Nuveen Asset Management LLC Sells 3,420 Shares of 89bio, Inc. (NASDAQ:ETNB)

Nuveen Asset Management LLC cut its position in shares of 89bio, Inc. (NASDAQ:ETNB) by 1.2% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 286,492 shares of the company’s stock after selling 3,420 shares during the quarter. Nuveen Asset Management LLC owned about 0.27% of 89bio worth $2,240,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ETNB. Federated Hermes Inc. lifted its position in 89bio by 206.9% during the fourth quarter. Federated Hermes Inc. now owns 6,283 shares of the company’s stock valued at $49,000 after buying an additional 4,236 shares during the period. Quarry LP bought a new position in shares of 89bio in the 4th quarter worth about $55,000. Kingswood Wealth Advisors LLC bought a new position in shares of 89bio in the 4th quarter worth about $86,000. Hsbc Holdings PLC purchased a new position in 89bio during the 4th quarter valued at about $87,000. Finally, Tower Research Capital LLC TRC boosted its stake in 89bio by 109.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 11,725 shares of the company’s stock worth $92,000 after acquiring an additional 6,132 shares in the last quarter.

Insiders Place Their Bets

In other news, insider Quoc Le-Nguyen sold 15,329 shares of the firm’s stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $5.95, for a total value of $91,207.55. Following the transaction, the insider now directly owns 328,323 shares in the company, valued at $1,953,521.85. This trade represents a 4.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 2.60% of the stock is owned by insiders.

89bio Stock Performance

Shares of ETNB opened at $10.11 on Tuesday. The company has a market cap of $1.48 billion, a price-to-earnings ratio of -3.47 and a beta of 1.23. The business’s fifty day simple moving average is $7.46 and its two-hundred day simple moving average is $8.16. 89bio, Inc. has a 12 month low of $4.16 and a 12 month high of $11.84. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.09.

89bio (NASDAQ:ETNB) last announced its quarterly earnings results on Thursday, May 1st. The company reported ($0.49) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.01. During the same period in the prior year, the company earned ($0.54) EPS. Research analysts anticipate that 89bio, Inc. will post -3.19 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ETNB shares. HC Wainwright reaffirmed a “buy” rating and set a $21.00 target price (down previously from $29.00) on shares of 89bio in a research note on Friday, February 28th. Citigroup started coverage on 89bio in a research report on Thursday, March 13th. They set a “buy” rating and a $25.00 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of 89bio in a research note on Saturday, May 24th. The Goldman Sachs Group started coverage on 89bio in a research note on Friday, March 14th. They issued a “neutral” rating and a $11.00 target price on the stock. Finally, Wolfe Research assumed coverage on 89bio in a report on Tuesday, February 4th. They set an “outperform” rating for the company. Two analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $26.43.

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.