Ghisallo Capital Management LLC Takes Position in 89BIO $ETNB

Key Points

• Ghisallo Capital Management LLC acquired a new stake in 89BIO (NASDAQ:ETNB), purchasing 175,000 shares valued at approximately $1.27 million, representing about 0.12% of the company.
• As of recent reports, 89BIO's stock has fallen by 4.1%, with shares opening at $9.03 and a market capitalization of $1.34 billion.
• 89BIO reported a quarterly loss of ($0.71) EPS, missing estimates and raising concerns among analysts who have issued ratings reflecting cautious sentiment around the stock.

Ghisallo Capital Management LLC acquired a new stake in 89BIO (NASDAQ:ETNB - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 175,000 shares of the company's stock, valued at approximately $1,272,000. Ghisallo Capital Management LLC owned approximately 0.12% of 89BIO as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in the business. Panagora Asset Management Inc. boosted its stake in shares of 89BIO by 272.1% in the 1st quarter. Panagora Asset Management Inc. now owns 429,392 shares of the company's stock valued at $3,122,000 after purchasing an additional 314,000 shares in the last quarter. Trexquant Investment LP purchased a new stake in shares of 89BIO in the 1st quarter valued at $721,000. Beck Bode LLC purchased a new stake in 89BIO during the 1st quarter valued at $13,199,000. Ieq Capital LLC purchased a new stake in 89BIO during the 1st quarter valued at $89,000. Finally, Affinity Asset Advisors LLC purchased a new stake in 89BIO during the 1st quarter valued at $1,272,000.

89BIO Stock Down 4.1%

Shares of NASDAQ ETNB opened at $9.03 on Friday. The company has a current ratio of 15.19, a quick 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 has a market capitalization of $1.34 billion, a PE ratio of -2.50 and a beta of 1.28. The firm has a fifty day simple moving average of $9.73 and a two-hundred day simple moving average of $8.85.

89BIO (NASDAQ:ETNB - Get Free Report) last issued its quarterly earnings data 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 last year, the company posted ($0.48) EPS. Equities analysts expect that 89BIO will post -3.19 earnings per share for the current year.

Insider Buying and Selling

In other 89BIO news, insider Quoc Le-Nguyen sold 10,461 shares of the company's stock in a transaction 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 completion of the transaction, the insider directly owned 309,364 shares in the company, valued at approximately $3,409,191.28. This represents a 3.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.60% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on ETNB shares. Weiss Ratings reissued a "sell (d-)" rating on shares of 89BIO in a research report on Saturday. Royal Bank Of Canada dropped their price target on shares of 89BIO from $12.00 to $11.00 and set a "sector perform" rating for the company in a research report on Friday, August 8th. Finally, Bank of America dropped their price target on shares of 89BIO from $30.00 to $29.00 and set a "buy" rating for the company in a research report on Monday, August 25th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, 89BIO currently has an average rating of "Buy" and an average target price of $26.63.

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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