Charles Schwab Investment Management Inc. Grows Position in 89BIO $ETNB

Key Points

• Charles Schwab Investment Management Inc. increased its holding in 89BIO by 21.6% in Q1, owning 985,771 shares valued at $7.17 million as per its SEC filing.
• Several other institutional investors also significantly boosted their positions, including CWM LLC, which raised its stake by 9,265.1%.
• 89BIO recently reported an EPS of ($0.71) for the quarter, missing the consensus estimate, and has a current consensus rating of "Buy" with a price target of $26.63.

Charles Schwab Investment Management Inc. increased its holdings in 89BIO (NASDAQ:ETNB - Free Report) by 21.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 985,771 shares of the company's stock after purchasing an additional 174,945 shares during the period. Charles Schwab Investment Management Inc. owned 0.68% of 89BIO worth $7,167,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. CWM LLC boosted its holdings in 89BIO by 9,265.1% in the first quarter. CWM LLC now owns 5,900 shares of the company's stock valued at $43,000 after acquiring an additional 5,837 shares during the last quarter. Quarry LP acquired a new position in shares of 89BIO in the fourth quarter worth about $55,000. GAMMA Investing LLC lifted its stake in shares of 89BIO by 4,898.7% in the first quarter. GAMMA Investing LLC now owns 7,648 shares of the company's stock worth $56,000 after acquiring an additional 7,495 shares in the last quarter. Hsbc Holdings PLC acquired a new position in shares of 89BIO in the fourth quarter worth about $87,000. Finally, Sandia Investment Management LP lifted its stake in shares of 89BIO by 28.5% in the fourth quarter. Sandia Investment Management LP now owns 11,286 shares of the company's stock worth $88,000 after acquiring an additional 2,500 shares in the last quarter.

Insider Buying and Selling at 89BIO

In other 89BIO news, insider Quoc Le-Nguyen sold 10,461 shares of the firm's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $11.02, for a total transaction of $115,280.22. Following the completion of the transaction, the insider owned 309,364 shares in the company, valued at $3,409,191.28. This trade represents a 3.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 2.80% of the company's stock.

89BIO Trading Up 2.9%

89BIO stock opened at $9.36 on Wednesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 15.19 and a quick ratio of 15.19. The company has a market capitalization of $1.39 billion, a price-to-earnings ratio of -2.59 and a beta of 1.28. 89BIO has a one year low of $4.16 and a one year high of $11.84. The company's fifty day moving average price is $9.77 and its two-hundred day moving average price is $8.89.

89BIO (NASDAQ:ETNB - Get Free Report) last posted its 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 in the previous year, the business earned ($0.48) EPS. On average, analysts forecast that 89BIO will post -3.19 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ETNB. Bank of America cut 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. Cantor Fitzgerald raised 89BIO to a "strong-buy" rating in a report on Wednesday, April 30th. Weiss Ratings reissued a "sell (d-)" rating on shares of 89BIO in a report on Thursday, August 14th. Finally, Royal Bank Of Canada decreased their price objective on 89BIO from $12.00 to $11.00 and set a "sector perform" rating for the company in a report on Friday, August 8th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, 89BIO presently has a consensus rating of "Buy" and a consensus price target of $26.63.

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.

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