Lord Abbett & CO. LLC Makes New $5.33 Million Investment in 89BIO $ETNB

Key Points

• Lord Abbett & CO. LLC purchased 733,404 shares of 89BIO, valued at approximately $5.3 million, now holding about 0.50% of the company.
• Insider Quoc Le-Nguyen sold 10,461 shares at an average price of $11.02, reducing their ownership by 3.27% to 309,364 shares.
• 89BIO's stock increased by 1.4% and currently has a market capitalization of $1.37 billion, with a 1-year price range between $4.16 and $11.84.

Lord Abbett & CO. LLC bought a new position in shares of 89BIO (NASDAQ:ETNB - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 733,404 shares of the company's stock, valued at approximately $5,332,000. Lord Abbett & CO. LLC owned approximately 0.50% of 89BIO at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Avoro Capital Advisors LLC acquired a new stake in shares of 89BIO during the 4th quarter valued at $32,062,000. Deep Track Capital LP raised its position in 89BIO by 134.2% in the fourth quarter. Deep Track Capital LP now owns 6,478,249 shares of the company's stock valued at $50,660,000 after purchasing an additional 3,711,737 shares during the last quarter. Suvretta Capital Management LLC raised its position in 89BIO by 27.7% in the fourth quarter. Suvretta Capital Management LLC now owns 10,202,696 shares of the company's stock valued at $79,785,000 after purchasing an additional 2,211,052 shares during the last quarter. Emerald Advisers LLC acquired a new stake in shares of 89BIO during the first quarter valued at about $11,273,000. Finally, Vanguard Group Inc. grew its holdings in shares of 89BIO by 25.8% during the first quarter. Vanguard Group Inc. now owns 7,163,609 shares of the company's stock worth $52,079,000 after purchasing an additional 1,471,278 shares during the last quarter.

Insider Buying and Selling at 89BIO

In other 89BIO news, insider Quoc Le-Nguyen sold 10,461 shares of the firm's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $11.02, for a total value of $115,280.22. Following the completion of the sale, the insider directly owned 309,364 shares of the company's stock, valued at $3,409,191.28. This trade represents a 3.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.60% of the stock is owned by corporate insiders.

89BIO Stock Up 0.9%

NASDAQ ETNB traded up $0.0860 on Thursday, reaching $9.1860. The company had a trading volume of 470,540 shares, compared to its average volume of 2,065,700. The company's fifty day moving average is $9.83 and its 200 day moving average is $8.95. The stock has a market capitalization of $1.36 billion, a P/E ratio of -2.54 and a beta of 1.28. The company has a quick ratio of 15.19, a current ratio of 15.19 and a debt-to-equity ratio of 0.07. 89BIO has a 52-week low of $4.16 and a 52-week high of $11.84.

89BIO (NASDAQ:ETNB - Get Free Report) last released 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 firm posted ($0.48) EPS. Sell-side analysts anticipate that 89BIO will post -3.19 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ETNB has been the subject of a number of recent research reports. Weiss Ratings restated a "sell (d-)" rating on shares of 89BIO in a report on Thursday, August 14th. Royal Bank Of Canada lowered their price objective on 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, Cantor Fitzgerald upgraded 89BIO to a "strong-buy" rating in a report on Wednesday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $26.29.

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.