Millennium Management LLC Boosts Stock Position in 89bio, Inc. (NASDAQ:ETNB)

Millennium Management LLC boosted its position in shares of 89bio, Inc. (NASDAQ:ETNB - Free Report) by 85.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 708,196 shares of the company's stock after buying an additional 326,215 shares during the period. Millennium Management LLC owned 0.67% of 89bio worth $5,538,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of ETNB. Janus Henderson Group PLC grew its position in shares of 89bio by 8.9% in the fourth quarter. Janus Henderson Group PLC now owns 16,514,056 shares of the company's stock valued at $129,177,000 after purchasing an additional 1,355,838 shares in the last quarter. Deep Track Capital LP grew its position in shares of 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 in the last quarter. Vanguard Group Inc. grew its position in shares of 89bio by 13.7% in the fourth quarter. Vanguard Group Inc. now owns 5,692,331 shares of the company's stock valued at $44,514,000 after purchasing an additional 686,054 shares in the last quarter. Avoro Capital Advisors LLC purchased a new stake in shares of 89bio in the fourth quarter valued at approximately $32,062,000. Finally, Geode Capital Management LLC grew its position in shares of 89bio by 6.4% in the fourth quarter. Geode Capital Management LLC now owns 2,207,608 shares of the company's stock valued at $17,267,000 after purchasing an additional 132,638 shares in the last quarter.

Analyst Ratings Changes

ETNB has been the subject of a number of analyst reports. The Goldman Sachs Group initiated coverage on 89bio in a research report on Friday, March 14th. They issued a "neutral" rating and a $11.00 price target for the company. Wolfe Research initiated coverage on 89bio in a report on Tuesday, February 4th. They issued an "outperform" rating on the stock. HC Wainwright reiterated a "buy" rating and issued a $21.00 price objective (down from $29.00) on shares of 89bio in a report on Friday, February 28th. Weiss Ratings reiterated a "sell (d-)" rating on shares of 89bio in a report on Saturday, May 24th. Finally, Citigroup initiated coverage on 89bio in a report on Thursday, March 13th. They issued a "buy" rating and a $25.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $26.43.

89bio Trading Up 1.4%

NASDAQ:ETNB traded up $0.14 during trading hours on Friday, reaching $9.95. 2,370,367 shares of the stock were exchanged, compared to its average volume of 1,440,629. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09. The business has a 50-day moving average of $7.42 and a two-hundred day moving average of $8.15. 89bio, Inc. has a twelve month low of $4.16 and a twelve month high of $11.84. The company has a market capitalization of $1.45 billion, a price-to-earnings ratio of -3.42 and a beta of 1.23.

89bio (NASDAQ:ETNB - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The company reported ($0.49) EPS for the quarter, topping analysts' consensus estimates of ($0.50) by $0.01. During the same period last year, the firm earned ($0.54) EPS. On average, equities analysts predict that 89bio, Inc. will post -3.19 EPS for the current year.

Insider Activity

In other news, insider Quoc Le-Nguyen sold 15,329 shares of the stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $5.95, for a total value of $91,207.55. Following the sale, the insider now directly owns 328,323 shares in the company, valued at approximately $1,953,521.85. This trade represents a 4.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.60% of the company's stock.

89bio 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.