Rafferty Asset Management LLC Buys 48,502 Shares of 89BIO $ETNB

Key Points

• Rafferty Asset Management LLC increased its stake in 89BIO by 54.7%, owning 137,247 shares worth approximately $998,000 as of the last quarter.
• 89BIO reported a loss of ($0.71) earnings per share for the last quarter, missing analysts' expectations, with a projected total EPS of -3.19 for the current year.
• Despite recent losses, analysts maintain a consensus rating of "Buy" for 89BIO, with a price target averaging $26.63.

Rafferty Asset Management LLC raised its position in 89BIO (NASDAQ:ETNB - Free Report) by 54.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 137,247 shares of the company's stock after purchasing an additional 48,502 shares during the period. Rafferty Asset Management LLC owned approximately 0.09% of 89BIO worth $998,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of ETNB. Bank of America Corp DE grew its position in 89BIO by 10.1% in the fourth quarter. Bank of America Corp DE now owns 358,574 shares of the company's stock valued at $2,804,000 after purchasing an additional 32,867 shares in the last quarter. ProShare Advisors LLC raised its stake in 89BIO by 32.0% in the 4th quarter. ProShare Advisors LLC now owns 29,149 shares of the company's stock worth $228,000 after purchasing an additional 7,070 shares in the last quarter. Victory Capital Management Inc. raised its stake in 89BIO by 21.1% in the 1st quarter. Victory Capital Management Inc. now owns 16,913 shares of the company's stock worth $123,000 after purchasing an additional 2,944 shares in the last quarter. Northern Trust Corp raised its stake in 89BIO by 7.6% in the 4th quarter. Northern Trust Corp now owns 854,787 shares of the company's stock worth $6,684,000 after purchasing an additional 60,075 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in 89BIO by 11.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,292 shares of the company's stock worth $370,000 after purchasing an additional 4,976 shares in the last quarter.

89BIO Trading Up 3.0%

ETNB traded up $0.26 during trading on Friday, reaching $8.87. 1,927,023 shares of the company's stock were exchanged, compared to its average volume of 1,420,822. 89BIO has a one year low of $4.16 and a one year high of $11.84. The company has a current ratio of 15.19, a quick ratio of 15.19 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $1.32 billion, a PE ratio of -2.46 and a beta of 1.27. The firm has a fifty day moving average price of $9.64 and a two-hundred day moving average price of $8.80.

89BIO (NASDAQ:ETNB - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.71) earnings per share for the quarter, missing analysts' consensus estimates of ($0.49) by ($0.22). During the same period in the previous year, the company earned ($0.48) EPS. As a group, equities research analysts forecast that 89BIO will post -3.19 earnings per share for the current fiscal year.

Insider Activity at 89BIO

In other news, insider Quoc Le-Nguyen sold 10,461 shares of the company's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $11.02, for a total value of $115,280.22. Following the sale, the insider directly owned 309,364 shares of the company's stock, valued at approximately $3,409,191.28. This represents a 3.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 2.60% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ETNB. HC Wainwright began coverage on shares of 89BIO in a research report on Thursday. They set a "buy" rating and a $32.00 price objective for the company. Bank of America dropped their target price on shares of 89BIO from $30.00 to $29.00 and set a "buy" rating for the company in a research report on Monday, August 25th. Weiss Ratings restated a "sell (d-)" rating on shares of 89BIO in a research report on Saturday, August 30th. Finally, Royal Bank Of Canada dropped their target price on shares of 89BIO from $12.00 to $11.00 and set a "sector perform" rating for the company in a research report on Friday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $28.00.

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.