ADAR1 Capital Management LLC Has $5.85 Million Holdings in 89BIO $ETNB

Key Points

• ADAR1 Capital Management LLC increased its holdings in 89BIO by 56.1%, now owning 804,220 shares valued at approximately $5.85 million.
• The company's latest earnings report revealed a loss of ($0.71) per share, missing analyst expectations by ($0.22).
• Analysts have mixed ratings on 89BIO, with a current consensus rating of "Buy" and a price target averaging $26.63.

ADAR1 Capital Management LLC increased its stake in shares of 89BIO (NASDAQ:ETNB - Free Report) by 56.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 804,220 shares of the company's stock after buying an additional 289,082 shares during the quarter. 89BIO accounts for about 1.1% of ADAR1 Capital Management LLC's investment portfolio, making the stock its 26th largest position. ADAR1 Capital Management LLC owned 0.55% of 89BIO worth $5,847,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of ETNB. CWM LLC increased its holdings in 89BIO by 9,265.1% during the 1st quarter. CWM LLC now owns 5,900 shares of the company's stock valued at $43,000 after purchasing an additional 5,837 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of 89BIO by 4,898.7% in the first quarter. GAMMA Investing LLC now owns 7,648 shares of the company's stock valued at $56,000 after buying an additional 7,495 shares during the last quarter. Hsbc Holdings PLC acquired a new position in 89BIO during the 4th quarter worth about $87,000. Sandia Investment Management LP lifted its position in 89BIO by 28.5% during the 4th quarter. Sandia Investment Management LP now owns 11,286 shares of the company's stock worth $88,000 after buying an additional 2,500 shares in the last quarter. Finally, Ieq Capital LLC bought a new stake in 89BIO during the 1st quarter worth about $89,000.

Wall Street Analysts Forecast Growth

ETNB has been the subject of several research analyst reports. HC Wainwright assumed coverage on shares of 89BIO in a research report on Thursday. They issued a "buy" rating and a $32.00 price objective for the company. Bank of America reduced their target price on shares of 89BIO from $30.00 to $29.00 and set a "buy" rating on the stock in a research note on Monday, August 25th. Royal Bank Of Canada lowered their price target 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. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of 89BIO in a report on Saturday, August 30th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, 89BIO presently has a consensus rating of "Buy" and a consensus target price of $28.00.

Insiders Place Their Bets

In other 89BIO news, insider Quoc Le-Nguyen sold 10,461 shares of the business's 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 completion of the sale, the insider owned 309,364 shares of the company's stock, valued at $3,409,191.28. The trade was a 3.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.60% of the stock is owned by company insiders.

89BIO Trading Up 3.0%

NASDAQ:ETNB traded up $0.26 during trading hours on Friday, hitting $8.87. The stock had a trading volume of 1,927,023 shares, compared to its average volume of 1,420,822. The business's 50 day moving average is $9.64 and its 200-day moving average is $8.79. The company has a market cap of $1.32 billion, a price-to-earnings ratio of -2.46 and a beta of 1.27. 89BIO has a one year low of $4.16 and a one year high of $11.84. The company has a debt-to-equity ratio of 0.07, a quick ratio of 15.19 and a current ratio of 15.19.

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

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.