Adage Capital Partners GP L.L.C. trimmed its holdings in 89bio, Inc. (NASDAQ:ETNB - Free Report) by 60.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 350,000 shares of the company's stock after selling 525,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.33% of 89bio worth $2,737,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in 89bio by 13.7% in the fourth quarter. Vanguard Group Inc. now owns 5,692,331 shares of the company's stock worth $44,514,000 after purchasing an additional 686,054 shares during the last quarter. Avoro Capital Advisors LLC bought a new stake in shares of 89bio in the 4th quarter valued at about $32,062,000. Geode Capital Management LLC boosted its holdings in 89bio by 6.4% during the 4th quarter. Geode Capital Management LLC now owns 2,207,608 shares of the company's stock valued at $17,267,000 after acquiring an additional 132,638 shares during the period. Candriam S.C.A. grew its position in 89bio by 24.5% during the 4th quarter. Candriam S.C.A. now owns 1,055,661 shares of the company's stock worth $8,255,000 after acquiring an additional 207,582 shares during the last quarter. Finally, Alliancebernstein L.P. increased its stake in 89bio by 77.5% in the 4th quarter. Alliancebernstein L.P. now owns 1,042,136 shares of the company's stock worth $8,150,000 after purchasing an additional 455,074 shares during the period.
Wall Street Analysts Forecast Growth
Several research analysts have recently issued reports on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of 89bio in a report on Thursday, April 24th. Wolfe Research initiated coverage on shares of 89bio in a research report on Tuesday, February 4th. They issued an "outperform" rating on the stock. HC Wainwright reiterated a "buy" rating and set a $21.00 target price (down from $29.00) on shares of 89bio in a report on Friday, February 28th. The Goldman Sachs Group initiated coverage on 89bio in a research note on Friday, March 14th. They issued a "neutral" rating and a $11.00 target price on the stock. Finally, Cantor Fitzgerald raised 89bio to a "strong-buy" rating in a research report on Wednesday. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $27.25.
Get Our Latest Stock Report on ETNB
Insider Buying and Selling
In other news, insider Quoc Le-Nguyen sold 15,329 shares of 89bio stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $5.95, for a total transaction of $91,207.55. Following the completion of the transaction, the insider now directly owns 328,323 shares in the company, valued at approximately $1,953,521.85. This trade represents a 4.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.80% of the stock is currently owned by insiders.
89bio Stock Up 7.4 %
Shares of NASDAQ:ETNB traded up $0.60 during trading on Friday, hitting $8.73. The stock had a trading volume of 2,526,878 shares, compared to its average volume of 1,342,540. The company has a quick ratio of 11.66, a current 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 company has a market capitalization of $1.27 billion, a PE ratio of -3.00 and a beta of 1.25. The firm's fifty day moving average is $7.38 and its 200 day moving average is $8.17.
89bio (NASDAQ:ETNB - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The company reported ($0.49) EPS for the quarter, beating the consensus estimate of ($0.50) by $0.01. During the same period in the previous year, the business posted ($0.54) EPS. Analysts anticipate that 89bio, Inc. will post -3.19 EPS for the current fiscal year.
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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