Panagora Asset Management Inc. Boosts Holdings in 89BIO $ETNB

Key Points

• Panagora Asset Management Inc. increased its stake in 89BIO (NASDAQ:ETNB) by 272.1%, owning 429,392 shares valued at approximately $3.12 million after purchasing an additional 314,000 shares in the first quarter.
• In Q2, 89BIO reported an EPS of ($0.71), missing analyst expectations, as the company continues to develop therapies for liver and cardio-metabolic diseases.
• Market analysts have mixed ratings on 89BIO, with two ratings of Strong Buy and an average target price of $26.63, despite recent reductions in price targets by some firms.

Panagora Asset Management Inc. increased its holdings in shares of 89BIO (NASDAQ:ETNB - Free Report) by 272.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 429,392 shares of the company's stock after acquiring an additional 314,000 shares during the period. Panagora Asset Management Inc. owned approximately 0.29% of 89BIO worth $3,122,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Deep Track Capital LP boosted its position in shares of 89BIO by 134.2% during the 4th quarter. Deep Track Capital LP now owns 6,478,249 shares of the company's stock worth $50,660,000 after purchasing an additional 3,711,737 shares in the last quarter. Suvretta Capital Management LLC lifted its stake in shares of 89BIO by 27.7% in the fourth quarter. Suvretta Capital Management LLC now owns 10,202,696 shares of the company's stock valued at $79,785,000 after purchasing an additional 2,211,052 shares during the period. Beck Bode LLC purchased a new stake in 89BIO during the first quarter worth about $13,199,000. Emerald Advisers LLC purchased a new stake in 89BIO during the first quarter worth about $11,273,000. Finally, Vanguard Group Inc. grew its position in 89BIO by 25.8% during the first quarter. Vanguard Group Inc. now owns 7,163,609 shares of the company's stock worth $52,079,000 after buying an additional 1,471,278 shares during the period.

Insider Activity

In related news, insider Quoc Le-Nguyen sold 10,461 shares of the firm's stock in a transaction that occurred 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.80% of the company's stock.

89BIO Price Performance

89BIO stock traded up $0.26 during mid-day trading on Friday, hitting $8.87. 1,927,023 shares of the company were exchanged, compared to its average volume of 1,416,414. The company has a debt-to-equity ratio of 0.07, a current ratio of 15.19 and a quick ratio of 15.19. The business's 50 day simple moving average is $9.64 and its two-hundred day simple moving average is $8.77. The company has a market capitalization of $1.32 billion, a P/E ratio of -2.46 and a beta of 1.27. 89BIO has a 12-month low of $4.16 and a 12-month high of $11.84.

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 the consensus estimate of ($0.49) by ($0.22). During the same quarter last year, the firm posted ($0.48) earnings per share. Analysts forecast that 89BIO will post -3.19 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ETNB has been the subject of a number of research reports. HC Wainwright started coverage on shares of 89BIO in a research report on Thursday. They set a "buy" rating and a $32.00 price target for the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 89BIO in a report on Saturday, August 30th. Royal Bank Of Canada decreased their target price on 89BIO from $12.00 to $11.00 and set a "sector perform" rating on the stock in a research report on Friday, August 8th. Finally, Bank of America dropped their price target on 89BIO from $30.00 to $29.00 and set a "buy" rating for the company in a research report on Monday, August 25th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $28.00.

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.