Hennion & Walsh Asset Management Inc. Raises Position in 89bio, Inc. (NASDAQ:ETNB)

Hennion & Walsh Asset Management Inc. grew its holdings in shares of 89bio, Inc. (NASDAQ:ETNB - Free Report) by 48.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 140,306 shares of the company's stock after purchasing an additional 45,812 shares during the period. Hennion & Walsh Asset Management Inc. owned approximately 0.10% of 89bio worth $1,020,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ETNB. Rhumbline Advisers lifted its holdings in shares of 89bio by 3.3% during the 4th quarter. Rhumbline Advisers now owns 129,980 shares of the company's stock valued at $1,016,000 after purchasing an additional 4,125 shares during the last quarter. New York State Common Retirement Fund lifted its holdings in shares of 89bio by 24.3% during the 4th quarter. New York State Common Retirement Fund now owns 16,367 shares of the company's stock valued at $128,000 after purchasing an additional 3,200 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of 89bio by 3.9% during the 4th quarter. Bank of New York Mellon Corp now owns 248,156 shares of the company's stock valued at $1,941,000 after purchasing an additional 9,314 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of 89bio by 12.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 810,826 shares of the company's stock valued at $6,341,000 after purchasing an additional 89,776 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in shares of 89bio by 11.5% during the 4th quarter. Victory Capital Management Inc. now owns 13,969 shares of the company's stock valued at $109,000 after purchasing an additional 1,437 shares during the last quarter.

Analysts Set New Price Targets

ETNB has been the subject of several analyst reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of 89bio in a report on Saturday, May 24th. HC Wainwright reiterated a "buy" rating and set a $21.00 price objective (down from $29.00) on shares of 89bio in a research note on Friday, February 28th. Cantor Fitzgerald upgraded shares of 89bio to a "strong-buy" rating in a research note on Wednesday, April 30th. The Goldman Sachs Group started coverage on shares of 89bio in a research note on Friday, March 14th. They set a "neutral" rating and a $11.00 price objective for the company. Finally, Citigroup started coverage on shares of 89bio in a research note on Thursday, March 13th. They set a "buy" rating and a $25.00 price objective for the company. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $26.43.

89bio Trading Up 2.9%

NASDAQ ETNB opened at $10.25 on Friday. 89bio, Inc. has a 1 year low of $4.16 and a 1 year high of $11.84. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. The company has a fifty day moving average of $7.65 and a 200 day moving average of $8.22. The company has a market capitalization of $1.50 billion, a PE ratio of -3.52 and a beta of 1.30.

89bio (NASDAQ:ETNB - Get Free Report) last released 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 posted ($0.54) earnings per share. Research analysts forecast that 89bio, Inc. will post -3.19 earnings per share for the current year.

Insider Buying and Selling at 89bio

In other 89bio news, insider Quoc Le-Nguyen sold 15,329 shares of 89bio stock in a transaction on 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 now owns 328,323 shares of the company's stock, valued at approximately $1,953,521.85. The trade was a 4.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.80% of the stock is owned by corporate insiders.

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.

Want to see what other hedge funds are holding ETNB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 89bio, Inc. (NASDAQ:ETNB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.