Rhumbline Advisers Increases Holdings in 89BIO (NASDAQ:ETNB)

Rhumbline Advisers increased its position in 89BIO (NASDAQ:ETNB) by 17.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 152,138 shares of the company’s stock after purchasing an additional 22,158 shares during the quarter. Rhumbline Advisers owned approximately 0.10% of 89BIO worth $1,106,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of ETNB. GAMMA Investing LLC lifted its holdings in shares of 89BIO by 4,898.7% in the 1st quarter. GAMMA Investing LLC now owns 7,648 shares of the company’s stock worth $56,000 after buying an additional 7,495 shares during the period. Wellington Management Group LLP increased its stake in shares of 89BIO by 4.9% during the fourth quarter. Wellington Management Group LLP now owns 334,805 shares of the company’s stock valued at $2,618,000 after buying an additional 15,760 shares during the period. California State Teachers Retirement System raised its holdings in shares of 89BIO by 12.5% in the fourth quarter. California State Teachers Retirement System now owns 76,921 shares of the company’s stock valued at $602,000 after acquiring an additional 8,570 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in 89BIO by 26.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 178,691 shares of the company’s stock worth $1,397,000 after acquiring an additional 37,693 shares during the period. Finally, Woodline Partners LP lifted its stake in 89BIO by 640.1% in the fourth quarter. Woodline Partners LP now owns 394,826 shares of the company’s stock worth $3,088,000 after acquiring an additional 341,479 shares during the period.

Analysts Set New Price Targets

ETNB has been the topic of a number of research reports. HC Wainwright reissued a “buy” rating and set a $21.00 target price (down previously from $29.00) on shares of 89BIO in a research report on Friday, February 28th. Citigroup began coverage on shares of 89BIO in a report on Thursday, March 13th. They set a “buy” rating and a $25.00 price objective on the stock. Cantor Fitzgerald raised shares of 89BIO to a “strong-buy” rating in a research note on Wednesday, April 30th. Weiss Ratings restated a “sell (d-)” rating on shares of 89BIO in a report on Wednesday, June 11th. Finally, The Goldman Sachs Group began coverage on 89BIO in a research report on Friday, March 14th. They set a “neutral” rating and a $11.00 target price on the stock. Two 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, the stock presently has a consensus rating of “Buy” and a consensus price target of $26.43.

89BIO Price Performance

Shares of ETNB opened at $10.00 on Friday. The company has a 50 day moving average of $8.44 and a two-hundred day moving average of $8.30. The company has a quick ratio of 18.03, a current ratio of 18.03 and a debt-to-equity ratio of 0.06. 89BIO has a twelve month low of $4.16 and a twelve month high of $11.84. The company has a market cap of $1.46 billion, a price-to-earnings ratio of -2.96 and a beta of 1.30.

89BIO (NASDAQ:ETNB) last issued its quarterly earnings data on Thursday, May 1st. The company reported ($0.49) EPS for the quarter, beating the consensus estimate of ($0.50) by $0.01. During the same period in the previous year, the business posted ($0.54) EPS. As a group, analysts predict that 89BIO will post -3.19 earnings per share for the current fiscal year.

Insider Activity at 89BIO

In other news, insider Quoc Le-Nguyen sold 15,329 shares of the business’s stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $5.95, for a total transaction of $91,207.55. Following the sale, the insider now owns 328,323 shares in the company, valued at approximately $1,953,521.85. The trade was a 4.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.60% of the stock is currently owned by corporate insiders.

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.