abrdn plc Acquires Shares of 214,192 89bio, Inc. (NASDAQ:ETNB)

abrdn plc bought a new position in shares of 89bio, Inc. (NASDAQ:ETNB - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 214,192 shares of the company's stock, valued at approximately $2,393,000. abrdn plc owned about 0.23% of 89bio as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ETNB. Wetzel Investment Advisors Inc. purchased a new position in shares of 89bio during the 4th quarter worth approximately $34,000. China Universal Asset Management Co. Ltd. lifted its stake in 89bio by 349.7% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 8,747 shares of the company's stock worth $98,000 after purchasing an additional 6,802 shares in the last quarter. Alpine Global Management LLC purchased a new position in shares of 89bio during the third quarter worth $159,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of 89bio by 94.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,850 shares of the company's stock valued at $177,000 after buying an additional 7,692 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in shares of 89bio by 53.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 13,400 shares of the company's stock valued at $207,000 after buying an additional 4,680 shares during the period.

Insider Activity

In related news, CEO Rohan Palekar sold 4,477 shares of 89bio stock in a transaction on Monday, February 26th. The shares were sold at an average price of $10.76, for a total transaction of $48,172.52. Following the sale, the chief executive officer now directly owns 486,889 shares in the company, valued at approximately $5,238,925.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other 89bio news, Director Ra Capital Management, L.P. purchased 1,350,000 shares of 89bio stock in a transaction that occurred on Monday, March 4th. The stock was purchased at an average price of $15.35 per share, for a total transaction of $20,722,500.00. Following the transaction, the director now directly owns 12,431,584 shares in the company, valued at $190,824,814.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Rohan Palekar sold 4,477 shares of the firm's stock in a transaction on Monday, February 26th. The stock was sold at an average price of $10.76, for a total transaction of $48,172.52. Following the transaction, the chief executive officer now directly owns 486,889 shares in the company, valued at $5,238,925.64. The disclosure for this sale can be found here. Company insiders own 4.40% of the company's stock.

89bio Stock Up 3.3 %

89bio stock traded up $0.27 during trading on Monday, reaching $8.53. The stock had a trading volume of 590,480 shares, compared to its average volume of 1,214,108. The company has a quick ratio of 20.04, a current ratio of 20.04 and a debt-to-equity ratio of 0.05. 89bio, Inc. has a 52-week low of $6.57 and a 52-week high of $22.93. The stock has a market cap of $812.23 million, a PE ratio of -4.24 and a beta of 1.04. The business has a 50 day moving average price of $10.98 and a 200 day moving average price of $9.88.

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

Wall Street Analyst Weigh In

A number of brokerages recently commented on ETNB. Bank of America restated a "buy" rating and set a $30.00 target price on shares of 89bio in a report on Monday, April 22nd. Cantor Fitzgerald reissued an "overweight" rating and issued a $29.00 price objective on shares of 89bio in a research note on Friday, April 5th. Evercore ISI upped their target price on shares of 89bio from $29.00 to $37.00 and gave the stock an "outperform" rating in a research note on Wednesday, March 6th. Royal Bank of Canada reduced their target price on shares of 89bio from $15.00 to $14.00 and set a "sector perform" rating on the stock in a report on Friday, March 1st. Finally, Oppenheimer restated a "market perform" rating on shares of 89bio in a research note on Tuesday, March 5th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $29.00.

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.