Readystate Asset Management LP Buys Shares of 685,169 89BIO (NASDAQ:ETNB)

Readystate Asset Management LP purchased a new stake in shares of 89BIO (NASDAQ:ETNB - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 685,169 shares of the company's stock, valued at approximately $4,981,000. Readystate Asset Management LP owned 0.47% of 89BIO as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in ETNB. CWM LLC raised its holdings in shares of 89BIO by 9,265.1% in the 1st quarter. CWM LLC now owns 5,900 shares of the company's stock worth $43,000 after purchasing an additional 5,837 shares during the period. 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 worth $49,000 after purchasing an additional 4,236 shares during the period. Quarry LP bought a new stake in shares of 89BIO in the 4th quarter worth approximately $55,000. GAMMA Investing LLC raised its holdings in shares of 89BIO by 4,898.7% in the 1st quarter. GAMMA Investing LLC now owns 7,648 shares of the company's stock worth $56,000 after purchasing an additional 7,495 shares during the period. Finally, Hsbc Holdings PLC bought a new stake in shares of 89BIO in the 4th quarter worth approximately $87,000.

Insiders Place Their Bets

In related news, insider Quoc Le-Nguyen sold 10,461 shares of the company'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 of the company's stock, valued at approximately $3,409,191.28. This represents a 3.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.60% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on ETNB shares. Cantor Fitzgerald raised shares of 89BIO to a "strong-buy" rating in a report on Wednesday, April 30th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 89BIO in a report on Saturday, July 12th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $26.43.

89BIO Price Performance

Shares of 89BIO stock traded down $0.39 on Friday, reaching $9.59. The stock had a trading volume of 1,184,269 shares, compared to its average volume of 1,465,060. 89BIO has a 1 year low of $4.16 and a 1 year high of $11.84. The company has a market cap of $1.40 billion, a P/E ratio of -2.84 and a beta of 1.28. The company has a current ratio of 18.03, a quick ratio of 18.03 and a debt-to-equity ratio of 0.06. The business's 50 day moving average is $9.99 and its two-hundred day moving average is $8.72.

89BIO (NASDAQ:ETNB - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported ($0.49) earnings per share for the quarter, topping analysts' consensus estimates of ($0.50) by $0.01. During the same quarter in the prior year, the business posted ($0.54) EPS. As a group, research analysts anticipate that 89BIO will post -3.19 EPS for the current year.

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.