89bio, Inc. (NASDAQ:ETNB) Shares Purchased by Vanguard Group Inc.

Vanguard Group Inc. increased its stake in shares of 89bio, Inc. (NASDAQ:ETNB - Free Report) by 4.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,525,782 shares of the company's stock after acquiring an additional 155,841 shares during the quarter. Vanguard Group Inc. owned approximately 3.78% of 89bio worth $54,438,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of ETNB. BlackRock Inc. boosted its stake in 89bio by 272.1% during the second quarter. BlackRock Inc. now owns 4,650,183 shares of the company's stock worth $88,121,000 after acquiring an additional 3,400,611 shares in the last quarter. State Street Corp boosted its stake in 89bio by 2,823.9% during the first quarter. State Street Corp now owns 3,070,374 shares of the company's stock worth $46,762,000 after acquiring an additional 2,965,364 shares in the last quarter. Braidwell LP bought a new position in 89bio during the third quarter worth $24,556,000. Marshall Wace LLP boosted its stake in 89bio by 231.0% during the fourth quarter. Marshall Wace LLP now owns 1,487,311 shares of the company's stock worth $18,933,000 after acquiring an additional 1,037,931 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new position in 89bio during the fourth quarter worth $13,043,000.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Royal Bank of Canada dropped their price objective on shares of 89bio from $15.00 to $14.00 and set a "sector perform" rating on the stock in a research note on Friday, March 1st. Oppenheimer reaffirmed a "market perform" rating on shares of 89bio in a research note on Tuesday, March 5th. HC Wainwright reaffirmed a "buy" rating and issued a $31.00 price objective on shares of 89bio in a research note on Wednesday, March 27th. Evercore ISI raised their price objective on shares of 89bio from $29.00 to $37.00 and gave the company an "outperform" rating in a research note on Wednesday, March 6th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $29.00 price objective on shares of 89bio in a research note on Friday. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, 89bio currently has an average rating of "Moderate Buy" and an average target price of $28.83.

89bio Stock Up 1.0 %

Shares of ETNB traded up $0.11 during trading hours on Tuesday, reaching $10.90. 608,244 shares of the stock traded hands, compared to its average volume of 1,300,259. The company has a current ratio of 20.04, a quick ratio of 20.04 and a debt-to-equity ratio of 0.05. The stock has a fifty day simple moving average of $11.01 and a 200 day simple moving average of $10.38. 89bio, Inc. has a 52 week low of $6.57 and a 52 week high of $22.93. The company has a market cap of $1.02 billion, a price-to-earnings ratio of -5.31 and a beta of 1.04.

89bio (NASDAQ:ETNB - Get Free Report) last released its quarterly earnings results on Thursday, February 29th. The company reported ($0.50) earnings per share for the quarter, missing analysts' consensus estimates of ($0.49) by ($0.01). On average, equities analysts forecast that 89bio, Inc. will post -2.2 EPS for the current year.

Insider Buying and Selling

In related news, Director Ra Capital Management, L.P. acquired 1,350,000 shares of the firm's stock in a transaction that occurred on Monday, March 4th. The stock was acquired at an average price of $15.35 per share, for a total transaction of $20,722,500.00. Following the completion of the acquisition, the director now owns 12,431,584 shares of the company's stock, valued at approximately $190,824,814.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Ra Capital Management, L.P. acquired 1,350,000 shares of the firm's stock in a transaction that occurred on Monday, March 4th. The stock was acquired at an average price of $15.35 per share, for a total transaction of $20,722,500.00. Following the completion of the acquisition, the director now owns 12,431,584 shares of the company's stock, valued at approximately $190,824,814.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Rohan Palekar sold 4,477 shares of the firm's stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $10.76, for a total transaction of $48,172.52. Following the sale, the chief executive officer now owns 486,889 shares of the company's stock, valued at approximately $5,238,925.64. The disclosure for this sale can be found here. 4.40% of the stock is currently owned by corporate insiders.

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.