Alyeska Investment Group L.P. Sells 73,170 Shares of 89BIO $ETNB

Key Points

• Alyeska Investment Group L.P. sold 73,170 shares of 89BIO, reducing its stake by 7.9%, now holding approximately 852,227 shares valued at $6.2 million.
• Other notable institutional investors, such as RA Capital Management L.P. and Vanguard Group Inc., increased their holdings in 89BIO, with RA Capital boosting its ownership by 40.3%.
• 89BIO recently reported earnings of ($0.71) per share, missing analysts' estimates, while stock analysts have mixed ratings with a consensus target price of $28.00.

Alyeska Investment Group L.P. reduced its stake in shares of 89BIO (NASDAQ:ETNB - Free Report) by 7.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 852,227 shares of the company's stock after selling 73,170 shares during the quarter. Alyeska Investment Group L.P. owned 0.58% of 89BIO worth $6,196,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of ETNB. Dimensional Fund Advisors LP acquired a new position in 89BIO during the 4th quarter valued at $2,676,000. Tower Research Capital LLC TRC raised its stake in shares of 89BIO by 109.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 11,725 shares of the company's stock valued at $92,000 after buying an additional 6,132 shares in the last quarter. Hsbc Holdings PLC acquired a new position in shares of 89BIO in the 4th quarter valued at $87,000. Price T Rowe Associates Inc. MD raised its stake in shares of 89BIO by 11.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,292 shares of the company's stock valued at $370,000 after buying an additional 4,976 shares in the last quarter. Finally, Northern Trust Corp raised its stake in shares of 89BIO by 7.6% in the 4th quarter. Northern Trust Corp now owns 854,787 shares of the company's stock valued at $6,684,000 after buying an additional 60,075 shares in the last quarter.

Insider Buying and Selling at 89BIO

In other news, insider Quoc Le-Nguyen sold 10,461 shares of the company'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 sale, the insider 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 Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.60% of the company's stock.

89BIO Price Performance

Shares of ETNB traded up $0.08 during trading hours on Thursday, hitting $8.60. The stock had a trading volume of 131,989 shares, compared to its average volume of 2,018,198. The company's fifty day moving average is $9.56 and its two-hundred day moving average is $8.75. The company has a debt-to-equity ratio of 0.07, a current ratio of 15.19 and a quick ratio of 15.19. 89BIO has a 52 week low of $4.16 and a 52 week high of $11.84. The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of -2.38 and a beta of 1.27.

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 the consensus estimate of ($0.49) by ($0.22). During the same period last year, the company earned ($0.48) EPS. On average, analysts anticipate that 89BIO will post -3.19 EPS for the current year.

Wall Street Analysts Forecast Growth

ETNB has been the subject of a number of recent research reports. Weiss Ratings restated a "sell (d-)" rating on shares of 89BIO in a research note on Saturday, August 30th. Bank of America dropped their price objective on shares of 89BIO from $30.00 to $29.00 and set a "buy" rating for the company in a research note on Monday, August 25th. Royal Bank Of Canada dropped their price objective on shares of 89BIO from $12.00 to $11.00 and set a "sector perform" rating for the company in a research note on Friday, August 8th. Finally, HC Wainwright initiated coverage on shares of 89BIO in a research note on Thursday, September 4th. They issued a "buy" rating and a $32.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, 89BIO presently has an average rating of "Buy" and an average price target of $28.00.

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.