Infinitum Asset Management LLC Takes Position in 89BIO $ETNB

Key Points

• Infinitum Asset Management LLC acquired approximately 500,000 shares of 89BIO for about $3.64 million, making it the firm's 21st largest position, representing roughly 1.2% of its portfolio.
• 89BIO's recent earnings report revealed a loss of ($0.71) per share, missing analyst estimates of ($0.49) by $0.22, as analysts anticipate a projected EPS of -3.19 for the fiscal year.
• Analysts' ratings for 89BIO vary, with two giving it a Strong Buy, five a Buy, and two a Hold, while the average price target is set at $28.00.

Infinitum Asset Management LLC purchased a new position in 89BIO (NASDAQ:ETNB - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 500,000 shares of the company's stock, valued at approximately $3,635,000. 89BIO comprises about 1.2% of Infinitum Asset Management LLC's portfolio, making the stock its 21st largest position. Infinitum Asset Management LLC owned 0.34% of 89BIO at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. CWM LLC increased its holdings in 89BIO by 9,265.1% during the 1st 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. GAMMA Investing LLC raised its holdings in 89BIO by 4,898.7% in the 1st quarter. GAMMA Investing LLC now owns 7,648 shares of the company's stock worth $56,000 after purchasing an additional 7,495 shares in the last quarter. Sandia Investment Management LP raised its holdings in 89BIO by 28.5% in the 4th quarter. Sandia Investment Management LP now owns 11,286 shares of the company's stock worth $88,000 after purchasing an additional 2,500 shares in the last quarter. Hsbc Holdings PLC bought a new stake in shares of 89BIO during the 4th quarter valued at about $87,000. Finally, Tower Research Capital LLC TRC increased its position in shares of 89BIO by 109.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 11,725 shares of the company's stock valued at $92,000 after buying an additional 6,132 shares during the period.

89BIO Stock Down 1.3%

ETNB traded down $0.11 during midday trading on Wednesday, reaching $8.52. The company's stock had a trading volume of 1,904,631 shares, compared to its average volume of 2,029,234. The firm has a market capitalization of $1.26 billion, a price-to-earnings ratio of -2.36 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. 89BIO has a 1 year low of $4.16 and a 1 year high of $11.84. The stock's 50-day moving average is $9.59 and its 200-day moving average is $8.75.

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

Insider Activity

In related news, insider Quoc Le-Nguyen sold 10,461 shares of the stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $11.02, for a total transaction of $115,280.22. Following the sale, the insider directly owned 309,364 shares of the company's stock, 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 SEC, which can be accessed through this hyperlink. 2.80% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have commented on ETNB shares. Royal Bank Of Canada lowered their price objective on shares of 89BIO from $12.00 to $11.00 and set a "sector perform" rating for the company in a report on Friday, August 8th. Weiss Ratings reissued a "sell (d-)" rating on shares of 89BIO in a research report on Saturday, August 30th. 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. Finally, HC Wainwright initiated coverage on 89BIO in a research note on Thursday, September 4th. They issued a "buy" rating and a $32.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $28.00.

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.