Emerald Mutual Fund Advisers Trust Invests $7.87 Million in 89BIO (NASDAQ:ETNB)

Emerald Mutual Fund Advisers Trust 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. The fund 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 SEC filing.

Other institutional investors also recently made changes to their positions in the company. Federated Hermes Inc. grew its stake in shares of 89BIO by 206.9% during the 4th quarter. Federated Hermes Inc. now owns 6,283 shares of the company's stock valued at $49,000 after buying an additional 4,236 shares during the period. Quarry LP purchased a new stake in shares of 89BIO during the 4th quarter valued at $55,000. GAMMA Investing LLC grew its stake in shares of 89BIO by 4,898.7% during the 1st quarter. GAMMA Investing LLC now owns 7,648 shares of the company's stock valued at $56,000 after buying an additional 7,495 shares during the period. Hsbc Holdings PLC purchased a new stake in shares of 89BIO during the 4th quarter valued at $87,000. Finally, Sandia Investment Management LP grew its stake in shares of 89BIO by 28.5% during the 4th quarter. Sandia Investment Management LP now owns 11,286 shares of the company's stock valued at $88,000 after buying an additional 2,500 shares during the period.

89BIO Stock Up 2.0%

NASDAQ:ETNB traded up $0.22 on Friday, reaching $11.00. The stock had a trading volume of 1,435,266 shares, compared to its average volume of 1,531,080. 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 company has a 50-day moving average of $9.51 and a 200 day moving average of $8.54. The stock has a market cap of $1.61 billion, a P/E ratio of -3.25 and a beta of 1.28. 89BIO has a 12-month low of $4.16 and a 12-month high of $11.84.

89BIO (NASDAQ:ETNB - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported ($0.49) earnings per share for the quarter, beating analysts' consensus estimates of ($0.50) by $0.01. During the same quarter in the previous year, the firm earned ($0.54) earnings per share. On average, research analysts predict that 89BIO will post -3.19 earnings per share for the current year.

Analysts Set New Price Targets

ETNB has been the subject of a number of research reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 89BIO in a research report on Friday, June 27th. The Goldman Sachs Group initiated coverage on shares of 89BIO in a research report on Friday, March 14th. They set a "neutral" rating and a $11.00 price target for the company. Finally, Cantor Fitzgerald raised shares of 89BIO to a "strong-buy" rating in a research report on Wednesday, April 30th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $26.43.

Insiders Place Their Bets

In other 89BIO news, insider Quoc Le-Nguyen sold 15,329 shares of the company's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $5.95, for a total value of $91,207.55. Following the completion of the transaction, the insider directly owned 328,323 shares of the company's stock, valued at $1,953,521.85. This represents a 4.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.60% of the stock is currently 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.