PDT Partners LLC Decreases Holdings in 89bio, Inc. (NASDAQ:ETNB)

PDT Partners LLC lowered its holdings in shares of 89bio, Inc. (NASDAQ:ETNB - Free Report) by 52.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 80,918 shares of the company's stock after selling 88,327 shares during the quarter. PDT Partners LLC owned 0.08% of 89bio worth $633,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in ETNB. Federated Hermes Inc. grew its holdings in 89bio by 206.9% during the 4th quarter. Federated Hermes Inc. now owns 6,283 shares of the company's stock valued at $49,000 after purchasing an additional 4,236 shares during the last quarter. Quarry LP purchased a new stake in shares of 89bio in the fourth quarter worth approximately $55,000. Kingswood Wealth Advisors LLC bought a new stake in shares of 89bio during the 4th quarter worth approximately $86,000. Hsbc Holdings PLC bought a new stake in shares of 89bio during the 4th quarter worth approximately $87,000. Finally, Tower Research Capital LLC TRC grew its position in 89bio by 109.6% in the 4th 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 last quarter.

Analysts Set New Price Targets

A number of research firms have recently commented on ETNB. HC Wainwright restated a "buy" rating and issued a $21.00 price target (down from $29.00) on shares of 89bio in a report on Friday, February 28th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 89bio in a research note on Thursday, April 24th. Citigroup started coverage on 89bio in a research note on Thursday, March 13th. They issued a "buy" rating and a $25.00 price objective on the stock. The Goldman Sachs Group assumed coverage on 89bio in a research report on Friday, March 14th. They set a "neutral" rating and a $11.00 target price for the company. Finally, Cantor Fitzgerald upgraded 89bio to a "strong-buy" rating in a research note on Wednesday, April 30th. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, 89bio has an average rating of "Buy" and a consensus price target of $27.25.

Insider Buying and Selling

In related news, insider Quoc Le-Nguyen sold 15,329 shares of 89bio stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $5.95, for a total transaction of $91,207.55. Following the completion of the transaction, the insider now directly owns 328,323 shares in the company, valued at approximately $1,953,521.85. This trade represents a 4.46 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.80% of the company's stock.

89bio Stock Down 1.4 %

89bio stock traded down $0.12 during trading hours on Monday, reaching $8.61. The stock had a trading volume of 1,417,273 shares, compared to its average volume of 1,342,839. 89bio, Inc. has a 52 week low of $4.16 and a 52 week high of $11.84. The company has a market cap of $1.26 billion, a price-to-earnings ratio of -2.96 and a beta of 1.23. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. The business's 50 day moving average price is $7.38 and its 200-day moving average price is $8.17.

89bio (NASDAQ:ETNB - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported ($0.49) earnings per share for the quarter, topping the consensus estimate of ($0.50) by $0.01. During the same period in the previous year, the company earned ($0.54) EPS. Sell-side analysts anticipate that 89bio, Inc. will post -3.19 EPS for the current year.

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.