Bank of New York Mellon Corp Buys 61,760 Shares of 89BIO (NASDAQ:ETNB)

Key Points

• Bank of New York Mellon Corp increased its stake in 89BIO by 24.9%, acquiring an additional 61,760 shares to own 309,916 shares valued at approximately $2.25 million.
• Multiple institutional investors, including Federated Hermes and GAMMA Investing, significantly boosted their positions in 89BIO, with GAMMA's increase reaching 4,898.7% during the first quarter.
• Cantor Fitzgerald upgraded 89BIO to a "strong-buy" rating, contributing to a consensus rating of "Buy" and a target price of $26.43 among analysts.

Bank of New York Mellon Corp raised its holdings in shares of 89BIO (NASDAQ:ETNB - Free Report) by 24.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 309,916 shares of the company's stock after purchasing an additional 61,760 shares during the period. Bank of New York Mellon Corp owned about 0.21% of 89BIO worth $2,253,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in ETNB. Federated Hermes Inc. increased its stake in 89BIO by 206.9% during the fourth quarter. Federated Hermes Inc. now owns 6,283 shares of the company's stock valued at $49,000 after purchasing an additional 4,236 shares during the last quarter. Quarry LP acquired a new position in shares of 89BIO during the fourth quarter valued at $55,000. GAMMA Investing LLC boosted its holdings in shares of 89BIO by 4,898.7% during the first quarter. GAMMA Investing LLC now owns 7,648 shares of the company's stock valued at $56,000 after acquiring an additional 7,495 shares during the period. Hsbc Holdings PLC acquired a new position in shares of 89BIO during the fourth quarter valued at $87,000. Finally, Sandia Investment Management LP boosted its holdings in shares of 89BIO by 28.5% during the fourth quarter. Sandia Investment Management LP now owns 11,286 shares of the company's stock valued at $88,000 after acquiring an additional 2,500 shares during the period.

89BIO Stock Performance

89BIO stock traded down $0.33 during trading hours on Friday, reaching $9.18. 302,077 shares of the company were exchanged, compared to its average volume of 2,110,416. The firm has a market cap of $1.34 billion, a price-to-earnings ratio of -2.72 and a beta of 1.28. The company has a current ratio of 18.03, a quick ratio of 18.03 and a debt-to-equity ratio of 0.06. The stock has a 50-day moving average of $10.03 and a 200 day moving average of $8.78. 89BIO has a 12 month low of $4.16 and a 12 month high of $11.84.

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ETNB. Cantor Fitzgerald raised shares of 89BIO to a "strong-buy" rating in a report on Wednesday, April 30th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 89BIO in a report on Tuesday. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $26.43.

Insider Transactions at 89BIO

In other news, insider Quoc Le-Nguyen sold 10,461 shares of the stock in a transaction that occurred on Tuesday, July 15th. The stock was 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 of the company's stock, valued at approximately $3,409,191.28. This represents a 3.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.60% of the stock is owned by insiders.

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.