Raymond James Financial Inc. bought a new stake in shares of 89bio, Inc. (NASDAQ:ETNB - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 377,370 shares of the company's stock, valued at approximately $2,951,000. Raymond James Financial Inc. owned about 0.36% of 89bio at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of 89bio by 13.7% in the 4th quarter. Vanguard Group Inc. now owns 5,692,331 shares of the company's stock worth $44,514,000 after purchasing an additional 686,054 shares in the last quarter. Geode Capital Management LLC increased its position in 89bio by 6.4% in the fourth quarter. Geode Capital Management LLC now owns 2,207,608 shares of the company's stock worth $17,267,000 after buying an additional 132,638 shares in the last quarter. Candriam S.C.A. raised its stake in shares of 89bio by 24.5% in the fourth quarter. Candriam S.C.A. now owns 1,055,661 shares of the company's stock worth $8,255,000 after buying an additional 207,582 shares during the period. Alliancebernstein L.P. lifted its position in shares of 89bio by 77.5% during the 4th quarter. Alliancebernstein L.P. now owns 1,042,136 shares of the company's stock valued at $8,150,000 after buying an additional 455,074 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of 89bio by 12.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 810,826 shares of the company's stock valued at $6,341,000 after acquiring an additional 89,776 shares during the period.
Wall Street Analyst Weigh In
Several brokerages have weighed in on ETNB. HC Wainwright reaffirmed a "buy" rating and set a $21.00 price target (down previously from $29.00) on shares of 89bio in a report on Friday, February 28th. Wolfe Research began coverage on shares of 89bio in a report on Tuesday, February 4th. They issued an "outperform" rating for the company. UBS Group increased their price target on 89bio from $25.00 to $38.00 and gave the stock a "buy" rating in a research note on Friday, January 31st. The Goldman Sachs Group started coverage on 89bio in a research report on Friday, March 14th. They issued a "neutral" rating and a $11.00 price objective on the stock. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of 89bio in a research report on Thursday, April 24th. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $27.25.
Check Out Our Latest Stock Report on 89bio
89bio Price Performance
NASDAQ ETNB traded up $0.60 during trading on Friday, hitting $8.73. 2,526,878 shares of the stock traded hands, compared to its average volume of 1,339,754. The company has a market capitalization of $1.27 billion, a P/E ratio of -3.00 and a beta of 1.25. 89bio, Inc. has a 12-month low of $4.16 and a 12-month high of $11.84. The firm has a 50-day simple moving average of $7.38 and a 200-day simple moving average of $8.17. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09.
89bio (NASDAQ:ETNB - Get Free Report) last announced its quarterly 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 quarter in the prior year, the firm posted ($0.54) earnings per share. As a group, analysts predict that 89bio, Inc. will post -3.19 EPS for the current year.
Insider Activity
In other 89bio news, insider Quoc Le-Nguyen sold 15,329 shares of the business's 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 sale, the insider now directly owns 328,323 shares of the company's stock, valued at $1,953,521.85. The trade was a 4.46 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.80% of the company's stock.
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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