Apis Capital Advisors LLC Invests $2.29 Million in 89BIO $ETNB

Key Points

• Apis Capital Advisors LLC invested approximately $2.29 million in 89BIO (NASDAQ: ETNB) by purchasing 315,000 shares, making it their 26th largest holding.
• Research analysts have mixed ratings for 89BIO, with a consensus average rating of "Buy" and a target price of $26.63, following recent adjustments in price targets from firms like Bank of America and Royal Bank of Canada.
• 89BIO reported a quarterly earnings miss, with EPS of ($0.71), which was below the consensus estimate of ($0.49).

Apis Capital Advisors LLC purchased a new stake in 89BIO (NASDAQ:ETNB - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 315,000 shares of the company's stock, valued at approximately $2,290,000. 89BIO accounts for approximately 1.1% of Apis Capital Advisors LLC's holdings, making the stock its 26th largest holding. Apis Capital Advisors LLC owned approximately 0.22% of 89BIO as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently modified their holdings of ETNB. Deep Track Capital LP grew its stake in shares of 89BIO by 134.2% during the fourth quarter. Deep Track Capital LP now owns 6,478,249 shares of the company's stock worth $50,660,000 after buying an additional 3,711,737 shares during the last quarter. Suvretta Capital Management LLC lifted its holdings in shares of 89BIO by 27.7% in the fourth quarter. Suvretta Capital Management LLC now owns 10,202,696 shares of the company's stock valued at $79,785,000 after purchasing an additional 2,211,052 shares in the last quarter. Beck Bode LLC purchased a new position in shares of 89BIO in the 1st quarter worth approximately $13,199,000. Emerald Advisers LLC purchased a new stake in shares of 89BIO during the 1st quarter worth approximately $11,273,000. Finally, Vanguard Group Inc. increased its stake in shares of 89BIO by 25.8% in the first quarter. Vanguard Group Inc. now owns 7,163,609 shares of the company's stock worth $52,079,000 after purchasing an additional 1,471,278 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Bank of America reduced their price target 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. Royal Bank Of Canada cut 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 reaffirmed a "sell (d-)" rating on shares of 89BIO in a research note on Saturday. Two 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 company's stock. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $26.63.

89BIO Stock Performance

NASDAQ ETNB opened at $9.03 on Friday. The firm has a market cap of $1.34 billion, a price-to-earnings ratio of -2.50 and a beta of 1.28. The business has a 50-day moving average price of $9.73 and a 200-day moving average price of $8.85. 89BIO has a twelve month low of $4.16 and a twelve month high of $11.84. The company has a quick ratio of 15.19, a current ratio of 15.19 and a debt-to-equity ratio of 0.07.

89BIO (NASDAQ:ETNB - Get Free Report) last released its quarterly earnings data 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 quarter last year, the company posted ($0.48) EPS. As a group, equities research analysts predict that 89BIO will post -3.19 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Quoc Le-Nguyen sold 10,461 shares of the business's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $11.02, for a total transaction of $115,280.22. Following the sale, the insider directly owned 309,364 shares of the company's stock, valued at $3,409,191.28. The trade was a 3.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.60% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.