89BIO $ETNB Stock Holdings Lessened by Redmile Group LLC

Key Points

• Redmile Group LLC has reduced its stake in 89BIO by 13.0%, selling 280,732 shares in the first quarter, bringing its total holdings to 1,886,444 shares, valued at approximately $13.71 million.
• Analysts have mixed sentiments, with Bank of America lowering its price target for 89BIO from $30 to $29, while the stock holds an average rating of "Buy" and a consensus price target of $26.63.
• Insider Quoc Le-Nguyen sold 10,461 shares of 89BIO at an average price of $11.02, indicating a 3.27% decrease in their ownership of the company.

Redmile Group LLC lowered its holdings in 89BIO (NASDAQ:ETNB - Free Report) by 13.0% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,886,444 shares of the company's stock after selling 280,732 shares during the quarter. 89BIO comprises 1.3% of Redmile Group LLC's investment portfolio, making the stock its 20th biggest holding. Redmile Group LLC owned about 1.29% of 89BIO worth $13,714,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Bank of America Corp DE raised its stake in shares of 89BIO by 10.1% during the 4th quarter. Bank of America Corp DE now owns 358,574 shares of the company's stock worth $2,804,000 after buying an additional 32,867 shares in the last quarter. ProShare Advisors LLC increased its stake in 89BIO by 32.0% in the 4th quarter. ProShare Advisors LLC now owns 29,149 shares of the company's stock valued at $228,000 after purchasing an additional 7,070 shares in the last quarter. Victory Capital Management Inc. increased its stake in 89BIO by 21.1% in the 1st quarter. Victory Capital Management Inc. now owns 16,913 shares of the company's stock valued at $123,000 after purchasing an additional 2,944 shares in the last quarter. Northern Trust Corp increased its stake in 89BIO by 7.6% in the 4th quarter. Northern Trust Corp now owns 854,787 shares of the company's stock valued at $6,684,000 after purchasing an additional 60,075 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in 89BIO by 11.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,292 shares of the company's stock valued at $370,000 after purchasing an additional 4,976 shares in the last quarter.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on ETNB shares. Royal Bank Of Canada dropped their price target on 89BIO from $12.00 to $11.00 and set a "sector perform" rating for the company in a research report on Friday, August 8th. Bank of America reduced their target price on 89BIO from $30.00 to $29.00 and set a "buy" rating on the stock in a report on Monday, August 25th. Weiss Ratings reiterated a "sell (d-)" rating on shares of 89BIO in a report on Saturday, August 30th. Finally, HC Wainwright began coverage on 89BIO in a report on Thursday. They issued a "buy" rating and a $32.00 target price on the stock. Two 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's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $28.00.

89BIO Stock Up 3.0%

Shares of NASDAQ ETNB traded up $0.26 during midday trading on Friday, reaching $8.87. 1,927,023 shares of the company's stock were exchanged, compared to its average volume of 1,420,822. 89BIO has a 52-week low of $4.16 and a 52-week high of $11.84. The stock has a market capitalization of $1.32 billion, a PE ratio of -2.46 and a beta of 1.27. 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 business's fifty day moving average price is $9.64 and its two-hundred day moving average price is $8.79.

89BIO (NASDAQ:ETNB - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.71) EPS for the quarter, missing analysts' consensus estimates of ($0.49) by ($0.22). During the same quarter in the prior year, the business posted ($0.48) earnings per share. Analysts forecast that 89BIO will post -3.19 EPS for the current year.

Insiders Place Their Bets

In other 89BIO news, insider Quoc Le-Nguyen sold 10,461 shares of the company's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $11.02, for a total value of $115,280.22. Following the completion of the sale, the insider directly owned 309,364 shares in the company, valued at $3,409,191.28. This represents a 3.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.60% of the stock is owned by company insiders.

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.