Raymond James Financial Services Advisors Inc. Sells 27,819 Shares of 89bio, Inc. (NASDAQ:ETNB)

Raymond James Financial Services Advisors Inc. reduced its position in 89bio, Inc. (NASDAQ:ETNB) by 21.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 104,286 shares of the company’s stock after selling 27,819 shares during the period. Raymond James Financial Services Advisors Inc. owned about 0.11% of 89bio worth $1,165,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. US Bancorp DE raised its holdings in 89bio by 132.5% in the 2nd quarter. US Bancorp DE now owns 2,202 shares of the company’s stock worth $42,000 after acquiring an additional 1,255 shares during the last quarter. Alps Advisors Inc. raised its holdings in 89bio by 3.9% in the 3rd quarter. Alps Advisors Inc. now owns 55,671 shares of the company’s stock worth $860,000 after acquiring an additional 2,109 shares during the last quarter. Campbell & CO Investment Adviser LLC raised its holdings in 89bio by 18.2% in the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 15,037 shares of the company’s stock worth $232,000 after acquiring an additional 2,318 shares during the last quarter. Royal Bank of Canada raised its holdings in 89bio by 1.2% in the 2nd quarter. Royal Bank of Canada now owns 202,158 shares of the company’s stock worth $3,832,000 after acquiring an additional 2,322 shares during the last quarter. Finally, Dark Forest Capital Management LP purchased a new position in 89bio in the 1st quarter worth approximately $39,000.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ETNB. Evercore ISI boosted their price objective on shares of 89bio from $29.00 to $37.00 and gave the stock an “outperform” rating in a report on Wednesday, March 6th. Royal Bank of Canada decreased their target price on shares of 89bio from $15.00 to $14.00 and set a “sector perform” rating for the company in a research note on Friday, March 1st. Cantor Fitzgerald reiterated an “overweight” rating and set a $29.00 target price on shares of 89bio in a research note on Friday, April 5th. HC Wainwright reiterated a “buy” rating and set a $31.00 target price on shares of 89bio in a research note on Wednesday, March 27th. Finally, Oppenheimer reiterated a “market perform” rating on shares of 89bio in a research note on Tuesday, March 5th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, 89bio has a consensus rating of “Moderate Buy” and a consensus price target of $28.83.

89bio Trading Down 3.2 %

Shares of ETNB stock opened at $9.82 on Friday. 89bio, Inc. has a 1 year low of $6.57 and a 1 year high of $22.93. The firm has a fifty day moving average price of $11.03 and a 200-day moving average price of $10.27. The company has a debt-to-equity ratio of 0.05, a current ratio of 20.04 and a quick ratio of 20.04. The company has a market cap of $918.17 million, a price-to-earnings ratio of -4.89 and a beta of 1.04.

89bio (NASDAQ:ETNB) last issued its quarterly earnings data on Thursday, February 29th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.01). As a group, equities analysts predict that 89bio, Inc. will post -2.2 earnings per share for the current year.

Insider Activity

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

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.