Rhumbline Advisers Increases Stake in 89BIO $ETNB

Key Points

• Rhumbline Advisers increased its holdings in 89BIO by 17.0% during the first quarter, owning 152,138 shares valued at approximately $1.11 million.
• Several large investors, including CWM LLC and GAMMA Investing LLC, significantly increased their positions in 89BIO, with CWM LLC's holdings growing by 9,265.1%.
• 89BIO recently missed earnings expectations, reporting an EPS of ($0.71), widening from the previous year's ($0.48), while analysts project a current year EPS of -$3.19.

Rhumbline Advisers lifted its position in shares of 89BIO (NASDAQ:ETNB - Free Report) by 17.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 152,138 shares of the company's stock after purchasing an additional 22,158 shares during the quarter. Rhumbline Advisers owned 0.10% of 89BIO worth $1,106,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. CWM LLC lifted 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 in the last quarter. GAMMA Investing LLC lifted 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 in the last quarter. Ieq Capital LLC bought a new position in shares of 89BIO in the 1st quarter worth $89,000. Allianz Asset Management GmbH bought a new position in shares of 89BIO in the 1st quarter worth $93,000. Finally, E Fund Management Co. Ltd. bought a new position in shares of 89BIO in the 1st quarter worth $93,000.

Insiders Place Their Bets

In related news, insider Quoc Le-Nguyen sold 10,461 shares of 89BIO stock in a transaction dated 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 owned 309,364 shares of the company's stock, valued at approximately $3,409,191.28. This trade represents a 3.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 2.80% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on ETNB shares. Wolfe Research cut 89BIO from an "outperform" rating to a "peer perform" rating in a report on Friday. Raymond James Financial cut 89BIO from a "strong-buy" rating to a "market perform" rating in a report on Friday. Weiss Ratings reiterated a "sell (d-)" rating on shares of 89BIO in a report on Saturday, September 13th. HC Wainwright cut 89BIO from a "buy" rating to a "neutral" rating and set a $14.50 target price on the stock. in a report on Friday. Finally, Royal Bank Of Canada lowered 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. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, 89BIO currently has a consensus rating of "Moderate Buy" and an average target price of $25.81.

89BIO Stock Down 0.4%

NASDAQ ETNB traded down $0.07 on Tuesday, reaching $14.81. The company had a trading volume of 8,583,026 shares, compared to its average volume of 2,701,594. The stock has a market capitalization of $2.20 billion, a P/E ratio of -4.10 and a beta of 1.27. The company's fifty day moving average is $9.59 and its 200 day moving average is $8.85. 89BIO has a 52-week low of $4.16 and a 52-week high of $15.06. The company has a quick ratio of 15.19, a current ratio of 15.19 and a debt-to-equity ratio of 0.07.

89BIO (NASDAQ:ETNB - Get Free Report) last announced its earnings results 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 in the previous year, the firm earned ($0.48) earnings per share. Sell-side analysts anticipate that 89BIO will post -3.19 earnings per share for the current fiscal year.

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.