Ally Bridge Group NY LLC Makes New Investment in 89bio, Inc. (NASDAQ:ETNB)

Ally Bridge Group NY LLC acquired a new position in shares of 89bio, Inc. (NASDAQ:ETNB - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 317,833 shares of the company's stock, valued at approximately $2,485,000. 89bio comprises about 2.1% of Ally Bridge Group NY LLC's investment portfolio, making the stock its 23rd biggest position. Ally Bridge Group NY LLC owned about 0.30% of 89bio as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of 89bio by 13.7% in the fourth quarter. Vanguard Group Inc. now owns 5,692,331 shares of the company's stock valued at $44,514,000 after purchasing an additional 686,054 shares during the period. Avoro Capital Advisors LLC acquired a new position in shares of 89bio in the 4th quarter valued at about $32,062,000. Geode Capital Management LLC raised its position in shares of 89bio by 6.4% during the 4th quarter. Geode Capital Management LLC now owns 2,207,608 shares of the company's stock worth $17,267,000 after purchasing an additional 132,638 shares during the period. Candriam S.C.A. boosted its holdings in shares of 89bio by 24.5% during the fourth quarter. Candriam S.C.A. now owns 1,055,661 shares of the company's stock valued at $8,255,000 after acquiring an additional 207,582 shares during the period. Finally, Alliancebernstein L.P. grew its position 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 last quarter.

89bio Stock Down 1.4 %

89bio stock traded down $0.12 during mid-day trading on Monday, hitting $8.61. The company's stock had a trading volume of 1,417,273 shares, compared to its average volume of 1,342,839. The company has a market cap of $1.26 billion, a PE ratio of -2.96 and a beta of 1.23. 89bio, Inc. has a 52-week low of $4.16 and a 52-week high of $11.84. 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's 50 day moving average is $7.38 and its 200 day moving average is $8.17.

89bio (NASDAQ:ETNB - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The company reported ($0.49) earnings per share for the quarter, beating the consensus estimate of ($0.50) by $0.01. During the same quarter last year, the business posted ($0.54) earnings per share. On average, analysts anticipate that 89bio, Inc. will post -3.19 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ETNB. Weiss Ratings reiterated a "sell (d-)" rating on shares of 89bio in a report on Thursday, April 24th. HC Wainwright reiterated a "buy" rating and issued a $21.00 target price (down from $29.00) on shares of 89bio in a report on Friday, February 28th. Citigroup began coverage on shares of 89bio in a report on Thursday, March 13th. They set a "buy" rating and a $25.00 target price for the company. Wolfe Research began coverage on 89bio in a report on Tuesday, February 4th. They issued an "outperform" rating on the stock. Finally, The Goldman Sachs Group started coverage on 89bio in a report on Friday, March 14th. They issued a "neutral" rating and a $11.00 target price on the stock. 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 stock. According to data from MarketBeat.com, 89bio currently has a consensus rating of "Buy" and a consensus target price of $27.25.

Insider Activity at 89bio

In other news, insider Quoc Le-Nguyen sold 15,329 shares of the firm's stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $5.95, for a total transaction of $91,207.55. Following the completion of the sale, the insider now directly owns 328,323 shares of the company's stock, valued at $1,953,521.85. This trade represents a 4.46 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.80% of the company's stock.

About 89bio

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.