Nuveen LLC Invests $7.53 Million in 89BIO $ETNB

Key Points

• Nuveen LLC has invested approximately $7.53 million in 89BIO by acquiring over 1 million shares, giving them a 0.71% ownership stake in the company.
• Analyst ratings for 89BIO vary, with a consensus rating of "Buy" and an average price target of $26.29, despite a recent earnings miss and a downgraded target price from Royal Bank of Canada.
• 89BIO reported a 1-year high of $11.84 and a low of $4.16, with current shares trading around $9.43.

Nuveen LLC purchased a new position in 89BIO (NASDAQ:ETNB - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm purchased 1,035,957 shares of the company's stock, valued at approximately $7,531,000. Nuveen LLC owned about 0.71% of 89BIO as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Invesco Ltd. boosted its position in shares of 89BIO by 219.4% in the 1st quarter. Invesco Ltd. now owns 115,751 shares of the company's stock worth $842,000 after purchasing an additional 79,515 shares during the last quarter. Vivo Capital LLC bought a new position in shares of 89BIO in the 1st quarter worth $2,739,000. Swiss National Bank boosted its position in shares of 89BIO by 27.2% in the 1st quarter. Swiss National Bank now owns 205,500 shares of the company's stock worth $1,494,000 after purchasing an additional 43,900 shares during the last quarter. Deutsche Bank AG boosted its position in shares of 89BIO by 30.2% in the 1st quarter. Deutsche Bank AG now owns 101,666 shares of the company's stock worth $739,000 after purchasing an additional 23,607 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of 89BIO by 21.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 985,771 shares of the company's stock worth $7,167,000 after purchasing an additional 174,945 shares during the last quarter.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 89BIO in a research note on Thursday, August 14th. Royal Bank Of Canada dropped their price objective on 89BIO from $12.00 to $11.00 and set a "sector perform" rating on the stock in a research note on Friday, August 8th. Finally, Bank of America decreased their price objective on 89BIO from $30.00 to $29.00 and set a "buy" rating for the company in a report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $26.63.

89BIO Stock Performance

89BIO stock traded down $0.37 during midday trading on Friday, reaching $9.06. 579,287 shares of the company's stock were exchanged, compared to its average volume of 2,039,680. 89BIO has a 52 week low of $4.16 and a 52 week high of $11.84. The company has a debt-to-equity ratio of 0.07, a quick ratio of 15.19 and a current ratio of 15.19. The firm has a market cap of $1.34 billion, a price-to-earnings ratio of -2.51 and a beta of 1.28. The stock's 50-day simple moving average is $9.75 and its 200 day simple moving average is $8.88.

89BIO (NASDAQ:ETNB - Get Free Report) last issued its quarterly earnings data 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 period in the prior year, the company posted ($0.48) earnings per share. On average, 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 company's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $11.02, for a total transaction of $115,280.22. Following the completion of the transaction, the insider directly owned 309,364 shares in the company, valued at approximately $3,409,191.28. This represents a 3.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.60% of the company's stock.

About 89BIO

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.