89BIO $ETNB Shares Sold by Newtyn Management LLC

Key Points

• Newtyn Management LLC has sold 40,000 shares of 89BIO, reducing its holdings by 16.7% to 200,000 shares, representing 0.2% of the company's stock.
• 89BIO's stock price opened at $8.61 and the company recently reported an EPS loss of ($0.71) for the quarter, missing expectations.
• Analysts have mixed views on 89BIO, with two ratings as "Strong Buy" and an average price target of $28.00, despite recent target price reductions from Bank of America and Royal Bank of Canada.

Newtyn Management LLC cut its holdings in shares of 89BIO (NASDAQ:ETNB - Free Report) by 16.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 200,000 shares of the company's stock after selling 40,000 shares during the quarter. 89BIO comprises approximately 0.2% of Newtyn Management LLC's portfolio, making the stock its 29th biggest holding. Newtyn Management LLC owned approximately 0.14% of 89BIO worth $1,454,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. CWM LLC lifted its position in 89BIO by 9,265.1% during the first quarter. CWM LLC now owns 5,900 shares of the company's stock worth $43,000 after buying an additional 5,837 shares during the period. GAMMA Investing LLC lifted its position in 89BIO by 4,898.7% during the first quarter. GAMMA Investing LLC now owns 7,648 shares of the company's stock worth $56,000 after buying an additional 7,495 shares during the period. Sandia Investment Management LP lifted its position in 89BIO by 28.5% during the fourth quarter. Sandia Investment Management LP now owns 11,286 shares of the company's stock worth $88,000 after buying an additional 2,500 shares during the period. Hsbc Holdings PLC purchased a new position in 89BIO during the fourth quarter worth about $87,000. Finally, Tower Research Capital LLC TRC lifted its position in 89BIO by 109.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 11,725 shares of the company's stock worth $92,000 after buying an additional 6,132 shares during the period.

89BIO Stock Down 2.0%

Shares of ETNB stock traded down $0.18 during trading hours on Wednesday, reaching $8.46. The company had a trading volume of 423,991 shares, compared to its average volume of 2,020,398. The company has a debt-to-equity ratio of 0.07, a quick ratio of 15.19 and a current ratio of 15.19. 89BIO has a twelve month low of $4.16 and a twelve month high of $11.84. The company has a market capitalization of $1.25 billion, a P/E ratio of -2.34 and a beta of 1.27. The stock's fifty day simple moving average is $9.59 and its 200 day simple moving average is $8.75.

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

Insider Activity

In other news, insider Quoc Le-Nguyen sold 10,461 shares of the stock in a transaction dated 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 owned 309,364 shares in the company, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ETNB. Royal Bank Of Canada cut their price objective on 89BIO from $12.00 to $11.00 and set a "sector perform" rating on the stock in a report on Friday, August 8th. Bank of America cut their price objective on 89BIO from $30.00 to $29.00 and set a "buy" rating on the stock in a report on Monday, August 25th. HC Wainwright began coverage on 89BIO in a report on Thursday, September 4th. They issued a "buy" rating and a $32.00 price objective on the stock. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of 89BIO in a report on Saturday, August 30th. Two 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. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $28.00.

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.