Erste Asset Management GmbH Has $6.50 Million Position in 89BIO $ETNB

Key Points

• Erste Asset Management GmbH increased its stake in 89BIO by 15.7% in the first quarter, owning approximately $6.5 million worth of shares after acquiring 120,000 additional shares.
• Insider Quoc Le-Nguyen sold over 10,000 shares at an average price of $11.02, decreasing their ownership by 3.27% in the company.
• 89BIO's stock has seen a 1.1% increase, with a current market cap of $1.35 billion and a price-to-earnings ratio of -2.52.

Erste Asset Management GmbH raised its position in 89BIO (NASDAQ:ETNB - Free Report) by 15.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 883,000 shares of the company's stock after acquiring an additional 120,000 shares during the quarter. Erste Asset Management GmbH owned approximately 0.60% of 89BIO worth $6,503,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. CWM LLC raised its position in shares of 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 purchasing an additional 5,837 shares during the period. Quarry LP bought a new position in shares of 89BIO in the fourth quarter valued at about $55,000. GAMMA Investing LLC raised its position 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 valued at $56,000 after purchasing an additional 7,495 shares during the period. Hsbc Holdings PLC bought a new position in shares of 89BIO in the fourth quarter valued at about $87,000. Finally, Sandia Investment Management LP raised its position 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 valued at $88,000 after purchasing an additional 2,500 shares during the period.

Insider Buying and Selling at 89BIO

In other news, insider Quoc Le-Nguyen sold 10,461 shares of the firm's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $11.02, for a total value of $115,280.22. Following the sale, the insider directly owned 309,364 shares in the company, valued at approximately $3,409,191.28. This trade represents a 3.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.60% of the company's stock.

89BIO Trading Up 1.1%

Shares of 89BIO stock opened at $9.10 on Thursday. The company has a market capitalization of $1.35 billion, a price-to-earnings ratio of -2.52 and a beta of 1.28. 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 firm's 50-day moving average price is $9.83 and its two-hundred day moving average price is $8.95.

89BIO (NASDAQ:ETNB - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.71) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.49) by ($0.22). During the same period in the previous year, the business posted ($0.48) EPS. On average, analysts forecast that 89BIO will post -3.19 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ETNB shares. Royal Bank Of Canada dropped their price objective on shares of 89BIO from $12.00 to $11.00 and set a "sector perform" rating on the stock in a research report on Friday, August 8th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 89BIO in a research report on Thursday, August 14th. 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 Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $26.29.

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.

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