Walleye Capital LLC Sells 388,254 Shares of 89BIO $ETNB

Key Points

• Walleye Capital LLC reduced its stake in 89BIO by 89.7%, now holding 44,592 shares worth $324,000 after selling 388,254 shares in the first quarter.
• Analysts have mixed views on 89BIO, with a consensus target price of $26.63, where two analysts rated it a Strong Buy while others suggest a Hold or Sell rating.
• The stock opened at $9.24 and has witnessed a 50-day moving average of $9.68, with a market capitalization of $1.37 billion.

Walleye Capital LLC lessened its holdings in shares of 89BIO (NASDAQ:ETNB - Free Report) by 89.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 44,592 shares of the company's stock after selling 388,254 shares during the quarter. Walleye Capital LLC's holdings in 89BIO were worth $324,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ETNB. CWM LLC boosted its position in 89BIO by 9,265.1% during the first 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. GAMMA Investing LLC boosted its position in 89BIO by 4,898.7% during the first 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. Hsbc Holdings PLC bought a new position in 89BIO during the fourth quarter worth about $87,000. Sandia Investment Management LP boosted its position in 89BIO by 28.5% during the fourth quarter. Sandia Investment Management LP now owns 11,286 shares of the company's stock worth $88,000 after purchasing an additional 2,500 shares during the period. Finally, Tower Research Capital LLC TRC boosted its position in shares of 89BIO by 109.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 11,725 shares of the company's stock valued at $92,000 after acquiring an additional 6,132 shares during the period.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ETNB. Royal Bank Of Canada decreased their target price on shares of 89BIO from $12.00 to $11.00 and set a "sector perform" rating on the stock in a report on Friday, August 8th. Bank of America decreased their price target on shares of 89BIO from $30.00 to $29.00 and set a "buy" rating on the stock in a report on Monday, August 25th. Weiss Ratings reissued a "sell (d-)" rating on shares of 89BIO in a research note on Saturday, August 30th. Finally, HC Wainwright assumed coverage on 89BIO in a research note on Thursday, September 4th. They issued a "buy" rating and a $32.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $28.00.

Insider Buying and Selling at 89BIO

In other news, insider Quoc Le-Nguyen sold 10,461 shares of the business'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 value of $115,280.22. Following the completion of the sale, the insider directly owned 309,364 shares in the company, valued at approximately $3,409,191.28. The trade was 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. Insiders own 2.80% of the company's stock.

89BIO Price Performance

Shares of ETNB traded down $0.02 during midday trading on Tuesday, reaching $8.55. The stock had a trading volume of 143,055 shares, compared to its average volume of 2,025,731. The company has a current ratio of 15.19, a quick ratio of 15.19 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $1.27 billion, a price-to-earnings ratio of -2.37 and a beta of 1.27. The company's 50-day moving average is $9.61 and its 200 day moving average is $8.75. 89BIO has a 12-month low of $4.16 and a 12-month high of $11.84.

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