1,550,671 Shares in 89BIO (NASDAQ:ETNB) Purchased by Emerald Advisers LLC

Emerald Advisers LLC acquired a new stake in shares of 89BIO (NASDAQ:ETNB - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,550,671 shares of the company's stock, valued at approximately $11,273,000. Emerald Advisers LLC owned 1.06% of 89BIO at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of ETNB. Avoro Capital Advisors LLC bought a new position in shares of 89BIO in the fourth quarter worth $32,062,000. Deep Track Capital LP boosted its holdings in shares of 89BIO by 134.2% in the fourth quarter. Deep Track Capital LP now owns 6,478,249 shares of the company's stock worth $50,660,000 after acquiring an additional 3,711,737 shares during the period. Suvretta Capital Management LLC boosted 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 worth $79,785,000 after acquiring an additional 2,211,052 shares during the period. Janus Henderson Group PLC boosted its holdings in shares of 89BIO by 8.9% in the fourth quarter. Janus Henderson Group PLC now owns 16,514,056 shares of the company's stock worth $129,177,000 after acquiring an additional 1,355,838 shares during the period. Finally, Emerald Mutual Fund Advisers Trust bought a new position in shares of 89BIO in the first quarter worth $7,873,000.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Weiss Ratings restated a "sell (d-)" rating on shares of 89BIO in a research report on Saturday. Cantor Fitzgerald upgraded 89BIO to a "strong-buy" rating in a research report on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $26.43.

89BIO Trading Up 1.1%

Shares of NASDAQ:ETNB traded up $0.12 on Wednesday, reaching $10.63. 1,023,766 shares of the company traded hands, compared to its average volume of 1,529,916. The business's 50-day simple moving average is $9.62 and its 200 day simple moving average is $8.58. 89BIO has a 52 week low of $4.16 and a 52 week high of $11.84. The stock has a market capitalization of $1.55 billion, a P/E ratio of -3.14 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.

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

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.