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Raymond James Financial Inc. Invests $2.95 Million in 89bio, Inc. (NASDAQ:ETNB)

89bio logo with Medical background

Raymond James Financial Inc. acquired a new stake in shares of 89bio, Inc. (NASDAQ:ETNB - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 377,370 shares of the company's stock, valued at approximately $2,951,000. Raymond James Financial Inc. owned approximately 0.36% of 89bio as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Federated Hermes Inc. raised its holdings in shares of 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 in the last quarter. Kingswood Wealth Advisors LLC acquired a new stake in shares of 89bio in the fourth quarter worth about $86,000. Victory Capital Management Inc. boosted its stake in shares of 89bio by 11.5% during the 4th quarter. Victory Capital Management Inc. now owns 13,969 shares of the company's stock worth $109,000 after acquiring an additional 1,437 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of 89bio during the 4th quarter valued at about $114,000. Finally, New York State Common Retirement Fund raised its stake in shares of 89bio by 24.3% in the 4th quarter. New York State Common Retirement Fund now owns 16,367 shares of the company's stock valued at $128,000 after acquiring an additional 3,200 shares in the last quarter.

Insider Activity at 89bio

In other news, insider Quoc Le-Nguyen sold 15,329 shares of the business's stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $5.95, for a total value of $91,207.55. Following the sale, the insider now owns 328,323 shares in the company, valued at approximately $1,953,521.85. The trade was a 4.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.80% of the stock is owned by insiders.

Wall Street Analyst Weigh In

ETNB has been the subject of a number of recent analyst reports. The Goldman Sachs Group started 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. HC Wainwright reiterated a "buy" rating and issued a $21.00 target price (down from $29.00) on shares of 89bio in a research note on Friday, February 28th. Cantor Fitzgerald raised shares of 89bio to a "strong-buy" rating in a research report on Wednesday. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 89bio in a research report on Thursday, April 24th. Finally, Citigroup assumed coverage on 89bio in a research report on Thursday, March 13th. They set a "buy" rating and a $25.00 price objective for the company. Two research analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, 89bio presently has an average rating of "Buy" and an average target price of $27.25.

Check Out Our Latest Report on 89bio

89bio Stock Performance

ETNB traded up $0.60 on Friday, hitting $8.73. 2,526,878 shares of the stock traded hands, compared to its average volume of 1,342,540. The business has a fifty day moving average price of $7.38 and a two-hundred day moving average price of $8.17. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $1.27 billion, a PE ratio of -3.00 and a beta of 1.25. 89bio, Inc. has a 52 week low of $4.16 and a 52 week high of $11.84.

89bio (NASDAQ:ETNB - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The company reported ($0.49) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.50) by $0.01. During the same period in the prior year, the firm earned ($0.54) EPS. On average, research analysts predict that 89bio, Inc. will post -3.19 EPS for the current fiscal year.

About 89bio

(Free Report)

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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Institutional Ownership by Quarter for 89bio (NASDAQ:ETNB)

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