Affinity Asset Advisors LLC Takes $1.27 Million Position in 89BIO $ETNB

Key Points

• Affinity Asset Advisors LLC acquired a stake in 89BIO valued at approximately $1.27 million, owning 175,000 shares and representing about 0.12% of the company's stock as of the end of the last quarter.
• 89BIO reported a quarterly earnings miss of ($0.71) per share, falling short of analyst expectations by ($0.22), with projected EPS of -3.19 for the current year.
• Analyst ratings for 89BIO are mixed, with Cantor Fitzgerald labeling it a "strong-buy," while Weiss Ratings maintains a "sell" rating; the consensus price target remains significantly higher at $26.63.

Affinity Asset Advisors LLC bought a new stake in 89BIO (NASDAQ:ETNB - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 175,000 shares of the company's stock, valued at approximately $1,272,000. Affinity Asset Advisors LLC owned 0.12% of 89BIO at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in ETNB. Deep Track Capital LP raised its stake in shares of 89BIO by 134.2% during the 4th quarter. Deep Track Capital LP now owns 6,478,249 shares of the company's stock valued at $50,660,000 after purchasing an additional 3,711,737 shares during the period. Suvretta Capital Management LLC grew its holdings in 89BIO by 27.7% during 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 purchased a new position in 89BIO during the 1st quarter valued at about $11,273,000. Vanguard Group Inc. grew its holdings in 89BIO by 25.8% during 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. Finally, Janus Henderson Group PLC grew its holdings in 89BIO by 8.9% during the 4th quarter. Janus Henderson Group PLC now owns 16,514,056 shares of the company's stock valued at $129,177,000 after buying an additional 1,355,838 shares in the last quarter.

Analysts Set New Price Targets

A number of research firms have weighed in on ETNB. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 89BIO in a report on Thursday, August 14th. Bank of America reduced their target price on 89BIO from $30.00 to $29.00 and set a "buy" rating for the company in a report on Monday. Royal Bank Of Canada cut their price objective on 89BIO from $12.00 to $11.00 and set a "sector perform" rating for the company in a report on Friday, August 8th. Finally, Cantor Fitzgerald raised 89BIO to a "strong-buy" rating in a report on Wednesday, April 30th. Two equities 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 company. According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $26.63.

Insider Buying and Selling at 89BIO

In other news, insider Quoc Le-Nguyen sold 10,461 shares of the business's stock in a transaction that occurred 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 completion of the sale, the insider directly owned 309,364 shares in the company, valued at approximately $3,409,191.28. The trade was a 3.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.60% of the company's stock.

89BIO Trading Up 0.9%

Shares of ETNB traded up $0.08 during mid-day trading on Thursday, reaching $9.42. The company's stock had a trading volume of 1,133,045 shares, compared to its average volume of 1,511,372. The stock has a market cap of $1.40 billion, a PE ratio of -2.61 and a beta of 1.28. The company has a current ratio of 15.19, a quick ratio of 15.19 and a debt-to-equity ratio of 0.07. 89BIO has a 52 week low of $4.16 and a 52 week high of $11.84. The company's fifty day moving average price is $9.75 and its two-hundred day moving average price is $8.88.

89BIO (NASDAQ:ETNB - Get Free Report) last announced its quarterly earnings data 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 posted ($0.48) EPS. On average, analysts predict that 89BIO will post -3.19 earnings per share for the current fiscal 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.