Allianz Asset Management GmbH Invests $93,000 in 89BIO (NASDAQ:ETNB)

Allianz Asset Management GmbH bought a new stake in shares of 89BIO (NASDAQ:ETNB) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 12,800 shares of the company’s stock, valued at approximately $93,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. American Century Companies Inc. boosted its stake in shares of 89BIO by 38.5% in the fourth quarter. American Century Companies Inc. now owns 113,569 shares of the company’s stock worth $888,000 after acquiring an additional 31,564 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in 89BIO during the 4th quarter worth $114,000. Vanguard Group Inc. grew its holdings in shares of 89BIO by 13.7% during the fourth quarter. Vanguard Group Inc. now owns 5,692,331 shares of the company’s stock worth $44,514,000 after buying an additional 686,054 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of 89BIO by 210.1% in the fourth quarter. JPMorgan Chase & Co. now owns 308,459 shares of the company’s stock valued at $2,412,000 after buying an additional 208,992 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in shares of 89BIO by 4.9% in 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 last quarter.

Insiders Place Their Bets

In other news, insider Quoc Le-Nguyen sold 10,461 shares of the company’s stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $11.02, for a total transaction of $115,280.22. Following the completion of the transaction, the insider directly owned 309,364 shares of the company’s stock, valued at approximately $3,409,191.28. This represents a 3.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.80% of the stock is currently owned by corporate insiders.

89BIO Price Performance

Shares of ETNB opened at $9.34 on Tuesday. The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of -2.76 and a beta of 1.28. The firm’s fifty day simple moving average is $10.02 and its 200-day simple moving average is $8.86. 89BIO has a twelve month low of $4.16 and a twelve month high of $11.84. The company has a current ratio of 18.03, a quick ratio of 18.03 and a debt-to-equity ratio of 0.06.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ETNB. Weiss Ratings reiterated a “sell (d-)” rating on shares of 89BIO in a research report on Tuesday, July 29th. Cantor Fitzgerald raised 89BIO to a “strong-buy” rating in a research note on Wednesday, April 30th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $26.43.

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.