Deep Track Capital LP raised its holdings in 89bio, Inc. (NASDAQ:ETNB - Free Report) by 134.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,478,249 shares of the company's stock after purchasing an additional 3,711,737 shares during the quarter. 89bio accounts for 1.9% of Deep Track Capital LP's holdings, making the stock its 16th largest holding. Deep Track Capital LP owned 6.10% of 89bio worth $50,660,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Victory Capital Management Inc. boosted its position in shares of 89bio by 11.5% in the 4th quarter. Victory Capital Management Inc. now owns 13,969 shares of the company's stock valued at $109,000 after purchasing an additional 1,437 shares during the period. New York State Common Retirement Fund increased its stake in 89bio by 24.3% in the 4th quarter. New York State Common Retirement Fund now owns 16,367 shares of the company's stock valued at $128,000 after purchasing an additional 3,200 shares in the last quarter. Arizona State Retirement System increased its stake in 89bio by 15.8% in the 4th quarter. Arizona State Retirement System now owns 23,817 shares of the company's stock valued at $186,000 after purchasing an additional 3,252 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in 89bio by 17.1% in the 4th 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 in the last quarter. Finally, Invesco Ltd. increased its stake in 89bio by 12.0% in the 4th quarter. Invesco Ltd. now owns 36,236 shares of the company's stock valued at $283,000 after purchasing an additional 3,893 shares in the last quarter.
Analyst Upgrades and Downgrades
A number of equities research analysts have commented on ETNB shares. Citigroup started coverage on 89bio in a report on Thursday, March 13th. They set a "buy" rating and a $25.00 target price on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of 89bio in a report on Saturday. Cantor Fitzgerald upgraded 89bio to a "strong-buy" rating in a report on Wednesday, April 30th. UBS Group raised their price objective on 89bio from $25.00 to $38.00 and gave the stock a "buy" rating in a report on Friday, January 31st. Finally, HC Wainwright restated a "buy" rating and set a $21.00 price objective (down previously from $29.00) on shares of 89bio in a report on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, 89bio presently has a consensus rating of "Buy" and a consensus price target of $27.25.
Get Our Latest Stock Report on ETNB
Insider Activity
In related news, insider Quoc Le-Nguyen sold 15,329 shares of the company's 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 completion of the sale, the insider now directly owns 328,323 shares in the company, valued at approximately $1,953,521.85. This represents a 4.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 2.60% of the stock is currently owned by corporate insiders.
89bio Price Performance
Shares of NASDAQ ETNB traded up $0.48 during trading on Monday, hitting $8.18. The company had a trading volume of 742,872 shares, compared to its average volume of 1,359,441. The company has a market cap of $1.19 billion, a P/E ratio of -2.83 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 business's 50-day moving average is $7.26 and its 200 day moving average is $8.16. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66.
89bio (NASDAQ:ETNB - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported ($0.49) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.50) by $0.01. During the same quarter last year, the company earned ($0.54) EPS. Equities research analysts predict that 89bio, Inc. will post -3.19 earnings per share for the current fiscal year.
89bio Profile
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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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