Millennium Management LLC Acquires 326,215 Shares of 89bio, Inc. (NASDAQ:ETNB)

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

Other large investors have also added to or reduced their stakes in the company. Federated Hermes Inc. increased its holdings in 89bio by 206.9% during the 4th quarter. Federated Hermes Inc. now owns 6,283 shares of the company's stock worth $49,000 after purchasing an additional 4,236 shares in the last quarter. Quarry LP bought a new stake in 89bio during the fourth quarter worth $55,000. Kingswood Wealth Advisors LLC bought a new stake in 89bio during the fourth quarter worth $86,000. Hsbc Holdings PLC purchased a new stake in 89bio in the 4th quarter valued at $87,000. Finally, Tower Research Capital LLC TRC lifted its stake in 89bio by 109.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 11,725 shares of the company's stock valued at $92,000 after acquiring an additional 6,132 shares in the last quarter.

Insider Activity

In related 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 transaction, the insider now owns 328,323 shares of the company's stock, valued at $1,953,521.85. This represents a 4.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.60% of the company's stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of 89bio in a research note on Saturday, May 24th. UBS Group increased their price objective on shares of 89bio from $25.00 to $38.00 and gave the company a "buy" rating in a research note on Friday, January 31st. Citigroup began coverage on 89bio in a research note on Thursday, March 13th. They issued a "buy" rating and a $25.00 target price on the stock. Cantor Fitzgerald raised 89bio to a "strong-buy" rating in a report on Wednesday, April 30th. Finally, Wolfe Research assumed coverage on 89bio in a report on Tuesday, February 4th. They set an "outperform" rating on the stock. Two analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, 89bio currently has an average rating of "Buy" and a consensus price target of $26.43.

89bio Stock Performance

ETNB traded up $0.14 during trading hours on Friday, hitting $9.95. The stock had a trading volume of 2,370,367 shares, compared to its average volume of 1,435,634. 89bio, Inc. has a 1 year low of $4.16 and a 1 year high of $11.84. The company's fifty day simple moving average is $7.38 and its 200 day simple moving average is $8.15. The stock has a market cap of $1.45 billion, a PE ratio of -3.42 and a beta of 1.23. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09.

89bio (NASDAQ:ETNB - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported ($0.49) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.50) by $0.01. During the same quarter in the prior year, the business posted ($0.54) earnings per share. Equities analysts anticipate that 89bio, Inc. will post -3.19 earnings per share for the current year.

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.