Assenagon Asset Management S.A. Has $3.12 Million Stock Holdings in 89BIO (NASDAQ:ETNB)

Assenagon Asset Management S.A. lifted its holdings in shares of 89BIO (NASDAQ:ETNB - Free Report) by 76.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 428,895 shares of the company's stock after buying an additional 186,293 shares during the quarter. Assenagon Asset Management S.A. owned about 0.29% of 89BIO worth $3,118,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Rhumbline Advisers raised its position in shares of 89BIO by 3.3% during the 4th quarter. Rhumbline Advisers now owns 129,980 shares of the company's stock valued at $1,016,000 after acquiring an additional 4,125 shares during the last quarter. New York State Common Retirement Fund grew its stake in shares of 89BIO by 24.3% during the fourth quarter. New York State Common Retirement Fund now owns 16,367 shares of the company's stock worth $128,000 after purchasing an additional 3,200 shares during the period. Bank of New York Mellon Corp increased its holdings in 89BIO by 3.9% in the fourth quarter. Bank of New York Mellon Corp now owns 248,156 shares of the company's stock valued at $1,941,000 after purchasing an additional 9,314 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in 89BIO by 12.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 810,826 shares of the company's stock valued at $6,341,000 after purchasing an additional 89,776 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in 89BIO by 11.5% in the fourth quarter. Victory Capital Management Inc. now owns 13,969 shares of the company's stock valued at $109,000 after buying an additional 1,437 shares during the period.

89BIO Stock Down 1.1%

ETNB traded down $0.11 during trading on Tuesday, hitting $9.94. The company had a trading volume of 1,628,329 shares, compared to its average volume of 1,499,997. The firm's 50-day moving average price is $8.17 and its 200 day moving average price is $8.27. The company has a current ratio of 18.03, a quick ratio of 18.03 and a debt-to-equity ratio of 0.06. 89BIO has a one year low of $4.16 and a one year high of $11.84.

89BIO (NASDAQ:ETNB - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported ($0.49) EPS for the quarter, beating analysts' consensus estimates of ($0.50) by $0.01. During the same period in the prior year, the business earned ($0.54) earnings per share. As a group, equities research analysts predict that 89BIO will post -3.19 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Quoc Le-Nguyen sold 15,329 shares of 89BIO stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $5.95, for a total value of $91,207.55. Following the sale, the insider now directly owns 328,323 shares in the company, valued at $1,953,521.85. This trade represents a 4.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.80% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ETNB. The Goldman Sachs Group initiated coverage on 89BIO in a research report on Friday, March 14th. They set a "neutral" rating and a $11.00 target price for the company. Cantor Fitzgerald raised shares of 89BIO to a "strong-buy" rating in a research note on Wednesday, April 30th. HC Wainwright reissued a "buy" rating and set a $21.00 price target (down from $29.00) on shares of 89BIO in a research report on Friday, February 28th. Citigroup started coverage on shares of 89BIO in a report on Thursday, March 13th. They issued a "buy" rating and a $25.00 price target for the company. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 89BIO in a research note on Wednesday, June 11th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $26.43.

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.