Trexquant Investment LP Makes New Investment in 89BIO $ETNB

Key Points

• Trexquant Investment LP has acquired a new stake in 89BIO, purchasing 99,183 shares valued at approximately $721,000 during the first quarter.
• The stock of 89BIO currently has a market cap of $1.32 billion with a P/E ratio of -2.46 and has experienced a trading uptick of 3.0% recently.
• Insider Quoc Le-Nguyen sold 10,461 shares at an average price of $11.02, reducing their ownership by 3.27% to 309,364 shares.

Trexquant Investment LP acquired a new stake in shares of 89BIO (NASDAQ:ETNB - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 99,183 shares of the company's stock, valued at approximately $721,000. Trexquant Investment LP owned approximately 0.07% of 89BIO as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Janus Henderson Group PLC boosted its stake in shares of 89BIO by 8.9% during the fourth quarter. Janus Henderson Group PLC now owns 16,514,056 shares of the company's stock valued at $129,177,000 after purchasing an additional 1,355,838 shares in the last quarter. Suvretta Capital Management LLC boosted its stake in shares of 89BIO by 27.7% during 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 in the last quarter. RTW Investments LP boosted its stake in shares of 89BIO by 1.3% during the fourth quarter. RTW Investments LP now owns 7,478,061 shares of the company's stock valued at $58,478,000 after purchasing an additional 99,513 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of 89BIO by 25.8% during the first quarter. Vanguard Group Inc. now owns 7,163,609 shares of the company's stock valued at $52,079,000 after purchasing an additional 1,471,278 shares in the last quarter. Finally, Redmile Group LLC boosted its stake in shares of 89BIO by 38.0% during the fourth quarter. Redmile Group LLC now owns 2,167,176 shares of the company's stock valued at $16,947,000 after purchasing an additional 597,326 shares in the last quarter.

89BIO Trading Up 3.0%

NASDAQ ETNB opened at $8.87 on Monday. The company has a fifty day simple moving average of $9.64 and a two-hundred day simple moving average of $8.77. The stock has a market cap 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. The company has a current ratio of 15.19, a quick ratio of 15.19 and a debt-to-equity ratio of 0.07.

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

Insider Activity

In other 89BIO news, insider Quoc Le-Nguyen sold 10,461 shares of the firm's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $11.02, for a total value of $115,280.22. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.80% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Bank of America dropped their price objective on shares of 89BIO from $30.00 to $29.00 and set a "buy" rating on the stock in a research note on Monday, August 25th. Weiss Ratings restated a "sell (d-)" rating on shares of 89BIO in a research note on Saturday, August 30th. HC Wainwright assumed coverage on shares of 89BIO in a research note on Thursday. They issued a "buy" rating and a $32.00 target price for the company. Finally, Royal Bank Of Canada lowered their target price on shares of 89BIO from $12.00 to $11.00 and set a "sector perform" rating for the company in a research note on Friday, August 8th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $28.00.

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.

Want to see what other hedge funds are holding ETNB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 89BIO (NASDAQ:ETNB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.