Nuveen LLC Makes New $7.53 Million Investment in 89BIO $ETNB

Nuveen LLC bought a new position in shares of 89BIO (NASDAQ:ETNB) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 1,035,957 shares of the company’s stock, valued at approximately $7,531,000. Nuveen LLC owned about 0.71% of 89BIO at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bank of America Corp DE lifted its position in shares of 89BIO by 10.1% during the fourth quarter. Bank of America Corp DE now owns 358,574 shares of the company’s stock worth $2,804,000 after purchasing an additional 32,867 shares during the last quarter. ProShare Advisors LLC lifted its position in shares of 89BIO by 32.0% during the fourth quarter. ProShare Advisors LLC now owns 29,149 shares of the company’s stock worth $228,000 after purchasing an additional 7,070 shares during the last quarter. Northern Trust Corp lifted its position in shares of 89BIO by 7.6% during the fourth quarter. Northern Trust Corp now owns 854,787 shares of the company’s stock worth $6,684,000 after purchasing an additional 60,075 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of 89BIO by 21.1% during the first quarter. Victory Capital Management Inc. now owns 16,913 shares of the company’s stock worth $123,000 after purchasing an additional 2,944 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of 89BIO by 11.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,292 shares of the company’s stock worth $370,000 after purchasing an additional 4,976 shares during the last quarter.

Analyst Ratings Changes

ETNB has been the subject of several research analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of 89BIO in a research report on Thursday, August 14th. Royal Bank Of Canada decreased their target price on 89BIO from $12.00 to $11.00 and set a “sector perform” rating for the company in a research report on Friday, August 8th. Finally, Cantor Fitzgerald upgraded 89BIO to a “strong-buy” rating in a report on Wednesday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $26.29.

89BIO Stock Performance

ETNB stock opened at $9.43 on Monday. The company has a debt-to-equity ratio of 0.07, a current ratio of 15.19 and a quick ratio of 15.19. The business has a 50-day moving average price of $9.80 and a 200 day moving average price of $8.90. The company has a market capitalization of $1.40 billion, a P/E ratio of -2.61 and a beta of 1.28. 89BIO has a 1-year low of $4.16 and a 1-year high of $11.84.

89BIO (NASDAQ:ETNB) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.71) earnings per share for the quarter, missing the consensus estimate of ($0.49) by ($0.22). During the same quarter in the previous year, the company posted ($0.48) earnings per share. As a group, equities research analysts forecast that 89BIO will post -3.19 EPS for the current fiscal year.

Insider Buying and Selling

In other 89BIO news, insider Quoc Le-Nguyen sold 10,461 shares of the business’s stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $11.02, for a total value of $115,280.22. Following the completion of the transaction, the insider directly owned 309,364 shares in the company, valued at approximately $3,409,191.28. The trade was a 3.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.80% of the company’s stock.

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.