Vanguard Group Inc. Boosts Stake in 89BIO $ETNB

Key Points

• Vanguard Group Inc. increased its stake in 89BIO by 25.8%, acquiring an additional 1,471,278 shares, bringing its total holdings to 7,163,609 shares valued at approximately $52 million.
• Several other institutional investors also increased their positions in 89BIO, with some, like CWM LLC, raising their stake by an astonishing 9,265.1%.
• 89BIO reported a quarterly earnings loss of ($0.71) EPS, missing analysts' expectations and forecasts suggest the company will post an annual -3.19 EPS for the current year.

Vanguard Group Inc. boosted its holdings in shares of 89BIO (NASDAQ:ETNB - Free Report) by 25.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,163,609 shares of the company's stock after buying an additional 1,471,278 shares during the period. Vanguard Group Inc. owned approximately 4.91% of 89BIO worth $52,079,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in 89BIO by 153.8% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,295 shares of the company's stock valued at $148,000 after buying an additional 12,300 shares during the period. Royce & Associates LP purchased a new position in shares of 89BIO in the 1st quarter worth about $1,643,000. Readystate Asset Management LP bought a new position in shares of 89BIO during the 1st quarter valued at about $4,981,000. KLP Kapitalforvaltning AS increased its position in shares of 89BIO by 130.1% during the 1st quarter. KLP Kapitalforvaltning AS now owns 33,600 shares of the company's stock valued at $244,000 after purchasing an additional 19,000 shares during the last quarter. Finally, Allianz Asset Management GmbH bought a new position in shares of 89BIO during the 1st quarter valued at about $93,000.

Insider Buying and Selling

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 transaction of $115,280.22. Following the completion of the transaction, the insider owned 309,364 shares of the company's stock, valued at $3,409,191.28. This represents a 3.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.60% of the stock is owned by insiders.

89BIO Trading Down 4.1%

Shares of NASDAQ ETNB traded down $0.39 during midday trading on Friday, reaching $9.03. The company had a trading volume of 2,662,219 shares, compared to its average volume of 2,052,532. 89BIO has a one year low of $4.16 and a one year high of $11.84. The company has a quick ratio of 15.19, a current ratio of 15.19 and a debt-to-equity ratio of 0.07. The firm's fifty day moving average price is $9.75 and its 200-day moving average price is $8.88. The stock has a market cap of $1.34 billion, a PE ratio of -2.50 and a beta of 1.28.

89BIO (NASDAQ:ETNB - Get Free Report) last released its quarterly 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 last year, the company earned ($0.48) earnings per share. On average, equities research analysts anticipate that 89BIO will post -3.19 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Bank of America reduced their price objective on 89BIO from $30.00 to $29.00 and set a "buy" rating on the stock in a research report on Monday. Royal Bank Of Canada reduced their price objective on 89BIO from $12.00 to $11.00 and set a "sector perform" rating on the stock in a research report on Friday, August 8th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of 89BIO in a research report on Thursday, August 14th. Two research 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $26.63.

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.