Adage Capital Partners GP L.L.C. Sells 525,000 Shares of 89bio, Inc. (NASDAQ:ETNB)

Adage Capital Partners GP L.L.C. decreased its position in shares of 89bio, Inc. (NASDAQ:ETNB - Free Report) by 60.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 350,000 shares of the company's stock after selling 525,000 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 0.33% of 89bio worth $2,737,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in ETNB. Federated Hermes Inc. increased its stake in 89bio by 206.9% in the 4th quarter. Federated Hermes Inc. now owns 6,283 shares of the company's stock worth $49,000 after acquiring an additional 4,236 shares during the last quarter. Kingswood Wealth Advisors LLC bought a new position in 89bio during the fourth quarter valued at $86,000. Hsbc Holdings PLC purchased a new position in shares of 89bio in the 4th quarter worth $87,000. Tower Research Capital LLC TRC increased its holdings in shares of 89bio by 109.6% in the 4th 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. Finally, Victory Capital Management Inc. raised its position in shares of 89bio by 11.5% during the 4th quarter. Victory Capital Management Inc. now owns 13,969 shares of the company's stock valued at $109,000 after buying an additional 1,437 shares in the last quarter.

89bio Trading Down 2.9 %

Shares of NASDAQ:ETNB traded down $0.25 during trading on Monday, reaching $8.48. 261,333 shares of the company were exchanged, compared to its average volume of 2,273,353. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. The firm has a market capitalization of $1.24 billion, a PE ratio of -2.91 and a beta of 1.23. The business's fifty day simple moving average is $7.38 and its 200-day simple moving average is $8.17. 89bio, Inc. has a 12-month low of $4.16 and a 12-month high of $11.84.

89bio (NASDAQ:ETNB - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported ($0.49) earnings per share for the quarter, beating analysts' consensus estimates of ($0.50) by $0.01. During the same period in the prior year, the business earned ($0.54) EPS. On average, research analysts anticipate that 89bio, Inc. will post -3.19 EPS for the current year.

Wall Street Analyst Weigh In

ETNB has been the topic of several analyst reports. Cantor Fitzgerald raised 89bio to a "strong-buy" rating in a research note on Wednesday, April 30th. UBS Group increased their price target on 89bio from $25.00 to $38.00 and gave the company a "buy" rating in a report on Friday, January 31st. The Goldman Sachs Group started coverage on shares of 89bio in a research note on Friday, March 14th. They set a "neutral" rating and a $11.00 price objective for the company. Wolfe Research initiated coverage on shares of 89bio in a research note on Tuesday, February 4th. They issued an "outperform" rating on the stock. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 89bio in a research note on Thursday, April 24th. Two research analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $27.25.

Insiders Place Their Bets

In other news, insider Quoc Le-Nguyen sold 15,329 shares of the company's stock in a transaction that occurred 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 completion of the sale, the insider now owns 328,323 shares of the company's stock, valued at approximately $1,953,521.85. This represents a 4.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.80% of the stock is owned by company insiders.

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.