Jacobs Levy Equity Management Inc. Buys Shares of 98,848 89BIO $ETNB

Key Points

• Jacobs Levy Equity Management Inc. purchased 98,848 shares of 89BIO, valued at approximately $719,000, increasing its stake to 0.07% of the company.
• Insider Quoc Le-Nguyen sold 10,461 shares of 89BIO for $115,280, reducing their ownership by 3.27%.
• 89BIO recently reported an EPS of ($0.71)—missing estimates by $0.22—and analysts have mixed ratings with a consensus target price of $28.00.

Jacobs Levy Equity Management Inc. purchased a new stake in shares of 89BIO (NASDAQ:ETNB - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 98,848 shares of the company's stock, valued at approximately $719,000. Jacobs Levy Equity Management Inc. owned 0.07% of 89BIO as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. AQR Capital Management LLC bought a new position in shares of 89BIO during the 1st quarter valued at approximately $583,000. Allostery Investments LP purchased a new stake in shares of 89BIO during the 1st quarter worth approximately $182,000. ADAR1 Capital Management LLC raised its holdings in shares of 89BIO by 56.1% during the 1st quarter. ADAR1 Capital Management LLC now owns 804,220 shares of the company's stock worth $5,847,000 after acquiring an additional 289,082 shares in the last quarter. RA Capital Management L.P. raised its holdings in shares of 89BIO by 40.3% during the 1st 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. Finally, Apis Capital Advisors LLC bought a new stake in 89BIO in the first quarter worth $2,290,000.

89BIO Stock Up 85.1%

NASDAQ ETNB traded up $6.88 during trading on Thursday, hitting $14.96. The company's stock had a trading volume of 84,781,847 shares, compared to its average volume of 1,300,992. The company has a debt-to-equity ratio of 0.07, a current ratio of 15.19 and a quick ratio of 15.19. The company has a market cap of $2.22 billion, a PE ratio of -4.14 and a beta of 1.27. The business's 50 day simple moving average is $9.44 and its 200-day simple moving average is $8.75. 89BIO has a fifty-two week low of $4.16 and a fifty-two week high of $15.06.

89BIO (NASDAQ:ETNB - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.71) earnings per share for the quarter, missing the consensus estimate of ($0.49) by ($0.22). During the same period last year, the business earned ($0.48) earnings per share. On average, equities analysts anticipate that 89BIO will post -3.19 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ETNB has been the topic of a number of recent analyst reports. Royal Bank Of Canada reduced their target price on 89BIO from $12.00 to $11.00 and set a "sector perform" rating on the stock in a research note on Friday, August 8th. HC Wainwright assumed coverage on 89BIO in a research report on Thursday, September 4th. They set a "buy" rating and a $32.00 price target on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of 89BIO in a research report on Saturday, September 13th. Finally, 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. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, 89BIO has a consensus rating of "Buy" and an average price target of $28.00.

Insider Transactions at 89BIO

In related news, insider Quoc Le-Nguyen sold 10,461 shares of the business's stock in a transaction that occurred on 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 approximately $3,409,191.28. The trade was a 3.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.60% of the company's stock.

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.