89bio, Inc. (NASDAQ:ETNB) Shares Sold by Rafferty Asset Management LLC

Rafferty Asset Management LLC cut its stake in shares of 89bio, Inc. (NASDAQ:ETNB - Free Report) by 30.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 88,745 shares of the company's stock after selling 38,636 shares during the quarter. Rafferty Asset Management LLC owned approximately 0.08% of 89bio worth $694,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Federated Hermes Inc. raised its holdings in shares of 89bio by 206.9% in the 4th quarter. Federated Hermes Inc. now owns 6,283 shares of the company's stock valued at $49,000 after purchasing an additional 4,236 shares in the last quarter. Quarry LP bought a new stake in 89bio during the 4th quarter valued at $55,000. Kingswood Wealth Advisors LLC purchased a new position in shares of 89bio in the 4th quarter valued at $86,000. Hsbc Holdings PLC bought a new position in 89bio in the fourth quarter worth about $87,000. Finally, Tower Research Capital LLC TRC grew its position in shares of 89bio by 109.6% in the 4th 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 last quarter.

Analysts Set New Price Targets

ETNB has been the subject of several research analyst reports. The Goldman Sachs Group initiated coverage on shares of 89bio in a research report on Friday, March 14th. They issued a "neutral" rating and a $11.00 price objective for the company. Cantor Fitzgerald raised 89bio to a "strong-buy" rating in a report on Wednesday, April 30th. UBS Group raised their target price on 89bio from $25.00 to $38.00 and gave the company a "buy" rating in a research report on Friday, January 31st. Wolfe Research assumed coverage on 89bio in a research report on Tuesday, February 4th. They issued an "outperform" rating for the company. Finally, HC Wainwright reaffirmed a "buy" rating and issued 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 given a strong buy rating to the company's stock. According to data from MarketBeat, 89bio currently has an average rating of "Buy" and an average price target of $26.43.

89bio Trading Up 3.4%

ETNB traded up $0.31 during mid-day trading on Wednesday, hitting $9.47. 439,099 shares of the stock were exchanged, compared to its average volume of 1,426,018. The company has a market cap of $1.38 billion, a PE ratio of -3.27 and a beta of 1.23. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09. The firm's fifty day moving average is $7.35 and its two-hundred day moving average is $8.15. 89bio, Inc. has a 1-year low of $4.16 and a 1-year high of $11.84.

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

Insider Activity

In other 89bio news, insider Quoc Le-Nguyen sold 15,329 shares of the business's stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $5.95, for a total transaction of $91,207.55. Following the completion of the transaction, the insider now owns 328,323 shares in the company, valued at $1,953,521.85. The trade was a 4.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company 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.