Deep Track Capital LP Buys 3,711,737 Shares of 89bio, Inc. (NASDAQ:ETNB)

Deep Track Capital LP increased its stake in shares of 89bio, Inc. (NASDAQ:ETNB - Free Report) by 134.2% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 6,478,249 shares of the company's stock after purchasing an additional 3,711,737 shares during the period. 89bio accounts for 1.9% of Deep Track Capital LP's investment portfolio, making the stock its 16th largest position. Deep Track Capital LP owned about 6.10% of 89bio worth $50,660,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Federated Hermes Inc. lifted its holdings in shares of 89bio by 206.9% in the fourth quarter. Federated Hermes Inc. now owns 6,283 shares of the company's stock worth $49,000 after buying an additional 4,236 shares in the last quarter. Quarry LP bought a new stake in 89bio during the 4th quarter worth approximately $55,000. Kingswood Wealth Advisors LLC purchased a new stake in 89bio in the 4th quarter worth approximately $86,000. Hsbc Holdings PLC bought a new position in 89bio in the 4th quarter valued at $87,000. Finally, Tower Research Capital LLC TRC grew its position in shares of 89bio by 109.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 11,725 shares of the company's stock valued at $92,000 after purchasing an additional 6,132 shares in the last quarter.

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 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 of the company's stock, valued at approximately $1,953,521.85. This trade represents a 4.46 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.80% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Cantor Fitzgerald raised 89bio to a "strong-buy" rating in a research note on Wednesday, April 30th. Citigroup initiated coverage on 89bio in a research report on Thursday, March 13th. They set a "buy" rating and a $25.00 price target for the company. Weiss Ratings restated a "sell (d-)" rating on shares of 89bio in a research report on Thursday, April 24th. 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 target price for the company. Finally, UBS Group increased their price target on shares of 89bio from $25.00 to $38.00 and gave the stock a "buy" rating in a report on Friday, January 31st. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, 89bio currently has an average rating of "Buy" and a consensus price target of $27.25.

89bio Price Performance

Shares of NASDAQ:ETNB opened at $7.75 on Wednesday. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09. The stock has a market cap of $1.13 billion, a PE ratio of -2.66 and a beta of 1.23. The company's fifty day moving average is $7.33 and its 200 day moving average is $8.17. 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 released its quarterly earnings data 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 previous year, the business posted ($0.54) EPS. Research analysts anticipate that 89bio, Inc. will post -3.19 earnings per share for the current year.

89bio Company 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.

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