Algert Global LLC Increases Holdings in 89bio, Inc. (NASDAQ:ETNB)

Algert Global LLC lifted its stake in shares of 89bio, Inc. (NASDAQ:ETNB - Free Report) by 198.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 185,407 shares of the company's stock after acquiring an additional 123,190 shares during the period. Algert Global LLC owned 0.17% of 89bio worth $1,450,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Federated Hermes Inc. grew its stake in shares of 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 in the last quarter. Quarry LP bought a new stake in shares of 89bio in the 4th quarter worth $55,000. Kingswood Wealth Advisors LLC bought a new stake in shares of 89bio in the 4th quarter worth $86,000. Hsbc Holdings PLC bought a new stake in shares of 89bio in the 4th quarter worth $87,000. Finally, Tower Research Capital LLC TRC grew its stake 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 acquiring an additional 6,132 shares in the last quarter.

Insiders Place Their Bets

In other news, insider Quoc Le-Nguyen sold 15,329 shares of the stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $5.95, for a total transaction of $91,207.55. Following the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.60% of the company's stock.

Wall Street Analysts Forecast Growth

ETNB has been the subject of several research reports. The Goldman Sachs Group initiated coverage on shares of 89bio in a research report on Friday, March 14th. They set a "neutral" rating and a $11.00 price target for the company. Cantor Fitzgerald upgraded shares of 89bio to a "strong-buy" rating in a research report on Wednesday, April 30th. Citigroup initiated coverage on shares of 89bio in a research report on Thursday, March 13th. They set a "buy" rating and a $25.00 price target for the company. Wolfe Research initiated coverage on shares of 89bio in a research report on Tuesday, February 4th. They set an "outperform" rating for the company. Finally, UBS Group increased their target price on shares of 89bio from $25.00 to $38.00 and gave the stock a "buy" rating in a research report on Friday, January 31st. Two investment analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $27.25.

89bio Stock Performance

Shares of NASDAQ:ETNB traded down $0.31 during mid-day trading on Tuesday, reaching $7.80. 1,628,828 shares of the company traded hands, compared to its average volume of 1,364,526. The company's 50 day moving average price is $7.25 and its 200-day moving average price is $8.17. The firm has a market cap of $1.14 billion, a PE ratio of -2.68 and a beta of 1.23. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. 89bio, Inc. has a 52 week low of $4.16 and a 52 week high of $11.84.

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

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.