89bio, Inc. (NASDAQ:ETNB) Shares Purchased by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its stake in shares of 89bio, Inc. (NASDAQ:ETNB) by 210.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 308,459 shares of the company’s stock after acquiring an additional 208,992 shares during the period. JPMorgan Chase & Co. owned 0.29% of 89bio worth $2,412,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of 89bio by 13.7% during 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 during the period. Raymond James Financial Inc. purchased a new stake in 89bio during the fourth quarter worth approximately $2,951,000. Exome Asset Management LLC acquired a new stake in shares of 89bio in the third quarter worth $2,224,000. Assenagon Asset Management S.A. purchased a new position in shares of 89bio in the 4th quarter valued at $1,897,000. Finally, Candriam S.C.A. lifted its holdings in shares of 89bio by 24.5% during the 4th quarter. Candriam S.C.A. now owns 1,055,661 shares of the company’s stock valued at $8,255,000 after acquiring an additional 207,582 shares in the last quarter.

Insider Activity at 89bio

In related news, insider Quoc Le-Nguyen sold 15,329 shares of the 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 completion of the transaction, the insider now directly owns 328,323 shares of the company’s stock, valued at approximately $1,953,521.85. This represents a 4.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ra Capital Management, L.P. bought 5,714,285 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were purchased at an average price of $8.75 per share, for a total transaction of $49,999,993.75. Following the completion of the acquisition, the director now owns 19,554,319 shares of the company’s stock, valued at $171,100,291.25. The trade was a 41.29 % increase in their position. The disclosure for this purchase can be found here. 2.80% of the stock is owned by corporate insiders.

89bio Price Performance

NASDAQ:ETNB opened at $6.62 on Thursday. The company has a quick ratio of 11.66, a current ratio of 11.66 and a debt-to-equity ratio of 0.09. The firm has a market cap of $966.41 million, a PE ratio of -2.27 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 company’s 50-day moving average price is $7.79 and its two-hundred day moving average price is $8.17.

89bio (NASDAQ:ETNB) last posted its quarterly earnings data on Thursday, March 6th. The company reported ($1.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.42). On average, equities analysts anticipate that 89bio, Inc. will post -3.19 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have issued reports on ETNB. Wolfe Research started coverage on shares of 89bio in a research report on Tuesday, February 4th. They issued an “outperform” rating for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $29.00 price target on shares of 89bio in a report on Thursday, January 2nd. UBS Group lifted their price objective on 89bio from $25.00 to $38.00 and gave the stock a “buy” rating in a report on Friday, January 31st. Weiss Ratings reiterated a “sell (d-)” rating on shares of 89bio in a research note on Tuesday, April 8th. Finally, HC Wainwright reissued a “buy” rating and set a $21.00 target price (down from $29.00) on shares of 89bio in a report on Friday, February 28th. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $27.25.

About 89bio

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.