Emerald Mutual Fund Advisers Trust Buys Shares of 1,082,973 89BIO (NASDAQ:ETNB)

Emerald Mutual Fund Advisers Trust acquired a new stake in 89BIO (NASDAQ:ETNB - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 1,082,973 shares of the company's stock, valued at approximately $7,873,000. Emerald Mutual Fund Advisers Trust owned 0.74% of 89BIO as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in 89BIO by 2.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,154 shares of the company's stock worth $400,000 after purchasing an additional 1,169 shares during the last quarter. Victory Capital Management Inc. lifted its stake in 89BIO by 11.5% during the fourth quarter. Victory Capital Management Inc. now owns 13,969 shares of the company's stock worth $109,000 after purchasing an additional 1,437 shares during the last quarter. Sandia Investment Management LP lifted its stake in 89BIO by 28.5% during the fourth quarter. Sandia Investment Management LP now owns 11,286 shares of the company's stock worth $88,000 after purchasing an additional 2,500 shares during the last quarter. Arizona State Retirement System lifted its stake in 89BIO by 15.8% during the fourth quarter. Arizona State Retirement System now owns 23,817 shares of the company's stock worth $186,000 after purchasing an additional 3,252 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in 89BIO by 17.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 26,185 shares of the company's stock worth $205,000 after purchasing an additional 3,820 shares during the last quarter.

Analysts Set New Price Targets

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

89BIO Stock Performance

Shares of NASDAQ:ETNB traded down $0.61 during trading on Tuesday, reaching $10.51. The company had a trading volume of 1,206,986 shares, compared to its average volume of 1,529,877. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of -3.11 and a beta of 1.28. The company has a debt-to-equity ratio of 0.06, a current ratio of 18.03 and a quick ratio of 18.03. The stock's fifty day moving average price is $9.56 and its 200 day moving average price is $8.57. 89BIO has a fifty-two week low of $4.16 and a fifty-two week high of $11.84.

89BIO (NASDAQ:ETNB - Get Free Report) last released its earnings results 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 last year, the business posted ($0.54) earnings per share. As a group, equities research analysts predict that 89BIO will post -3.19 EPS for the current year.

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.