abrdn plc Buys New Shares in 89bio, Inc. (NASDAQ:ETNB)

abrdn plc bought a new stake in 89bio, Inc. (NASDAQ:ETNB) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 214,192 shares of the company’s stock, valued at approximately $2,393,000.

A number of other institutional investors have also recently bought and sold shares of ETNB. Raymond James & Associates grew its holdings in 89bio by 3.5% in the third quarter. Raymond James & Associates now owns 102,988 shares of the company’s stock valued at $1,590,000 after purchasing an additional 3,464 shares during the period. TD Asset Management Inc purchased a new stake in 89bio in the third quarter valued at approximately $766,000. Bourgeon Capital Management LLC grew its holdings in 89bio by 85.0% in the third quarter. Bourgeon Capital Management LLC now owns 55,500 shares of the company’s stock valued at $857,000 after purchasing an additional 25,500 shares during the period. Assenagon Asset Management S.A. purchased a new stake in 89bio in the third quarter valued at approximately $4,906,000. Finally, Barclays PLC grew its holdings in 89bio by 218.4% in the third quarter. Barclays PLC now owns 624,365 shares of the company’s stock valued at $9,640,000 after purchasing an additional 428,297 shares during the period.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on ETNB shares. Royal Bank of Canada decreased their price objective 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. HC Wainwright reiterated a “buy” rating and set a $31.00 price objective on shares of 89bio in a research note on Wednesday, March 27th. 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 research note on Wednesday, March 6th. Oppenheimer reiterated a “market perform” rating on shares of 89bio in a research note on Tuesday, March 5th. Finally, Bank of America reiterated a “buy” rating and set a $30.00 price objective on shares of 89bio in a research note on Monday, April 22nd. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $29.00.

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

89bio Price Performance

Shares of ETNB stock opened at $8.26 on Monday. The company has a market capitalization of $786.52 million, a PE ratio of -4.11 and a beta of 1.04. The firm has a fifty day simple moving average of $11.01 and a 200-day simple moving average of $9.88. The company has a current ratio of 20.04, a quick ratio of 20.04 and a debt-to-equity ratio of 0.05. 89bio, Inc. has a twelve month low of $6.57 and a twelve month high of $22.93.

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