Northern Trust Corp Increases Stake in 89bio, Inc. (NASDAQ:ETNB)

Northern Trust Corp lifted its position in 89bio, Inc. (NASDAQ:ETNB - Free Report) by 7.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 854,787 shares of the company's stock after acquiring an additional 60,075 shares during the period. Northern Trust Corp owned 0.81% of 89bio worth $6,684,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in ETNB. Federated Hermes Inc. increased its position in 89bio by 206.9% during the 4th quarter. Federated Hermes Inc. now owns 6,283 shares of the company's stock valued at $49,000 after buying an additional 4,236 shares in the last quarter. Quarry LP purchased a new position in shares of 89bio in the 4th quarter worth about $55,000. Kingswood Wealth Advisors LLC purchased a new position in shares of 89bio in the 4th quarter worth about $86,000. Hsbc Holdings PLC bought a new position in 89bio in the 4th quarter worth about $87,000. Finally, Tower Research Capital LLC TRC grew its position 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 purchasing an additional 6,132 shares during the last quarter.

89bio Trading Down 1.0%

Shares of NASDAQ:ETNB opened at $7.70 on Tuesday. 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, Inc. has a 52-week low of $4.16 and a 52-week high of $11.84. The stock has a market cap of $1.12 billion, a price-to-earnings ratio of -2.65 and a beta of 1.23. The business has a 50-day moving average price of $7.25 and a 200-day moving average price of $8.15.

89bio (NASDAQ:ETNB - Get Free Report) last issued its quarterly earnings data 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 period last year, the firm posted ($0.54) earnings per share. Equities analysts predict that 89bio, Inc. will post -3.19 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on ETNB shares. Cantor Fitzgerald upgraded shares of 89bio to a "strong-buy" rating in a research report on Wednesday, April 30th. UBS Group increased their price target on 89bio from $25.00 to $38.00 and gave the company a "buy" rating in a report on Friday, January 31st. The Goldman Sachs Group began coverage on 89bio in a report on Friday, March 14th. They issued a "neutral" rating and a $11.00 price objective for the company. Wolfe Research began coverage on 89bio in a report on Tuesday, February 4th. They issued an "outperform" rating on the stock. Finally, HC Wainwright restated a "buy" rating and set a $21.00 price target (down from $29.00) on shares of 89bio in a research note on Friday, February 28th. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $26.43.

Insider Buying and Selling at 89bio

In other 89bio news, insider Quoc Le-Nguyen sold 15,329 shares of the stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $5.95, for a total value of $91,207.55. Following the completion of the sale, the insider now owns 328,323 shares in the company, valued at approximately $1,953,521.85. This represents a 4.46% decrease in their position. The transaction 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 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.

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