a research note on Thursday, March 13th. They issued a "buy" rating and a $25.00 price objective on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 89bio in a research note on Thursday, April 24th. Finally, UBS Group raised their price objective on shares of 89bio from $25.00 to $38.00 and gave the company a "buy" rating in a research note on Friday, January 31st. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $27.25.

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.