Wellington Management Group LLP Sells 84,612 Shares of 89BIO $ETNB

Key Points

• Wellington Management Group LLP has decreased its ownership in 89BIO by 25.3%, selling 84,612 shares and retaining 250,193 shares valued at approximately $1.82 million.
• 89BIO's stock price opened at $9.03 and has seen a 12-month trading range between $4.16 and $11.84, with a market capitalization of $1.34 billion.
• The company reported a loss of ($0.71) earnings per share for the last quarter, missing analysts' expectations, with a forecasted EPS of -3.19 for the current year.

Wellington Management Group LLP reduced its stake in shares of 89BIO (NASDAQ:ETNB - Free Report) by 25.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 250,193 shares of the company's stock after selling 84,612 shares during the period. Wellington Management Group LLP owned 0.17% of 89BIO worth $1,819,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ETNB. Wells Fargo & Company MN raised its holdings in 89BIO by 28.6% during the fourth quarter. Wells Fargo & Company MN now owns 50,338 shares of the company's stock valued at $394,000 after buying an additional 11,203 shares in the last quarter. Invesco Ltd. raised its holdings in 89BIO by 12.0% during the fourth quarter. Invesco Ltd. now owns 36,236 shares of the company's stock valued at $283,000 after buying an additional 3,893 shares in the last quarter. Dimensional Fund Advisors LP bought a new position in shares of 89BIO in the fourth quarter worth about $2,676,000. MetLife Investment Management LLC increased its stake in shares of 89BIO by 11.1% in the fourth quarter. MetLife Investment Management LLC now owns 50,265 shares of the company's stock worth $393,000 after purchasing an additional 5,033 shares during the period. Finally, Tower Research Capital LLC TRC increased its stake 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 worth $92,000 after purchasing an additional 6,132 shares during the period.

Insider Activity

In other 89BIO news, insider Quoc Le-Nguyen sold 10,461 shares of 89BIO 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 sale, the insider directly owned 309,364 shares of the company's stock, valued at approximately $3,409,191.28. The trade was a 3.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.60% of the company's stock.

89BIO Trading Down 4.1%

89BIO stock opened at $9.03 on Friday. The stock has a market cap of $1.34 billion, a price-to-earnings ratio of -2.50 and a beta of 1.28. 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 has a 12 month low of $4.16 and a 12 month high of $11.84. The business has a 50 day moving average price of $9.73 and a two-hundred day moving average price of $8.85.

89BIO (NASDAQ:ETNB - Get Free Report) last released its quarterly earnings data 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 quarter last year, the company posted ($0.48) earnings per share. As a group, equities analysts forecast that 89BIO will post -3.19 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on ETNB shares. Bank of America dropped their price objective on 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 reiterated a "sell (d-)" rating on shares of 89BIO in a research note on Saturday. Finally, Royal Bank Of Canada dropped their price objective on 89BIO from $12.00 to $11.00 and set a "sector perform" rating on the stock in a research note on Friday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $26.63.

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.

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.