Vivo Capital LLC Invests $2.74 Million in 89BIO (NASDAQ:ETNB)

Key Points

• Vivo Capital LLC purchased 376,804 shares of 89BIO (NASDAQ:ETNB) for approximately $2.74 million, holding about 0.26% of the company after the transaction.
• Several other large investors have significantly increased their stakes in 89BIO, including CWM LLC, which raised its investment by over 9,265% in the first quarter.
• Analysts have a consensus rating of "Buy" on 89BIO with a price target of $28.83, despite the company recently reporting a quarterly loss of ($0.71) EPS, missing estimates.

Vivo Capital LLC bought a new stake in shares of 89BIO (NASDAQ:ETNB - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 376,804 shares of the company's stock, valued at approximately $2,739,000. Vivo Capital LLC owned about 0.26% of 89BIO at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of ETNB. Avoro Capital Advisors LLC acquired a new position in shares of 89BIO in the 4th quarter valued at $32,062,000. Deep Track Capital LP raised its stake in shares of 89BIO by 134.2% in the 4th quarter. Deep Track Capital LP now owns 6,478,249 shares of the company's stock valued at $50,660,000 after buying an additional 3,711,737 shares in the last quarter. Suvretta Capital Management LLC raised its stake in shares of 89BIO by 27.7% in the 4th quarter. Suvretta Capital Management LLC now owns 10,202,696 shares of the company's stock valued at $79,785,000 after buying an additional 2,211,052 shares in the last quarter. Emerald Advisers LLC acquired a new position in shares of 89BIO in the 1st quarter valued at $11,273,000. Finally, Vanguard Group Inc. raised its stake in shares of 89BIO by 25.8% in the 1st quarter. Vanguard Group Inc. now owns 7,163,609 shares of the company's stock valued at $52,079,000 after buying an additional 1,471,278 shares in the last quarter.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Royal Bank Of Canada lowered their target price on shares of 89BIO from $12.00 to $11.00 and set a "sector perform" rating on the stock in a report on Friday. Cantor Fitzgerald upgraded 89BIO to a "strong-buy" rating in a research note on Wednesday, April 30th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of 89BIO in a report on Tuesday, July 29th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $26.29.

Insider Buying and Selling at 89BIO

In other news, insider Quoc Le-Nguyen sold 10,461 shares of the stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $11.02, for a total value of $115,280.22. Following the transaction, the insider directly owned 309,364 shares of the company's stock, valued at $3,409,191.28. This represents a 3.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.80% of the company's stock.

89BIO Stock Up 2.9%

ETNB traded up $0.26 during trading on Tuesday, reaching $9.03. The company had a trading volume of 409,436 shares, compared to its average volume of 2,096,242. The company has a debt-to-equity ratio of 0.06, a current ratio of 18.03 and a quick ratio of 18.03. 89BIO has a 12 month low of $4.16 and a 12 month high of $11.84. The business's fifty day moving average price is $9.98 and its 200 day moving average price is $8.94. The company has a market cap of $1.32 billion, a P/E ratio of -2.48 and a beta of 1.28.

89BIO (NASDAQ:ETNB - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.71) EPS for the quarter, missing the consensus estimate of ($0.49) by ($0.22). During the same period last year, the business posted ($0.48) EPS. Equities analysts anticipate that 89BIO will post -3.19 EPS 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.