Beck Bode LLC Purchases New Holdings in 89BIO $ETNB

Key Points

• Beck Bode LLC purchased a new stake in 89BIO, acquiring 1,815,524 shares valued at approximately $13.20 million, making up about 2.5% of its investment portfolio.
• Several institutional investors increased their holdings in 89BIO, with Deep Track Capital LP increasing its stake by 134.2%.
• 89BIO reported a quarterly EPS of ($0.71), missing analysts' expectations, and was rated as a "Buy" by the consensus analysts, with an average target price of $26.63.

Beck Bode LLC acquired a new stake in shares of 89BIO (NASDAQ:ETNB - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 1,815,524 shares of the company's stock, valued at approximately $13,199,000. 89BIO accounts for approximately 2.5% of Beck Bode LLC's portfolio, making the stock its 24th biggest position. Beck Bode LLC owned approximately 1.24% of 89BIO at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ETNB. Bank of America Corp DE raised its holdings in 89BIO by 10.1% during the 4th quarter. Bank of America Corp DE now owns 358,574 shares of the company's stock valued at $2,804,000 after buying an additional 32,867 shares during the period. ProShare Advisors LLC increased its stake in 89BIO by 32.0% in the fourth quarter. ProShare Advisors LLC now owns 29,149 shares of the company's stock worth $228,000 after purchasing an additional 7,070 shares during the period. Victory Capital Management Inc. grew its position in shares of 89BIO by 21.1% during the 1st quarter. Victory Capital Management Inc. now owns 16,913 shares of the company's stock worth $123,000 after buying an additional 2,944 shares in the last quarter. Northern Trust Corp boosted its position in 89BIO by 7.6% during the fourth quarter. Northern Trust Corp now owns 854,787 shares of the company's stock valued at $6,684,000 after purchasing an additional 60,075 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in 89BIO by 11.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,292 shares of the company's stock valued at $370,000 after purchasing an additional 4,976 shares in the last quarter.

89BIO Stock Down 0.4%

Shares of NASDAQ ETNB traded down $0.04 on Tuesday, hitting $8.99. The company had a trading volume of 319,954 shares, compared to its average volume of 2,044,575. 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 has a 12-month low of $4.16 and a 12-month high of $11.84. The business has a 50 day moving average of $9.71 and a two-hundred day moving average of $8.83. The firm has a market capitalization of $1.33 billion, a P/E ratio of -2.49 and a beta of 1.27.

89BIO (NASDAQ:ETNB - Get Free Report) last released its quarterly earnings results 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 period last year, the business posted ($0.48) earnings per share. As a group, equities research analysts forecast that 89BIO will post -3.19 earnings per share for the current fiscal year.

Insider Transactions at 89BIO

In other 89BIO news, insider Quoc Le-Nguyen sold 10,461 shares of the stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $11.02, for a total transaction of $115,280.22. Following the completion of the transaction, the insider directly owned 309,364 shares of the company's stock, valued at approximately $3,409,191.28. This trade represents a 3.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.80% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on ETNB shares. Royal Bank Of Canada reduced their price objective on 89BIO from $12.00 to $11.00 and set a "sector perform" rating for the company in a research note on Friday, August 8th. Weiss Ratings reissued a "sell (d-)" rating on shares of 89BIO in a research note on Saturday. Finally, Bank of America decreased their price target on 89BIO from $30.00 to $29.00 and set a "buy" rating on the stock in a research note on Monday, August 25th. 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's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $26.63.

About 89BIO

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.