Two Sigma Investments LP Sells 131,167 Shares of 89bio, Inc. (NASDAQ:ETNB)

Two Sigma Investments LP lessened its holdings in shares of 89bio, Inc. (NASDAQ:ETNB) by 35.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 237,521 shares of the company’s stock after selling 131,167 shares during the period. Two Sigma Investments LP owned about 0.22% of 89bio worth $1,857,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Federated Hermes Inc. boosted its holdings in shares of 89bio by 206.9% in the 4th quarter. Federated Hermes Inc. now owns 6,283 shares of the company’s stock valued at $49,000 after purchasing an additional 4,236 shares in the last quarter. Quarry LP acquired a new stake in 89bio in the fourth quarter valued at about $55,000. Kingswood Wealth Advisors LLC bought a new position in 89bio in the fourth quarter valued at about $86,000. Hsbc Holdings PLC bought a new position in 89bio in the fourth quarter valued at about $87,000. Finally, Sandia Investment Management LP raised its stake in 89bio by 28.5% during the fourth quarter. Sandia Investment Management LP now owns 11,286 shares of the company’s stock worth $88,000 after acquiring an additional 2,500 shares in the last quarter.

Analyst Ratings Changes

A number of research firms have recently weighed in on ETNB. Cantor Fitzgerald upgraded shares of 89bio to a “strong-buy” rating in a research note on Wednesday, April 30th. Citigroup assumed coverage on 89bio in a research report on Thursday, March 13th. They issued a “buy” rating and a $25.00 target price for the company. Wolfe Research assumed coverage on 89bio in a research note on Tuesday, February 4th. They set an “outperform” rating on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 89bio in a research note on Saturday, May 24th. Finally, The Goldman Sachs Group began coverage on shares of 89bio in a report on Friday, March 14th. They issued a “neutral” rating and a $11.00 price objective for the company. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, 89bio presently has a consensus rating of “Buy” and an average price target of $26.43.

Insider Activity

In related news, insider Quoc Le-Nguyen sold 15,329 shares of the firm’s 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 sale, the insider now owns 328,323 shares of the company’s stock, valued at $1,953,521.85. This trade represents a 4.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.60% of the stock is owned by company insiders.

89bio Stock Performance

NASDAQ:ETNB opened at $10.11 on Tuesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66. 89bio, Inc. has a fifty-two week low of $4.16 and a fifty-two week high of $11.84. The company has a 50 day simple moving average of $7.46 and a two-hundred day simple moving average of $8.16. The company has a market capitalization of $1.48 billion, a PE ratio of -3.47 and a beta of 1.23.

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