Goldman Sachs Group Inc. Has $7.24 Million Holdings in 89BIO $ETNB

Key Points

• Goldman Sachs Group Inc. increased its stake in 89BIO by 23.3% in Q1, now holding 995,449 shares valued at approximately $7.24 million.
• 89BIO's stock has a consensus rating of "Buy" with an average target price of $28.00, despite facing a 6.7% drop recently.
• The firm reported a quarterly earnings per share of ($0.71), missing estimates and projecting an expected annual EPS of ($3.19).

Goldman Sachs Group Inc. increased its holdings in 89BIO (NASDAQ:ETNB - Free Report) by 23.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 995,449 shares of the company's stock after acquiring an additional 188,367 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.68% of 89BIO worth $7,237,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the business. RA Capital Management L.P. lifted its stake in shares of 89BIO by 40.3% in the first quarter. RA Capital Management L.P. now owns 19,889,683 shares of the company's stock worth $144,598,000 after acquiring an additional 5,714,285 shares in the last quarter. Suvretta Capital Management LLC raised its stake in 89BIO by 27.7% during the fourth quarter. Suvretta Capital Management LLC now owns 10,202,696 shares of the company's stock valued at $79,785,000 after buying an additional 2,211,052 shares in the last quarter. Vanguard Group Inc. raised its stake in 89BIO by 25.8% during the first quarter. Vanguard Group Inc. now owns 7,163,609 shares of the company's stock valued at $52,079,000 after buying an additional 1,471,278 shares in the last quarter. Beck Bode LLC acquired a new stake in 89BIO during the first quarter valued at approximately $13,199,000. Finally, Emerald Advisers LLC acquired a new stake in 89BIO during the first quarter valued at approximately $11,273,000.

Insider Activity

In other news, insider Quoc Le-Nguyen sold 10,461 shares of 89BIO stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $11.02, for a total transaction of $115,280.22. Following the completion of the sale, the insider directly owned 309,364 shares in the company, valued at $3,409,191.28. The trade was a 3.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have issued reports on ETNB. Raymond James Financial cut 89BIO from a "strong-buy" rating to a "market perform" rating in a research note on Friday. Wolfe Research cut 89BIO from an "outperform" rating to a "peer perform" rating in a research note on Friday. Bank of America dropped their price target on 89BIO from $30.00 to $29.00 and set a "buy" rating on the stock in a research report on Monday, August 25th. HC Wainwright reiterated a "neutral" rating and set a $14.50 price target on shares of 89BIO in a research report on Friday. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of 89BIO in a research report on Saturday, September 13th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $25.81.

89BIO Stock Down 0.2%

NASDAQ ETNB traded down $0.03 during trading on Friday, reaching $14.94. 11,471,258 shares of the company's stock were exchanged, compared to its average volume of 2,513,930. 89BIO has a fifty-two week low of $4.16 and a fifty-two week high of $15.06. The firm has a market capitalization of $2.21 billion, a PE ratio of -4.14 and a beta of 1.27. The company has a current ratio of 15.19, a quick ratio of 15.19 and a debt-to-equity ratio of 0.07. The company's fifty day simple moving average is $9.44 and its 200-day simple moving average is $8.75.

89BIO (NASDAQ:ETNB - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.71) EPS for the quarter, missing analysts' consensus estimates of ($0.49) by ($0.22). During the same quarter in the previous year, the firm posted ($0.48) earnings per share. Sell-side 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.