Zurcher Kantonalbank Zurich Cantonalbank Purchases 7,692 Shares of 89bio, Inc. (NASDAQ:ETNB)

Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of 89bio, Inc. (NASDAQ:ETNB) by 94.3% in the fourth quarter, Holdings Channel reports. The firm owned 15,850 shares of the company’s stock after acquiring an additional 7,692 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in 89bio were worth $177,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Charles Schwab Investment Management Inc. grew its holdings in shares of 89bio by 193.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 489,004 shares of the company’s stock valued at $7,550,000 after buying an additional 322,339 shares during the last quarter. Westfield Capital Management Co. LP increased its holdings in shares of 89bio by 57.1% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,311,886 shares of the company’s stock worth $20,256,000 after purchasing an additional 476,655 shares in the last quarter. DekaBank Deutsche Girozentrale raised its stake in shares of 89bio by 350.0% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 90,000 shares of the company’s stock worth $1,021,000 after purchasing an additional 70,000 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of 89bio by 4.6% during the third 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 in the last quarter. Finally, Eagle Asset Management Inc. boosted its position in shares of 89bio by 8.7% during the third quarter. Eagle Asset Management Inc. now owns 712,898 shares of the company’s stock valued at $11,007,000 after buying an additional 57,092 shares during the last quarter.

89bio Price Performance

Shares of NASDAQ:ETNB opened at $9.37 on Wednesday. The company has a market capitalization of $892.21 million, a P/E ratio of -4.66 and a beta of 1.15. 89bio, Inc. has a 1-year low of $6.57 and a 1-year high of $22.93. The firm’s 50 day simple moving average is $10.77 and its two-hundred day simple moving average is $9.97. The company has a debt-to-equity ratio of 0.05, a current ratio of 20.04 and a quick ratio of 20.04.

89bio (NASDAQ:ETNB) last released its earnings results on Thursday, February 29th. The company reported ($0.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.01). Research analysts expect that 89bio, Inc. will post -2.2 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ETNB has been the subject of a number of recent analyst reports. Royal Bank of Canada decreased their target price on 89bio from $15.00 to $14.00 and set a “sector perform” rating for the company in a research report on Friday, March 1st. Evercore ISI boosted their price target on 89bio from $29.00 to $37.00 and gave the company an “outperform” rating in a research note on Wednesday, March 6th. Bank of America reissued a “buy” rating and issued a $30.00 price objective on shares of 89bio in a report on Monday, April 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $29.00 target price on shares of 89bio in a report on Friday, April 5th. Finally, Oppenheimer reiterated a “market perform” rating on shares of 89bio in a research report on Tuesday, March 5th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $29.00.

Insider Transactions at 89bio

In other 89bio news, Director Ra Capital Management, L.P. bought 1,350,000 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was purchased at an average price of $15.35 per share, for a total transaction of $20,722,500.00. Following the completion of the transaction, the director now owns 12,431,584 shares of the company’s stock, valued at approximately $190,824,814.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other 89bio news, CEO Rohan Palekar sold 4,477 shares of 89bio 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 in the company, valued at approximately $5,238,925.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Ra Capital Management, L.P. purchased 1,350,000 shares of the firm’s stock in a transaction on Monday, March 4th. The stock was bought at an average price of $15.35 per share, for a total transaction of $20,722,500.00. Following the purchase, the director now owns 12,431,584 shares in the company, valued at $190,824,814.40. The disclosure for this purchase can be found here. Corporate insiders own 2.80% of the company’s stock.

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.