Mirae Asset Global Investments Co. Ltd. Grows Stock Holdings in 89bio, Inc. (NASDAQ:ETNB)

Mirae Asset Global Investments Co. Ltd. grew its stake in shares of 89bio, Inc. (NASDAQ:ETNB) by 7.7% during the 4th quarter, HoldingsChannel reports. The fund owned 45,644 shares of the company’s stock after buying an additional 3,278 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in 89bio were worth $510,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of 89bio by 4.6% during the 3rd quarter. Vanguard Group Inc. now owns 3,525,782 shares of the company’s stock valued at $54,438,000 after purchasing an additional 155,841 shares during the period. Adage Capital Partners GP L.L.C. increased its position in shares of 89bio by 19.1% during the third quarter. Adage Capital Partners GP L.L.C. now owns 1,698,417 shares of the company’s stock valued at $26,224,000 after buying an additional 272,255 shares during the period. Braidwell LP purchased a new stake in shares of 89bio in the third quarter worth about $24,556,000. Westfield Capital Management Co. LP boosted its position in shares of 89bio by 57.1% in the third quarter. Westfield Capital Management Co. LP now owns 1,311,886 shares of the company’s stock valued at $20,256,000 after acquiring an additional 476,655 shares during the period. Finally, Laurion Capital Management LP grew its stake in 89bio by 65.8% during the third quarter. Laurion Capital Management LP now owns 1,205,638 shares of the company’s stock valued at $18,615,000 after acquiring an additional 478,632 shares in the last quarter.

Insiders Place Their Bets

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

Analysts Set New Price Targets

ETNB has been the topic of several recent analyst reports. Evercore ISI increased 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 lowered their price objective on 89bio from $15.00 to $14.00 and set a “sector perform” rating on the stock in a research report on Friday, March 1st. Cantor Fitzgerald restated an “overweight” rating and set a $29.00 target price on shares of 89bio in a research report on Friday, April 5th. Bank of America restated a “buy” rating and issued a $30.00 target price on shares of 89bio in a research note on Monday. Finally, HC Wainwright reiterated a “buy” rating and set a $31.00 price target on shares of 89bio in a research report on Wednesday, March 27th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $29.00.

89bio Stock Down 3.8 %

ETNB opened at $8.25 on Friday. The business’s fifty day simple moving average is $11.03 and its 200 day simple moving average is $9.92. 89bio, Inc. has a 52 week low of $6.57 and a 52 week high of $22.93. The company has a quick ratio of 20.04, a current ratio of 20.04 and a debt-to-equity ratio of 0.05. The stock has a market cap of $785.57 million, a PE ratio of -4.10 and a beta of 1.04.

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

89bio 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.