Woodline Partners LP Purchases 305,928 Shares of 89BIO $ETNB

Key Points

• Woodline Partners LP increased its stake in 89BIO by 77.5%, acquiring an additional 305,928 shares, bringing its total holdings to 700,754 shares valued at approximately $5,094,000.
• Insider Quoc Le-Nguyen sold 10,461 shares of 89BIO on July 15th at an average price of $11.02, reducing their position by 3.27%.
• 89BIO's stock is currently priced at $8.07, with a market capitalization of $1.20 billion, and is classified by analysts with an average rating of "Buy".

Woodline Partners LP boosted its position in shares of 89BIO (NASDAQ:ETNB - Free Report) by 77.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 700,754 shares of the company's stock after purchasing an additional 305,928 shares during the quarter. Woodline Partners LP owned about 0.48% of 89BIO worth $5,094,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. RA Capital Management L.P. raised its holdings in 89BIO by 40.3% during the 1st quarter. RA Capital Management L.P. now owns 19,889,683 shares of the company's stock worth $144,598,000 after purchasing an additional 5,714,285 shares during the last quarter. Suvretta Capital Management LLC raised its holdings in 89BIO by 27.7% during the 4th quarter. Suvretta Capital Management LLC now owns 10,202,696 shares of the company's stock worth $79,785,000 after purchasing an additional 2,211,052 shares during the last quarter. RTW Investments LP raised its holdings in 89BIO by 1.3% during the 4th quarter. RTW Investments LP now owns 7,478,061 shares of the company's stock worth $58,478,000 after purchasing an additional 99,513 shares during the last quarter. Vanguard Group Inc. raised its holdings in 89BIO by 25.8% during the 1st quarter. Vanguard Group Inc. now owns 7,163,609 shares of the company's stock worth $52,079,000 after purchasing an additional 1,471,278 shares during the last quarter. Finally, Beck Bode LLC bought a new stake in 89BIO during the 1st quarter worth about $13,199,000.

Insiders Place Their Bets

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 legal filing with the SEC, which is available through this link. 2.60% of the stock is currently owned by company insiders.

89BIO Price Performance

Shares of ETNB opened at $8.07 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 15.19 and a current ratio of 15.19. The stock has a 50 day simple moving average of $9.49 and a 200 day simple moving average of $8.73. 89BIO has a 52-week low of $4.16 and a 52-week high of $11.84. The firm has a market capitalization of $1.20 billion, a PE ratio of -2.24 and a beta of 1.27.

89BIO (NASDAQ:ETNB - Get Free Report) last issued its quarterly earnings data 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 last year, the business posted ($0.48) earnings per share. Sell-side analysts predict that 89BIO will post -3.19 EPS for the current fiscal year.

Analyst Ratings Changes

ETNB has been the subject of several analyst reports. Weiss Ratings restated a "sell (d-)" rating on shares of 89BIO in a research report on Saturday, August 30th. Bank of America decreased their target price on 89BIO from $30.00 to $29.00 and set a "buy" rating for the company in a research report on Monday, August 25th. HC Wainwright initiated coverage on 89BIO in a research report on Thursday, September 4th. They set a "buy" rating and a $32.00 target price for the company. Finally, Royal Bank Of Canada decreased their target price 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. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, 89BIO currently has an average rating of "Buy" and a consensus target price of $28.00.

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.

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